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<div type="image" title="Are Indians depositing less money in banks, or more in mutual funds? Turns out, it&amp;#39;s neither of those." msid="113663806" hostid="261" sizebytes="1121785"></div><br />Over the past few months, there’s been a lot of brouhaha about the lagging pace of <keyword id="20202062" type="General" weightage="20" keywordseo="bank-deposits" source="keywords">bank deposits</keyword> in India. Simply put, the rate at which Indians are depositing their hard-earned money in banks has been falling constantly, and some blame the increasing financialisation of <keyword id="20751315" type="General" weightage="20" keywordseo="household-savings" source="keywords">household savings</keyword> in the country or the rising preference of Indians towards <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> and shares. <br /><br />So, the hypothesis is that people are choosing to invest more in mutual funds and the Indian <keyword id="19949641" type="General" weightage="20" keywordseo="equity-markets" source="keywords">equity markets</keyword> through direct investments, IPOs, or NFOs, the money flowing into Indian banks in the form of deposits is slowing down. But is that really the case? <br /><br /><h2>A crisis or a phase?</h2><keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> data suggested that for the quarter ended June 2024, bank deposits grew at 11.7%. On the other hand, credit growth has outpaced this at 15%. This means that the outflow from banks as loans is far greater than the inflow into them in the form of deposits in Q1 of FY 2024-25.<br /><br />The situation largely saw cut-copy-paste in the first week of September as well, with loans registering a 13.3% YoY growth during the period, while deposits rose only 11.1%. This gap has only been widening for the last 3 years. <br /><br />Since deposits are how banks gather assets to further lend and earn interest income as a consequence, even a slight dip could set the alarm bells ringing for banks, and rightfully so. <br />And truth be told, mutual funds are indeed taking on bank deposits in a big way. Per a report by Franklin Templeton, in August 2024, the AUM (assets under management) of Indian mutual funds, or the total funds managed by them, stood at 31.3% of total bank deposits in the country, up from 24.20% during the year-ago period. As of August 2024, the AUM of mutual funds stood at Rs 66.17 lakh crore, an all-time high.<br /><br />But all said and done, is this really the reason why the rate of bank deposits is falling behind? SBI has dismissed this to be a “statistical myth”, and experts point out that since equity and fund houses also keep the cash in their respective bank accounts, there’s no cause for concern. <br /><br />So, is financialization really to be blamed for the trailing tempo of deposits? Or is something else happening behind the scenes? We take a closer look:<br /><br /><h2>First, are household deposits really slowing down? And is that a cause of concern?</h2>Data from Motilal Oswal suggests the contrary. Deposits grew by around 10.4% between March 2020 and August 2024. Data from RBI also highlights that as of August 9, 2024, bank deposits witnessed a YoY growth of 10.8%. The loan-to-deposit ratio for the retail segment, which indicates what percentage of its total deposits the banks lend out as loans, has stayed at 77.5%, above the 77% mark for the tenth straight month.<br /><br /><div type="image" title="Yes, household deposits (as % of total deposits) have dipped, but the drop is far from significant" msid="113663882" hostid="261" sizebytes="306706"></div><br />Also, we can’t forego the fact that the share of Indian households in bank deposits has indeed slowed down. However, data from Axis AMC shows that the dip is marginal—from 63% in 2022 to 62% in 2023 and 61% in 2024. What has slowed down even more considerably is the share of government deposits in the aggregate bank deposits, which has dipped from 14% in 2018 to 9% in 2024. So, it's not just household deposits, you see. <br /><br />Moreover, as of March 2024, the collective CASA ratio (current and <keyword id="114757" type="General" weightage="20" keywordseo="savings-account" source="Orion">savings account</keyword> deposits) of all commercial banks in India stood at 41.00%, down from 43.1% in March 2023 and 45.2% in March 2022, marking a nearly 5% point decline over the past year, while still staying over the 10-year average of 39.2%. This implies that Indian banks are relying more on higher-cost funds (savings accounts), which can limit their profitability. <br /><br /><h2>What is this financialisation of savings we are talking about?</h2>Then again, there is no doubt about the growing affinity of Indians towards mutual funds and stock markets. Recent data from CBDT (Central Board of Direct Taxes) highlights that India’s net direct tax collection surged by around 22%, driven exclusively by the significant uptick in the collection of Securities Transaction Tax (STT), which doubled to Rs 26,154 crore, from Rs 13,352 crore in the year-ago period.<br /><br />Why does this matter? STT is levied when you buy or sell equity shares on stock exchanges, sell <keyword id="6361918" type="General" weightage="20" keywordseo="equity-mutual-funds" source="Orion">equity mutual funds</keyword>, and trade in futures and options in the equity segment. Such taxes, including the multiple other taxes in equity market investments, are considered as leakages as the money moves out of the economy into government coffers.<br /><br />Data from a ValueQuest report explains that over the last 20 years, the markets have handsomely rewarded the investors, generating over $900 billion in incremental value for them. This is the major driver behind the dramatic rise in investment flowing towards the equity markets.<br /><br />There’s further proof of this budding romance, if you check the demat pudding. The number of demat accounts, which are a primary requisite for participating in the stock markets, also burgeoned by 42.3 lakh in August 2024, taking India’s total tally of demat accounts beyond 17 crore. To put this in perspective, this is almost equivalent to the population of just 8 nations in the world, including China, the US, Brazil and more. <br /><br />Vivek Iyer, Partner, Grant Thornton Bharat thinks it's rather important, as well. “Financialisation of household savings in India is an indication of deepening capital markets in the market, especially from a retail investor standpoint. Bank deposits with a modest rate of return are no longer the only option for savings for investors. Investors today have more avenues for wealth creation in the form of public capital markets, which have democratized wealth creation and provided equality of opportunity to retail investors”, he says. <br /><br />Yes, Indians are investing more and more in the markets, and in mutual funds. But is it a sin to look out for inflation-beating returns, which the stock markets offer, and vanilla bank deposits don't? After all, the allure of 12-13% annual returns offered by <keyword id="45369" type="General" weightage="20" keywordseo="equities" source="Orion">equities</keyword> can certainly pale the stability offered by good old deposits, which generally do not go beyond 9% when it comes to annual returns.<br /><br />But all of this is not what is behind the slowdown. India is still a toddler in the school of savings financialization, with less than 10% of the population holding a demat account, and less than 5% of us saving in equities. That's a drop in the ocean of deposits, far inadequate to trigger a tsunami. <br /><br /><h2>Tell me why lagging deposits have nothing to do with Indians investing more in mutual funds!</h2>Says Shweta Rajani, Head - Mutual Funds, Anand Rathi Wealth Limited, “Households' equity holdings composition grew from 11.1% in FY 23 to 14.7% in FY 24. This trend reflects a growing awareness of investment options, empowering individuals to take control of their financial futures. Despite this transition towards equities, banks still hold a significant share of household financial savings—33.5% in FY24 compared to 34.9% in FY23”.<br /><br />Also, household savings and their subsequent financialization do not have much to do with deposit creation, which is entirely made by banks. What actually drives increased deposits is credit growth or increased lending. When interest rates are eased, people tend to borrow more and spend more, which circulates more money in the economy. <br /><br />For the past 4 years, RBI has been tightening the screws on interest rates, which raises the cost of borrowings, and makes it more expensive to take loans, putting a dampener on credit growth, but effectively curbing inflationary pressures. <br /><br />The last time RBI cut the repo rate by 40 basis points was back in May 2020, 4 years ago. The lag in <keyword id="19998084" type="General" weightage="100" keywordseo="deposit-growth" source="keywords">deposit growth</keyword> we’re witnessing is almost 3 years old. Coincidence much, or just good old economics at work?<br /><br />But with the Fed recently setting a rate cut precedent by slashing 50 bps off its interest rate, RBI is expected to follow suit in the next MPC (Monetary Policy Committee) meeting, scheduled for November 2024. <br /><br />A rate cut would ease the aforementioned high cost of borrowing, and increase loan-taking for corporates and institutional investors, thereby stoking consumption in the economy. And then, deposit creation in banks is likely to return to its former glory. <br /><br />If not, then that would be a curious case to unravel! But that worry is for another day.<br /><br /><em><i>Do you have insights or personal experience to share on your personal finances or money? Contact us at </i><i><a target="_blank" class="c-link" href="mailto:businessinsider@timesinternet.in">businessinsider@timesinternet.in</a></i></em><i><em>.</em></i><br />

