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The internet has revolutionised our lives, offering convenience and connectivity at our fingertips. With the rapid adoption of digital payments in India, fraudsters have evolved their tactics, devising new scams to exploit the growing user base. Several <keyword id="20182215" type="General" weightage="20" keywordseo="online-scams" source="keywords">online scams</keyword> have been reported in India over the past few months, from the standard UPI refund scams to unbelievable scams such as the digital arrest scams. Here's a look at some prevalent online scams and how to protect yourself: <h2><keyword id="23629952" type="General" weightage="20" keywordseo="UPI-refund-scam" source="keywords">UPI refund scam</keyword></h2>UPI refund scam is one of the most common online scams these days. It involves a person sending the victim money and then claiming that it was accidentally sent. The scammer then asks the victim to refund the money, often using excuses such as emergency hospitalisations or other important expenses. If the victim refunds the money, the scammer then contacts their bank and reverses the initial transaction, resulting in the victim losing money. How to protect yourself from UPI refund scams: <ul><li>Do not resend the money if someone claims they have “accidentally” sent you money.</li><li>If you receive money from an unknown source, contact your bank immediately.</li><li>If someone says they have sent you money, ask them to contact their bank to get a refund.</li></ul><h2><keyword id="19939895" type="General" weightage="20" keywordseo="phishing-scams" source="keywords">Phishing scams</keyword></h2>Phishing scams have been around for a long time, but they have become more sophisticated in the digital age. Fraudsters often impersonate reputable companies, sending fake emails, messages, or even websites that look almost identical to the real ones. These messages typically contain a sense of urgency—such as a warning that your account is about to be blocked or that you've won a prize. Once you click on the link, you’re directed to a fake site that prompts you to enter your personal information, including login credentials and payment details. This data is then used to steal money or compromise your identity. How to protect yourself from phishing scams: <ul><li>Be sceptical of unexpected messages or emails, even if they seem to come from trusted sources.</li><li>Check the URLs of websites carefully. Scammers often use misspelt URLs that are designed to look legitimate.</li><li>Never share your personal or financial information without verifying the authenticity of the request.</li></ul><h2><keyword id="23629953" type="General" weightage="20" keywordseo="SIM-swap-scam" source="keywords">SIM Swap scam</keyword></h2>As the name suggests, a SIM swap scam basically involves the scammer getting access to your SIM, either with the help of someone at the mobile service provider or through other means. The scammer often convinces the network provider to activate a SIM card they possess, gaining control of the victim’s phone number. This allows the scammer to gain access to all calls and text messages that the victim may receive, which is important in this day and age where all accounts are linked to your phone number. Once the scammer gets access to the victim’s phone number, they use it to gain access to their bank account and steal money. How to protect yourself from SIM swap scam: <ul><li>If your SIM stops working, immediately inform the telecom operator.</li><li>Make use of a SIM lock, which prevents your SIM from being used on another smartphone without entering a password.</li><li>Avoid sharing personal information online, especially things which can make it easier to crack your passwords.</li><li>Keep track of your accounts and report any unauthorised transactions.</li></ul><h2><keyword id="20415709" type="General" weightage="20" keywordseo="online-shopping-scams" source="keywords">Online Shopping Scams</keyword></h2>Beware of fake online stores offering unbelievable deals. These websites might steal your payment information or deliver counterfeit or non-existent products. These websites often advertise unbelievable deals to lure in unsuspecting customers, either with the intention of stealing their data or selling substandard products. How to stay safe: <ul><li>Shop from reputable websites. Look for customer reviews and secure payment gateways.</li><li>Be cautious of prices that seem too good to be true.</li><li>Use a credit card for online purchases. It offers better fraud protection than a debit card.</li></ul><h2>The "Digital Arrest" scam</h2>In this chilling scam, fraudsters impersonate law enforcement officials. They may claim you're involved in illegal activities and threaten you with a "digital arrest" or legal action. To avoid this, they'll demand payment or personal information. Victims are often coerced into making payments via UPI or other digital means. The sense of urgency and fear of legal consequences often compels people to act without verifying the legitimacy of the claim. How to avoid: <ul><li>Know your rights: Law enforcement agencies will never demand payment or personal information over the phone or online. </li><li>Verify identities: If you receive such a call, hang up and directly contact the relevant authorities to verify the claim.</li></ul><h2><keyword id="23629954" type="General" weightage="20" keywordseo="KYC-scam" source="keywords">KYC scam</keyword></h2>With the increased demand for KYC (know your customer) updates across digital platforms, fraudsters are taking advantage by posing as bank or telecom representatives. They often claim that your account will be blocked if you don’t update your KYC details immediately. Victims are then asked to share their Aadhaar number, PAN, or other personal details via a fraudulent link or over a call. In some cases, they also ask users to complete the process through UPI apps, stealing money from their accounts during the process. How to avoid it: <ul><li>Banks and financial institutions never ask for personal details over a call, message, or link.</li><li>Always update KYC details through official channels, like the bank’s app or website.</li><li>If you receive a suspicious KYC request, report it to your bank’s customer service immediately.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-to-afcons-infrastructure-ipos-to-look-out-for-this-week/articleshow/114421377.cms">Waaree Energies to Afcons Infrastructure, IPOs to look out for this week</a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms">Best credit cards for online shopping this festive season</a> <a href="https://www.businessinsider.in/stock-market/news/bigger-they-are-harder-they-fall-a-look-at-how-the-countrys-biggest-ipos-have-fared/articleshow/114307997.cms">Bigger they are, harder they fall – A look at how the country’s biggest IPOs have fared</a>