Simply Put: A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

<ul><li>The government has warned about a new way <keyword id="19962622" type="General" weightage="20" keywordseo="scammers" source="keywords">scammers</keyword> are trying to obtain <keyword id="20189059" type="General" weightage="20" keywordseo="personal-information" source="keywords">personal information</keyword>.</li><li>Users have reportedly received an SMS asking them to update their PAN to unblock their <keyword id="20417750" type="General" weightage="20" keywordseo="bank-account" source="keywords">bank account</keyword>.</li><li>Here's everything you need to know about the <keyword id="22918614" type="General" weightage="100" keywordseo="fake-PAN-SMS" source="keywords">fake PAN SMS</keyword> and how to stay safe.</li></ul>Increased usage of the internet has also resulted in an increase in <keyword id="20025584" type="General" weightage="20" keywordseo="online-fraud" source="keywords">online fraud</keyword>. Scammers are finding new ways to fool people and steal from them. A new method has now been revealed, which preys on users with an account in <keyword id="19985316" type="General" weightage="20" keywordseo="India-Post-Payments-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="India Post Payments Bank" meta.hostid="261" meta.entityid="India Post Payments Bank">India Post Payments Bank</keyword>.<br /><br />According to a post by PIB Fact Check, several users have received an SMS which claims to be from India Post Payments Bank. However, the message is fake and is an attempt to steal user data.<br /><br />“This claim is #Fake. @IndiaPostOffice never sends any such messages. Never share your personal &amp; bank details with anyone,” PIB Fact Check said in its post on X.<br /><br /><div type="twitter" handle="PIBFactCheck" handlename="PIBFactCheck" favoritecount="0" retweetcount="0" id="1825494609881170290"></div><br /><h2>What is the fake PAN SMS?</h2><br />In the SMS, the user is warned that their India Post Payments Bank account has been blocked. It then asks the users to update their PAN to get their account unblocked. The user is then given a link, asking them to click on the link to update their PAN.<br /><br />    <div type="Article" hostid="261" msid="111512587" title="Jio vs Airtel vs Vi recharge plans comparison – plan benefits and price comparison after tariff hike" mstype="2" mssubtype="0"></div><br />The link then redirects the user to a <keyword id="20182216" type="General" weightage="20" keywordseo="phishing" source="keywords">phishing</keyword> page, aimed at stealing user data such as their bank account login details to gain access to their account. Once you enter your bank account login details, they will be sent to the scammer.<br /><br /><h2>What is phishing?</h2>Phishing is a cyber-attack where attackers impersonate legitimate organisations or individuals to trick people into revealing sensitive information like passwords or credit card details. This is usually done through deceptive emails, messages, or fake websites.<br /><br /><h2>How to stay safe from phishing attacks?</h2>Here are some ways you can identify phishing attacks and stay safe:<br /><br /><ul><li>Verify the sender: Check the sender’s email address or phone number carefully. Phishers often use addresses that look similar to legitimate ones but have small differences.</li><li>Look for red flags: Be wary of unexpected messages, especially those requesting sensitive information or containing urgent or threatening language.</li><li>Verify before opening: Only open attachments from trusted sources. Phishing emails often contain malware disguised as legitimate files.</li><li>Add two-factor authentication: Enable two-factor authentication on your accounts. This adds an additional layer of security even if your password is compromised.</li><li>Contact directly: If you receive a request for sensitive information, verify the request by contacting the organisation directly through known and trusted channels.</li><li>Report phishing attempts: Report phishing emails to your email provider or the relevant authorities. This helps in tracking and stopping phishing schemes.</li></ul><strong>SEE ALSO:<br /><br /><a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a><br /><br /><a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a><br /><br /></strong><a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9s-pro-vs-moto-edge-50-fusion-which-is-the-best-smartphone-under-25000/slidelist/112703633.cms"><strong>iQOO Z9s Pro vs Moto Edge 50 Fusion – which is the best smartphone under ₹25,000?</strong></a><br />

Govt warns about fake SMS asking users to update their PAN – what it is and how to stay safe

<ul class="summary-list"><li>Hackers are breaking into some Ticketmaster users' accounts and transferring tickets to themselves.</li><li>Two concertgoers said it was shocking but they got their tickets back in time to attend their shows.</li></ul><p>In September, Vashti-Jasmine McKenzie noticed an event had mysteriously vanished from her Google Calendar. It was a reminder for an Usher concert in Dallas on October 5, synced with her Ticketmaster account.</p><p>McKenzie opened her email to a shock: The night before, a stranger had broken into her account, accessed McKenzie's two tickets, which she had paid $550 for, and transferred them out of her account.</p><p>"If this happened in real life, if somebody stuck me up, it would be like they were robbing me," said McKenzie, a 42-year-old conference manager. </p><p>McKenzie, a music fan who said she spent an estimated $10,000 on shows in 2024, ultimately got her tickets back and went to the show but remains critical of Ticketmaster.</p><p>McKenzie isn't the only concertgoer who's suddenly been left ticketless. Similar incidents have been reported in <a target="_blank" href="https://www.nbclosangeles.com/investigations/concert-tickets-disappear-from-ticketmaster-customer-account/3546153/">Los Angeles,</a> <a target="_blank" href="https://www.newschannel5.com/news/newschannel-5-investigates/have-you-bought-tickets-thru-ticketmaster-recently-check-your-account-and-make-sure-theyre-still-there">Nashville</a>, and <a target="_blank" href="https://www.youtube.com/watch?v=Gy__VrjV-hA">Charlotte, North Carolina</a>. The playbook is typically the same: Ticketmaster customers purchase tickets to see their favorite artists, only to later receive an email saying their tickets were transferred out of their online wallets by an unknown hacker — and quickly claimed.</p><p>These kinds of scams are just the latest in a series of headaches for the ticketing giant. Following a data breach earlier this year and pointed criticisms from major stars like Taylor Swift, the Justice Department (DOJ) announced in May that it filed an antitrust <a target="_blank" href="https://www.businessinsider.com/taylor-swift-ticketmaster-fiasco-doj-lawsuit-2024-5">lawsuit against Live Nation, </a><a target="_blank" class="" href="https://www.businessinsider.com/taylor-swift-ticketmaster-fiasco-doj-lawsuit-2024-5">Ticketmaster's parent company</a>, alleging that the company's "conduct is anti-competitive and illegal." Live Nation, worth about $28 billion as of November 8, has a tight grip on the live-entertainment industry. The DOJ said in its complaint that "through Ticketmaster, Live Nation controls roughly 80% or more of major concert venues' primary ticketing for concerts and a growing share of ticket resales in the secondary market."</p><p>In response, Live Nation said the DOJ's lawsuit would fail to address fans' issues with ticket prices and their ability to purchase them.</p><p>Still, experiencing the ticket-transfer scam firsthand has led McKenzie and at least one other customer to fear their purchases aren't secure.</p><p>In October, Mika City, a 28-year-old data analyst from Grand Prairie, Texas, spent $400 on two tickets to the rapper Don Toliver's show in Houston. Two days after she purchased them, she received a 6:08 a.m. email from Ticketmaster saying that her tickets were being transferred to someone named "Floyd George."</p><p>Just 39 seconds later, she received another email: "Floyd George" had accepted the ticket transfer, and the tickets had been removed from her account.</p><p>All of that happened before City had even woken up — and despite the fact that she thought she had secured her account in June by changing her password.</p><p>City was also able to recover her stolen tickets through Ticketmaster and attend the show, but she added that the experience was stressful.</p><p>"I am still scared right now that it'll happen again," City told BI.</p><p>Even though Ticketmaster reinstated McKenzie's and City's tickets in time for their concerts, after Business Insider reached out for comment, the company refunded both of them for the original cost of their tickets. It did not respond to BI's other questions about account hacks and customer security.</p><p>A Live Nation executive <a target="_blank" href="https://www.cbsnews.com/news/taylor-swift-ticketmaster-stubhub-eras-tour-ticket-thefts-2024/">told CBS News</a>, however, that the company limited transfers for Taylor Swift tickets to 72 hours prior to concerts, following online ticket thefts specifically targeting the Eras Tour. In some cases, Ticketmaster has also required two-factor authentication for ticketholders to make transfers. The Live Nation executive recommended Ticketmaster account holders have a unique password not used for any other platforms.</p><h2 id="37246d48-b4a5-40d5-8df9-aed7a1aa046d"><strong>Getting tickets back can be a harrowing experience</strong></h2><p>After she realized the Usher tickets had been transferred out of her account, McKenzie said she called Ticketmaster and reported the incident to its fraud department but didn't immediately hear back.</p><p>Two days after her call, the tickets reappeared in her account — with the same seats and at no extra charge. But it was enough to scare McKenzie about what would've happened if she hadn't caught the calendar switch-up.</p><p>At the Usher concert, McKenzie added, she saw two women learn in real time that they were victims of a similar scam.<strong> </strong>They opened the Ticketmaster wallet on their phones at an entrance gate only to find they were gone, she said.</p><p>City got her tickets back one day after they were transferred out of her account, a week before the concert. She said she called repeatedly to get through to Ticketmaster's fraud department, which told her that her case would be treated as high priority because of how soon her event was.</p><p>For good measure, she also filed a complaint with the Better Business Bureau about her tickets being stolen, as well as a dispute with her bank. The BBB forwarded the complaint to Ticketmaster, according to screenshots of the online exchange City shared with BI. The company responded through the BBB a day after City had already<strong> </strong>recovered her tickets, saying that it would escalate her case.</p><p>She figured she would have to rebuy tickets, she added, so was surprised and pleased when Ticketmaster reinstated the tickets.</p><p>"I was so shocked, because everybody else that I've seen has said it's taken forever, or they never got them back," City said.</p><h2 id="2ebc9e46-2f82-427e-97ca-26a6453af137"><strong>Ticketmaster's recent troubles</strong></h2><p>In May, Live Nation said it was investigating a data breach that affected some users who had bought tickets in North America. The leaked information may have included customers' emails, phone numbers, encrypted credit cards, and other personal information, Ticketmaster said in a statement.</p><p>The company said at the time that password information wasn't a part of the data breach and that customers' accounts were safe.</p><p>Fans and artists alike have complained about how hard it is to buy tickets in the first place.</p><p>In November 2022, <a target="_blank" href="https://www.businessinsider.com/taylor-swift-reaction-to-ticketmaster-eras-tour-debacle-2022-11">Taylor Swift publicly addressed Ticketmaster</a> after it announced that it was canceling the general sale for her Eras Tour after it exhausted its inventory during the presale.</p><p>"It's truly amazing that 2.4 million people got tickets, but it really pisses me off that a lot of them feel like they went through several bear attacks to get them," Swift wrote in a statement posted to Instagram.</p><div type="image" title="a person holds up a sign that says just say no, and the word ticketmaster with a line drawn through it, outside the us capitol" height="4590" width="6885" msid="115111815" hostid="261" sizebytes="708392"></div><p>Last month, <a target="_blank" href="https://www.businessinsider.com/ticketmaster-oasis-reunion-ticket-sales-uk-authorities-investigating-2024-9">Oasis fans in the United Kingdom were up in arms with Ticketmaster</a> after noticing a surge in ticket prices for the long-awaited reunion tour due to the company's model of adjusting prices based on demand. Outrage was so pronounced that a government antitrust regulator in the UK is looking into the company's practices.</p><p>For now, many fans are stuck using Ticketmaster to see their favorite performers even if some worry about the security of their purchases.</p><p>City told BI that even after getting her tickets back, she was still worried they would disappear from her account, even after changing her password again to protect them.</p><p>"If I didn't have to buy from Ticketmaster, I wouldn't," she said.</p>

Hackers are stealing tickets from Ticketmaster customers' accounts. For many, the troubled platform is their only option.

A bill seeking to provide for four nominees by a bank account holder was introduced in the <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="153" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Friday to ensure better protection of depositors and enhance customer convenience. Introduced by Minister of State for Finance Pankaj Chaudhary in the Lower House, the Banking Laws (Amendment) Bill, 2024, has a provision for simultaneous and successive nominations to bank accounts, lockers, etc. <br /><br /> As per the provision of the bill, a bank account holder can nominate up to four persons. <br /><br /> The bill also seeks to transfer of unclaimed dividends, shares, and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF), allowing individuals to claim transfers or refunds from the fund, and thus safeguarding investors' interests. <br /><br /> As the banking sector has evolved over the years, and with a view to improving bank governance and investor protection, it has become necessary to make certain amendments to five Acts, according to Statement of Objects and Reasons of the Bill. <br /><br /> The Bill, which was approved by the <keyword id="19916620" type="General" weightage="20" keywordseo="Union-Cabinet" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Cabinet" meta.hostid="153" meta.entityid="Union Cabinet">Union Cabinet</keyword> last week, proposes to amend the <keyword id="20824389" type="General" weightage="20" keywordseo="Reserve-Bank-of-India-Act" source="keywords">Reserve Bank of India Act</keyword>, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. <br /><br /> The proposed bill seeks to improve governance standards, provide consistency in reporting by banks to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in public sector banks, bring customer convenience in respect of nominations, and to provide for increase in the tenure of the directors in co-operative banks. <br /><br /> Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. <br /><br /> Congress member Manish Tewari opposed the introduction of the bill, saying the power to legislate with regard to cooperatives vests with state governments. RSP member N K Premachandran opposed amending five legislations through one bill, while TMC member Saugata Roy termed the bill "superfluous", saying the the amendments proposed in the bill could have been done through administrative decisions. <br /><br /> Responding to opposition's remarks, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said the various amendments done in Banking Regulations Act with respect to <keyword id="20814377" type="General" weightage="20" keywordseo="cooperative-banks" source="keywords">cooperative banks</keyword> are not just one or two but several. <br /><br /> "Simple understanding is we are not touching any aspect of the cooperatives other than that which claims under the name of banking...the sections which have been brought in for amendments, as also the court verdicts, have repeatedly reinforced the point that Banking Regulation Act and the Cooperative Banks do have this relationship and therefore it has to be taken through this route," she said. <br /><br /> Otherwise, there is no attempt to undermine the cooperatives, particularly cooperatives dealing with everything other than banks, she said defending the Bill. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years, so as to align with the Constitution (Ninety-Seventh Amendment) Act, 2011. <br /><br /> Once passed, the bill would allow a director of a Central Cooperative Bank to serve on the board of a State Cooperative Bank. The bill also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. <br /><br /> It also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month, instead of the second and fourth Fridays. "What's the rationale behind it? The current reporting Friday system has several limitations that impact the accuracy and effectiveness of the reporting of data. <br /><br /> "These limitations are incomplete coverage of monthly data, seasonal fluctuations in banking activity which lead to inconsistent reporting, and the need for adjustment every 11th year which introduces complications and inconsistencies. That is why, in order to address the issue, it is proposed to amend the legislation," she said. <br /><br /> The announcement about amendments to the Banking Regulation Act was made by the Finance Minister in the 2023-24 Budget speech. "To improve bank governance and enhance <keyword id="22728161" type="General" weightage="20" keywordseo="investors-protection" source="keywords">investors' protection</keyword>, certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed," she had said.

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

Discussions around <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> have been around since forever and when <keyword id="20231207" type="General" weightage="20" keywordseo="work-from-home" source="keywords">work from home</keyword> became a norm in 2020, these talks intensified. Soon, people across the globe realised how work from home could save a lot of time and money for them. As a result, they get to spend more time focusing on things apart from work. In India too, work-life balance has been a hot topic for a long time. <br /><br /> Earlier this year, a study by the UKG Workforce Institute revealed that nearly 78% of employees in India suffer from job burnout, which often results in both physical and emotional fatigue. Around 64% of these workers were willing to reduce their workload even if it meant a corresponding pay cut. This highlighted a growing awareness among employees about the value of maintaining a <keyword id="22783879" type="General" weightage="20" keywordseo="healthy-work-life-balance" source="keywords">healthy work-life balance</keyword>, with many choosing to prioritize well-being over monetary benefits.<br /><br /> <b><h2><keyword id="20830500" type="General" weightage="100" keywordseo="Bengaluru-man" source="keywords">Bengaluru man</keyword>'s photo goes viral</h2></b> Despite this, India was recently reported to rank 48th in the 2024 Global Life-Work Balance Index, reflecting the challenges faced by employees in maintaining a healthy work-life balance. And a Bengaluru man’s recent <keyword id="20384549" type="General" weightage="20" keywordseo="viral-photo" source="keywords">viral photo</keyword> has once again stirred work-life balance discussions in the country. <br /><br /> A photograph of a man working on his laptop while standing outside a popular momo stall in Bengaluru took the internet by storm on Tuesday. <br /><br /> The photo, shared by X user Kritika Kumari, quickly went viral, capturing the attention of many who found humour in the situation but also sparked deeper conversations about the pressures faced by <keyword id="21460912" type="General" weightage="20" keywordseo="corporate-employees" source="keywords">corporate employees</keyword>.<br /><br /> Kumari captioned the photo, “His priorities are sorted.” The photo shows the techie engrossed in his laptop, seemingly unfazed by his surroundings. The post resonated with many, leading to a flood of comments that ranged from witty remarks to relatable anecdotes.<br /><br /><div type="image" title="Bengaluru man&amp;#39;s photo goes viral" msid="112516540" hostid="261" sizebytes="2145538" caption="&amp;lt;p&amp;gt;Bengaluru man&amp;#39;s photo goes viral&amp;lt;/p&amp;gt;"></div><br /> <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px rgb(255, 255, 255); text-rendering: optimizelegibility;">Work-life balance in India a myth, says internet</h2>X users reacted to the photo and talked about the man's plight. One user humorously summed up the scene as, “Corporate employee,” while another quipped, “Pyaar se jyada, kaam pyara,” highlighting the often-overwhelming work demands that many in the <keyword id="19955787" type="General" weightage="20" keywordseo="tech-industry" source="keywords">tech industry</keyword> face.<br /><br />"The so-called "work-life" balance is a myth! It should really be called "hand-laptop" balance," another user wrote. <br /><br /><div type="twitter" handle="manojrmenon" handlename="manojrmenon" favoritecount="0" retweetcount="0" id="1823207147599184281"></div> <br />The jokes didn’t stop there; some users playfully imagined the man’s predicament, suggesting that he might have forgotten his phone at the office and was now transferring money to the momo vendor via net banking on his laptop.<br /><br /> While the image and its accompanying jokes provided light-hearted entertainment, they also highlighted the growing concern about the intense work culture in the tech sector, where employees often find themselves working outside traditional office hours and settings. As one user lamented, “Ek labor karega bhi kya? Apne ghar ja kar English jhaadega. ‘I am audible? My screen is visible or not?’ (What will a laborer do? He will go back home and flaunt his English, saying, ‘I am audible? Is my screen visible or not?’).”<br />

'Work-life balance is a myth’: Photo of man working in front of momo stall goes viral, Internet reacts

<ul><li><keyword id="19899647" type="General" weightage="100" keywordseo="iPhone-16" source="keywords">iPhone 16</keyword> can be delivered to your doorstep in under 10 minutes</li><li>The phone is available on Blinkit, <keyword id="19939136" type="General" weightage="20" keywordseo="BigBasket" source="keywords" meta.keywordsubtype="org" meta.entityname="BigBasket" meta.hostid="261" meta.entityid="BigBasket">BigBasket</keyword> and <keyword id="19939134" type="General" weightage="20" keywordseo="Zepto" source="keywords" meta.keywordsubtype="org" meta.entityname="Zepto" meta.hostid="261" meta.entityid="Zepto">Zepto</keyword></li><li>The iPhone 16 was made available for sale in India today</li></ul><br />Earlier this morning, <keyword id="19894961" type="General" weightage="20" keywordseo="Apple" source="keywords" meta.keywordsubtype="org" meta.entityname="Apple" meta.hostid="261" meta.entityid="Apple">Apple</keyword> stores in Mumbai and Delhi witnessed huge lines of iPhone buyers, ready to get their hands on the next-gen models. Apple’s iPhone 16 series went for sale in India today and the excitement around the new phones is palpable. However, what if we tell you that you can order an iPhone within the comfort of your home? <br /><br />Blinkit is selling the iPhone 16 promising to deliver it to your doorstep in a few minutes. The phone is also being sold at BigBasket. However, it is to be noted that Blinkit and Big Basket are not selling the pro variants of the iPhone 16. If you are looking for the higher-end variants, you will have to either buy from a store or order it online.<br /><br />In India, the iPhone 16 is priced at ₹79,900, while the iPhone 16 Plus is available for ₹89,900. The <keyword id="20656465" type="General" weightage="20" keywordseo="iPhone-16-Pro" source="keywords">iPhone 16 Pro</keyword> starts at ₹1,19,900, and the iPhone 16 Pro Max is priced at ₹1,44,900.<br /><br /><div type="Article" hostid="261" msid="113214171" title="iPhone 16 Pro with A18 Pro chip launched: Should you upgrade if you own an iPhone 15 Pro?" mstype="2" mssubtype="0"></div><br />Let us take a look at where you can buy all variants of the iPhone 16 and what are the bank offers available.<br /><br /><h2>iPhone 16 available in under 10 minutes</h2>Blinkit is currently selling the iPhone 16 and iPhone 16 Plus models, though only the 128GB variant is available for purchase. The higher storage options are currently unavailable on Blinkit, and BigBasket. It's still unclear if the Pro models will be added to their listings in the coming week.<br /><br />In addition to Blinkit and Big Basket, the iPhone 16 is also available at Zepto. <br /><br />Blinkit and BigBasket, meanwhile, promise to deliver the phone in under 10 minutes. On the other hand, Zepto is promising to deliver the device in about 30 minutes. <br /><br /><h2>Customer orders iPhone 16 via BigBasket</h2><br />In a press release, BigBasket shared that a customer from Koramangala, Bengaluru had ordered an iPhone 16 at 8:00 AM and received the product in just seven minutes, at 8:07 am.<br /><br />The customer, upon receiving the product, said as per the press release, “I’ve always trusted bigbasket for my daily needs and groceries. However, I was pleasantly surprised to see that they are also delivering the new iPhone 16. What topped the excitement was getting the iPhone 16 within minutes of ordering! It’s a game-changer in quick delivery.” <br /><br /><h2>Bank offers on the iPhone 16</h2>Shoppers can enjoy savings of up to ₹5000 when purchasing an iPhone 16 using eligible credit cards from Kotak Mahindra, SBI, and ICICI Bank credit cards on Amazon. To make the purchase even more convenient, no-cost EMI options are available for 3 to 6 months through most major banks.<br /><br />Meanwhile, Vijay Sales is offering various deals to select card holders of ICICI bank, SBI, HDFC bank, Kotak Mahindra bank, YES Bank, IDFC FIRST Bank and Federal Bank. EMI options are also available on the website.<br /><br /><div type="Article" hostid="261" msid="113448967" title="You can get free Apple Airpods 4 and Apple Pencil with this limited-time deal in India, details here" mstype="2" mssubtype="0"></div><br />In addition to this, Apple is also offering its popular Trade-In program, which allows buyers to exchange their old devices for a discount. Depending on the condition and model of the device being traded in, customers can receive anywhere from ₹4000 to ₹67,500 off their new iPhone.<br /><br />In addition to these savings, those purchasing an iPhone 16 will receive a complimentary three-month subscription to Apple Music, Apple TV+, and Apple Arcade, adding even more value to their purchase.<br /><br /><h2>About the iPhone 16 lineup<br /></h2><br />Apple has introduced some new features in the new iPhone 16 series, aiming to make both the standard and Pro models more advanced and user-friendly. The iPhone 16 and iPhone 16 Plus now boast a new Camera Control button, giving users quicker access to key functions. Both phones are powered by the upgraded Apple A18 chip and come with an improved dual-camera system that includes a new spatial capture feature for enhanced photography. Running on iOS 18 right out of the box, these models are set to receive further smart updates with upcoming software enhancements.<br /><br />The vanilla iPhone 16 features a 6.1-inch display, while the iPhone 16 Plus offers a larger 6.7-inch screen. Both displays are protected by Ceramic Shield technology and reach a peak brightness of 2,000 nits, though they continue to use 60Hz OLED panels. On the camera front, these models come with a 48MP main sensor capable of 2x zoom and a 12MP ultrawide camera that can now take macro shots. For selfies, a 12MP TrueDepth camera is included on both models.<br /><br />The iPhone 16 Pro and iPhone 16 Pro Max take things a step further, with bigger screens and narrower bezels. The Pro comes with a 6.3-inch display, while the Pro Max offers a 6.9-inch one. Both feature Retina XDR OLED screens with a smooth 120Hz refresh rate and up to 2,000 nits of brightness. Both phones are powered by the advanced A18 Pro chip and run on iOS 18.<br /><br />For photography enthusiasts, the Pro models pack a triple-lens setup, including a 48MP main camera, a new 48MP ultrawide lens, and a 12MP periscope camera offering 5x optical zoom. The front-facing camera remains a 12MP TrueDepth unit, and both Pro models now support 4K video recording at 120fps. Like the standard versions, they also come equipped with the new Camera Control button, making it easier than ever to snap photos and capture moments.<br />

You can get the iPhone 16 in under 10 minutes while sitting at home, here is how

<ul class="summary-list"><li>You can delete your X account by deactivating it on the X website or mobile app.</li><li>When you deactivate an X account, you have 30 days to reactivate it before permanent deletion.</li></ul><p>Whether you're taking a break from social media or just want to start fresh, sometimes you simply need to get rid of your X, formerly Twitter, account.</p><p>If you're ready to say goodbye to the social media app, you can deactivate your account on the X website or mobile app for iPhone or Android.</p><p>But there's more you should know about deleting X — like protecting your data, unlinking third-party accounts, and reusing your username or email.</p><p>Read our complete guide first if you're thinking about deleting your X account.</p><h2 id="b7ff6b66-c8df-4aa5-ab2a-6caad2717367">How to delete your X account on iPhone or Android</h2><ol><li>Open the X app on your iPhone or Android.</li><li>Tap your profile picture in the top-left corner and select <strong>Settings and Support</strong>.</li><li><p>In the Settings and Support drop-down menu, click <strong>Settings and privacy</strong>.</p><div type="image" title="How to delete X" height="1236" width="1730" msid="115100480" hostid="261" sizebytes="22890"></div></li><li><p>Tap <strong>Your account</strong> at the top of Settings.</p><div type="image" title="How to delete X account" height="1241" width="1738" msid="115100501" hostid="261" sizebytes="50406"></div></li><li><p>Select <strong>Deactivate your account </strong>at the bottom of the page.</p><div type="image" title="How to delete X" height="1239" width="1734" msid="115100505" hostid="261" sizebytes="34626"></div></li><li><p>Scroll to the bottom of the page and tap <strong>Deactivate</strong>.</p><div type="image" title="How to delete X" height="1233" width="1726" msid="115100487" hostid="261" sizebytes="77596"></div></li><li>Enter your password and tap <strong>Deactivate</strong> one last time.</li></ol><div type="image" title="How to delete X" height="1280" width="1792" msid="115100490" hostid="261" sizebytes="16080"></div><h2 id="777541b1-2221-47b2-9b27-338d5eadb229">How to delete your X account on desktop</h2><ol><li>Go to the <a target="_blank" rel="noopener nofollow" href="https://twitter.com/home?lang=en"><u>X website</u></a> and log in to your account.</li><li><p id="777541b1-2221-47b2-9b27-338d5eadb229">In the menu on the left side of the X homepage, click <strong>the three dots in the bottom left corner.</strong></p><div type="image" title="How to delete X desktop" height="1346" width="1884" msid="115100481" hostid="261" sizebytes="58762"></div></li><li><p id="777541b1-2221-47b2-9b27-338d5eadb229">Select <strong>Settings and Support</strong> in the pop-up.</p><div type="image" title="How to delete X desktop" height="1338" width="1873" msid="115100482" hostid="261" sizebytes="63888"></div></li><li><p id="777541b1-2221-47b2-9b27-338d5eadb229">At the top of the Settings menu, click <strong>Your account.</strong></p><div type="image" title="How to delete X desktop" height="1296" width="1814" msid="115100495" hostid="261" sizebytes="56490"></div></li><li><p id="777541b1-2221-47b2-9b27-338d5eadb229">Click <strong>Deactivate your account</strong> at the bottom of the menu.</p><div type="image" title="How to delete X desktop" height="1315" width="1841" msid="115100493" hostid="261" sizebytes="56930"></div></li><li><p id="777541b1-2221-47b2-9b27-338d5eadb229">Click <strong>Deactivate</strong> at the bottom of the page.</p><div type="image" title="How to delete X desktop" height="1303" width="1825" msid="115100502" hostid="261" sizebytes="86736"></div></li><li><p>Enter your password and click the <strong>Deactivate</strong> <strong>button.</strong></p><div type="image" title="How to delete X desktop" height="1339" width="1874" msid="115100497" hostid="261" sizebytes="43198"></div></li></ol><h2 id="a4f6dd93-975b-481c-b70d-7ceae4098988"><strong>How to delete the X app</strong></h2><p id="777541b1-2221-47b2-9b27-338d5eadb229">If you're not ready to delete your X account but want to take a break from the social network, you can delete the app from your device without deleting your entire account.</p><p><a target="_blank" rel="noopener" href="https://www.businessinsider.com/guides/tech/how-to-delete-apps-on-iphone"><u>To delete the X app on an iPhone</u></a>, hold your finger down on the app icon and tap <strong>Remove App</strong> at the bottom.</p><div type="image" title="Delete X app" height="664" width="930" msid="115100499" hostid="261" sizebytes="16380"></div><p>A pop-up will appear, and you can click the <strong>Delete App </strong>option to delete the app. Alternatively, to move the app to your App Library, tap <strong>Remove from Home Screen</strong>.</p><p><a target="_blank" rel="noopener" href="https://www.businessinsider.com/guides/tech/how-to-delete-apps-on-android"><u>To delete the X app on an Android</u></a>, hold your finger down on the app icon and tap <strong>Uninstall</strong>, or to hide the app, drag and drop it in your app drawer.</p><h2 id="7473785f-ff86-414a-9e66-ebe3652135cb"><strong>How to reuse your username or email on X</strong></h2><p>When you delete your X account, your username is deleted along with it. If you want to reuse your username, then before you deactivate your account, change your username to something you don't mind being deleted.</p><p>You can take the following steps before deactivating your account to preserve your current username or email address for future use.</p><ol><li>Open <a target="_blank" rel="noopener nofollow" class="" href="https://x.com/home"><u>X</u></a> in a browser or in the mobile app and log in.</li><li>In a web browser or on mobile, click your profile picture in the upper left corner of the screen.</li><li>Choose the <strong>Settings and privacy</strong> option in the Settings and Support drop-down menu.</li><li><p>In Settings, select <strong>Your account</strong>, and then click the <strong>Account information </strong>option.</p><div type="image" title="Change X account name" height="1233" width="1726" msid="115100489" hostid="261" sizebytes="33990"></div></li><li><p>Click the <strong>gray arrow</strong> next to your username.</p><div type="image" title="Change X account name" height="1233" width="1726" msid="115100503" hostid="261" sizebytes="17222"></div></li><li><p>Update your username in the <strong>New</strong> section.</p><div type="image" title="Name change X account" height="1318" width="1846" msid="115100496" hostid="261" sizebytes="13658"></div></li><li>Click <strong>Done</strong> once completed.</li></ol><h2 id="69c9963c-88e0-47d5-a4ff-c54f869336ed"><strong>Unlink any third-party apps from your account</strong></h2><p>Third-party apps can reactivate your account. To ensure that this does not happen, make sure that you unlink all of your third-party apps from your X account.</p><ol><li>Open <a target="_blank" rel="noopener nofollow" class="" href="https://x.com/home"><u>X</u></a> in a browser or in the mobile app and log in.</li><li>In a web browser or on mobile, click your profile picture in the upper left corner of the screen.</li><li><p>Click on the <strong>Security and account access</strong> tab.</p><div type="image" title="Connected apps X" height="1217" width="1703" msid="115100488" hostid="261" sizebytes="50006"></div></li><li><p>Click on the<strong> Apps and sessions</strong> tab.</p><div type="image" title="Connected apps X" height="1222" width="1711" msid="115100483" hostid="261" sizebytes="33978"></div></li><li><p>In the pop-up window, select the <strong>Connected apps</strong> tab.</p><div type="image" title="Connected apps X" height="1274" width="1784" msid="115100485" hostid="261" sizebytes="18410"></div></li><li>You can view all of your connected apps in the list that appears (none will appear if you don't have any apps connected). If you have apps connected, you will be able to select each app and click <strong>Revoke app permissions</strong>.</li></ol><h2 id="8c7976d5-37ad-4f60-9e21-27cad2a75ec9"><strong>How to reactivate an X account</strong></h2><ol><li>Open <a target="_blank" rel="noopener nofollow" class="" href="https://x.com/home"><u>X</u></a> in a browser or in the mobile app and log in.</li><li>Log in to your deactivated account.</li><li>An X message will ask you to confirm you want to reactivate.</li><li>Your account will be restored, though it might take a few days for all your tweets and messages to reappear.</li></ol><h2 id="4e35577d-e28a-402f-919a-6250882f650a">Deleting tweets</h2><p id="4e35577d-e28a-402f-919a-6250882f650a">To delete a post, click the three buttons on the top right corner of the tweet and then tap <strong>Delete Post</strong>.</p><div type="image" title="Deleting X post" height="1230" width="1722" msid="115100484" hostid="261" sizebytes="40718"></div><h2 id="f07f78c9-fe9b-4305-859b-658fc18e5b93"><strong>Backups</strong></h2><p>If you're weighing up whether or not you should leave X, you should consider backing up your tweets and other data in case you change your mind.</p><p>Go to <strong>Settings and privacy</strong>, then <strong>Your account</strong>, and click <strong>Download an archive of your data</strong>.</p><div type="image" title="Back up tweets" height="1230" width="1722" msid="115100491" hostid="261" sizebytes="34134"></div><p>Then enter your username and password to request a ZIP file of your account information. You'll get a notification when it is ready to download.</p>

How to delete your X account permanently in 7 steps

<ul class="summary-list"><li>Some real-estate scammers operate by transferring a home's deed away from its rightful owners.</li><li>The owner of a $137.5 million LA mansion says they're a victim of deed fraud and can't sell it.</li></ul><p>Spelling Manor — a 120-room mansion in Los Angeles with its own bowling alley and beauty salon, built by Aaron Spelling, the television producer behind "Beverly Hills 90210" and "Dynasty"<strong> </strong>— is one of the largest properties for sale in the country.</p><p>It's been on the market for over 2 ½ years with a fittingly giant price tag: $137.5 million.</p><p>Its owner must have been thrilled when Eric Schmidt — the former CEO and executive chairman of Google, with a net worth of $23 billion as of October 21 — expressed interest in purchasing it, as <a target="_blank" class="" href="https://www.wsj.com/us-news/a-scammer-tried-to-seize-graceland-is-this-137-5-million-l-a-mansion-next-a33d57a1">The Wall Street Journal reported earlier this month</a>.</p><p>The issue, though, is that the owner, who operates anonymously behind a limited liability company called 594 Mapleton, can't sell it to him or to anyone else. (The Journal cited previous reporting that local agents believe the owner behind the LLC is a Saudi billionaire.)</p><p>Spelling Manor's owner told the Journal through their lawyer that scammers filed a fraudulent deed with Los Angeles County earlier this year. Two people accused of the scam in a lawsuit told the Journal that they were the rightful owners. The ongoing legal battle over the mansion's ownership stands in the way of its sale. </p><p>Similar fights over who really owns homes and land are playing out across the country. Emboldened by AI technology and immense amounts of public information, some scammers have become bolder in their deed theft — also called title theft — attempts, real-estate fraud experts said. Their targets can range from mansion dwellers to owners of more modest homes and parcels of land.</p><p>A <a target="_blank" class="" href="https://www.alta.org/business-operations/research-initiatives-and-resources/critical-issue-studies/seller-impersonation-fraud-study">May 2024 study</a> by the American Land Title Association and economic research firm NDP Analytics with 783 responses found seller impersonation fraud — when someone fakes the identities of property owners with the aim to sell their properties — is fairly common. Twenty-eight percent of title insurance companies experienced at least one seller impersonation fraud attempt in 2023; 19% saw attempts in April 2024 alone.</p><p><a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.ic3.gov/AnnualReport/Reports/2023_IC3Report.pdf">The FBI's Internet Crime Complaint Center</a> doesn't specifically track deed fraud. However, in 2023, it processed a total of 9,521 real-estate-related complaints — which it defines as a loss of funds from a real-estate investment — resulting in more than $145 million in losses.</p><p>And while Spelling Manor is a conspicuous example because of its size and value, anyone who owns a house or a piece of land could have their deed transferred away without their knowledge.</p><div type="image" title="An aerial view of a mansion in Los Angeles." height="1678" width="2500" msid="114472708" hostid="261" sizebytes="581436"></div><p>"Maybe this brings awareness, and people start to realize that if it can happen to them, it can happen to anybody," Tyler Adams, the CEO of wire-fraud-protection company CertifID, told Business Insider. "But I hope it's not the reverse and people think, 'Fraudsters go after the big bucket. They'll never come after my $200,000 home.' Not the case. The way worse problem is in a much smaller market."</p><h2 id="d0e0ec17-48c1-4c0d-8bc8-c712328c7078">If scammers can fake a deed, they get a house — or maybe a mansion</h2><p id="d0e0ec17-48c1-4c0d-8bc8-c712328c7078">Victor Petrescu, a Miami-based attorney at the law firm LKLSG, said he handles two or three title fraud cases a year.</p><p id="d0e0ec17-48c1-4c0d-8bc8-c712328c7078">He told BI he recently represented a homeowner whose identity was falsified "on a deed in order to convince someone to wire sales proceeds to a bank account."</p><p>"I know it's still happening," he added.</p><p>In the Spelling Manor case, Adams said the alleged deed fraud might not be a tactic to receive the full sales price of the home but to extort the rightful owner for a smaller payday in order to get the home returned to them.</p><p>Adams said a scammer might think, "If we mess with the deed enough to the point where the lawful owners can't sell it, could we convince them to send us some crypto somewhere to get it back?"</p><p>An attorney for Spelling Manor's owner, 594 Mapleton LLC, its listing agent, and the LA County District Attorney did not respond to requests for comment.</p><p>Deed fraud has also complicated the ownership of Graceland, the Memphis, Tennessee, estate that belonged to Elvis Presley and remains in his family.</p><div type="image" title="side-by-side of Graceland mansion and Riley Keough" height="1080" width="1440" msid="114472712" hostid="261" sizebytes="131736"></div><p>Earlier this year, a company called Naussany Investments and Private Lending said it owned Graceland and announced plans to auction off the property. Presley's granddaughter, <a target="_blank" href="https://www.businessinsider.com/legal-battle-elvis-graceland-foreclosure-riley-keough-over-2024-5">Riley Keough, sued the company</a>, accusing it of using forged documents to claim ownership, and won the case.</p><p>In August, a woman from Missouri, <a target="_blank" class="" href="https://www.businessinsider.com/arrest-plot-steal-graceland-from-elvis-presley-kin-riley-keough-2024-8">Lisa Jeanine Findley, </a><a target="_blank" href="https://www.businessinsider.com/arrest-plot-steal-graceland-from-elvis-presley-kin-riley-keough-2024-8">was federally charged</a> with fraud and identity theft in the plot to steal the historic property.</p><p>A spokesperson from the Graceland estate did not immediately respond to a request for comment. An attorney for Findley, who was indicted on charges of mail fraud and identity theft, also did not respond to a request for comment.</p><p>Adams said the first step in fighting this type of fraud is to strengthen the verification process for<strong> </strong>recording documents.</p><p>"I think that collectively as a society, what we need to do is institute better identity verification for all of these things, so when somebody is filing a new deed at a county clerk's office, that office should have good identity-verification practices to make sure that the person who's filing that deed is who they say they are," Adams told BI.</p><p>"Because at the root of all of these scams is an identity problem," he added.</p><h2 id="4e9cc880-ea28-4f57-8c7c-acd021759a77"><strong>Deed fraud has also frustrated regular property owners</strong></h2><p>Scammers aren't just targeting the big fish.</p><p>In 2023, William Gordon's <a target="_blank" href="https://www.businessinsider.com/mans-arizona-lot-sold-for-200000-without-him-listing-it-2023-8">vacant land in Arizona was sold to someone else without his knowledge</a>.</p><p>Gordon had purchased the property in 1999 for $76,500, but at some point, someone submitted a new deed to the Pima County recorder, using Gordon's name but changing the state from Arizona to Texas.</p><p>Gordon only realized the ownership transfer had taken place when his title company sent him a letter congratulating him on the sale of his property for $200,000.</p><p>A recorder's office is essentially like a library for property-related documents. Gabriella Cázares-Kelly, the Pima County recorder where Gordon's land is located, told BI in 2023 that the recorder's job is to record documents, not verify them.</p><p>"We rely on title companies, on notaries — which is why they are required to have insurance — because it is ultimately up to those companies to have the safeguards to ensure that they're dealing with the correct property," she said.</p><p>Gordon eventually got his property back after the title company signed a quitclaim deed that relinquished ownership, giving him his land back. The mess cost him about $9,000 in legal fees, he said.</p><p>Petrescu said the owners of properties worth a fraction of the price of Spelling Manor are more likely to experience deed theft.</p><p>"With these smaller transactions, a lot of closing agents are just trying to close these on a volume basis," Petrescu said. "It may be easier to take advantage of someone who's not crossing their t's, dotting their i's, because they're just juggling 10 files that day."</p><p>In 2022, a lot in Fairfield, Connecticut, was <a target="_blank" class="" href="https://www.businessinsider.com/property-fraud-lawsuit-fairfield-connecticut-2023-8">sold after a fraudster impersonated its owner,</a> a doctor named Daniel Kenigsberg. He discovered the sale after a friend told him that someone was building a home on his once-empty parcel of land.</p><p>A "Daniel Kenigsberg" of Johannesburg had signed documents to try to steal the property, according to court documents viewed by BI.</p><p>"The real problem is people who are average, normal people that finally saved up enough money to buy a house and are getting ripped off by a scam that they weren't prepared for," Adams said. "That's sort of the sad part here — that those are the people that are going to be impacted a lot more."</p><h2 id="5586bcc0-2778-4ffa-97b4-fc733e25cfd6">AI tools make it easier for fraudsters to scam anyone</h2><p><a target="_blank" href="https://www.businessinsider.com/ai-phishing-scams-automation-detection-2024-6">Scammers increasingly rely on artificial intelligence</a> to pull off their cons, whether the medium is the phone, <a target="_blank" href="https://www.businessinsider.com/fresno-officials-should-notice-phishing-scam-jury-trial-court-california-2024-6">phishing by email</a>, or a title transfer with a local record keeper.</p><p>"Unfortunately, their techniques evolve with technology," Marty Kiar, the property appraiser in Broward County, Florida, told BI.</p><p>Kiar said that in September, someone contacted a title company saying they had a vacant lot to sell in Hallandale Beach.</p><p>When the title company pushed for identity verification, the purported seller offered to do a video call that turned out to be a <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/what-is-deepfake">deepfake</a> or AI-generated video playing on a loop showing an image of a missing woman from a different state, <a target="_blank" class="" href="https://www.nbcmiami.com/responds/title-fraud-scam-ai-artificial-intelligence-deepfakes/3423150/">NBC Miami</a> reported.</p><p>If the title company hadn't pushed for proof of the purported seller's identity, they "very easily could have gotten away with this scam," Kiar said.</p><p>"It was all AI imagery," he said. "What I'm really fearful of is, as technology evolves more and more and more, I wouldn't be surprised if we see this more and more and more."</p><p>One of AI's hallmarks is its ability to learn and digest enormous amounts of information. Property data is readily available to the public, and in some states, a simple<strong> </strong>search can unearth appraisal data, blueprints, transaction records, and even pictures of executed deeds. With AI, fake documents could be created faster and more realistic-looking.</p><p>"They're just creating these AI models that are reading all of the public records and public data that they can possibly get their hands on, that are then creating a means by which they can manipulate that information," Adams said. "So it's like the ingestion is now automated because of AI models, and then the impersonation is a lot more sophisticated."</p><p>An AI tool might be able to recognize a vacant property in a database faster than a human could or identify homes without mortgages attached to them (which could mark them as targets for a refinancing scheme).</p><p>The amount of personal information available to fraudsters also makes impersonation easier.</p><p>Kiar said his office has handled hundreds of fraud cases. Only two of those cases so far have involved AI, but he remains concerned that more are on the way.</p><p>"The criminals are very, very smart," he said. "They're going to use the most up-to-date technology to try to scam somebody out of their property."</p>

Scammers are stealing homes from under their owners' noses. AI is making it scarily easy.

<ul class="summary-list"><li>PwC is mandating UK staff to work in the office or with clients at least 3 days a week.</li><li>More bosses are scrapping remote work policies and telling staff to return to the workplace.</li></ul><p>Accounting giant <a target="_blank" href="https://www.businessinsider.com/pwc-uk-staff-buyouts-corporate-emails-approved-quiet-messaging-review-2024-6">PwC</a> is the latest company to crack down on its <a target="_blank" class="" href="https://www.businessinsider.com/ravin-jesuthasan-why-companies-enforce-rto-mandates-future-of-work-2024-8">hybrid work policy</a>. The firm has introduced stricter measures requiring employees in the UK to work from the office more often.</p><p>PwC <a target="_blank" class="" href="https://www.pwc.co.uk/press-room/press-releases/corporate-news/pwc-uk-shifts-hybrid-working-balance-towards-more-in-person-work.html">said</a> it informed staff and partners on Thursday that they must spend at least three days in the office or with clients a week from January. Previously, workers were expected to go in two to three days.</p><p>The company <a target="_blank" class="" href="https://www.theguardian.com/business/article/2024/sep/05/pwc-to-start-tracking-working-locations-of-all-its-uk-employees">reportedly wrote in a memo</a> to its 26,000 employees in the UK that it will start tracking their working locations to ensure workers meet these requirements. </p><p>Across industries, more <a target="_blank" class="" href="https://www.businessinsider.com/companies-making-workers-employees-return-to-office-rto-wfh-hybrid-2023-1">bosses have been scrapping remote work</a> policies and telling staff to return to the workplace for a certain number of days a week.</p><p>In some cases, companies have even introduced <a target="_blank" href="https://www.businessinsider.com/rto-mandates-are-always-unfair-expert-analysis-2024-8">punitive measures</a> for employees who don't comply with RTO mandates, with some remote <a target="_blank" href="https://www.businessinsider.com/dell-remote-workers-promotion-return-office-push-flexible-work-2024-3">Dell workers being told they can't get promoted</a> and <a target="_blank" href="https://www.businessinsider.com/rto-amazon-relocate-remote-work2024-8">other companies threatening to fire those who don't return</a>.</p><p>Fellow Big Four firm <a target="_blank" href="https://www.businessinsider.com/ey-tracking-office-attendance-data-teams-disregard-rto-policies-2024-1">EY started tracking staff attendance</a> in the office earlier this year by analyzing turnstile access data.</p><p>Last year, Citigroup began collecting entrance card data to ensure workers went to the workplace for the required three days a week.</p><p>"Face-to-face working is hugely important to a people business like ours, and the new policy tips the balance of our working week into being located alongside clients and colleagues," PwC's UK managing partner Laura Hinton said in a statement Thursday. </p><p>She continued: "This feels right for our business and right for our people, given our focus on client service, coaching, and learning and development."</p>

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