UPI refund to digital arrest scam, here are some online scams you need to be aware of

New Delhi, The government might look at enhancing the scrutiny of certain class of corporates, including in terms of <keyword id="19910870" type="General" weightage="20" keywordseo="kyc" source="keywords">KYC</keyword> requirements, as efforts continue to weed out unscrupulous elements and curb possible misdoings, according to a senior official. The matters related to KYC (Know Your Customer), including a simplified and uniform system, are still under discussion, and a committee headed by the finance secretary is looking into various aspects. The senior official on Monday said that various aspects related to having a uniform KYC are being discussed and in the case of the corporate affairs ministry, Permanent Account Number (<keyword id="19939397" type="General" weightage="20" keywordseo="pan" source="keywords">PAN</keyword>) is being used for KYC requirements. The ministry is implementing the companies law and <keyword id="20735098" type="General" weightage="20" keywordseo="limited-liability-partnership" source="keywords">Limited Liability Partnership</keyword> (LLP) Act, among other legislations. Further, the official said enhanced KYC requirements might be explored for certain class of corporates. As many as 26,28,865 companies were registered in the country as on January 31, 2024, and out of the total, 16,65,438 companies, or 63 per cent were active, as per the latest official data. According to the data, a total number of 3,16,402 LLPs were active at the end of January this year. Meanwhile, the ministry-appointed panel is discussing possibilities of having a stricter regulatory regime for startups against the backdrop of instances of corporate governance concerns at some of the entities. The Company Law Committee (CLC), which was set up by the ministry in September 2019, is yet to firm its views and a final decision will be taken after receiving the panel's recommendations, the official said. Over a period of time, the ministry has been clamping down on entities, suspected of carrying out illegal activities. Last week, the <keyword id="20584362" type="General" weightage="20" keywordseo="financial-stability-and-development-council" source="keywords">Financial Stability and Development Council</keyword> (FSDC), chaired by Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>, discussed strengthening inter-regulatory coordination in the financial sector to support inclusive economic growth. The council also deliberated on prescribing uniform KYC norms, inter-usability of KYC records across the financial sector, and simplification and digitalisation of the KYC process, among others.

Govt may look at enhanced KYC requirements for certain class of corporates

With <keyword id="19899402" type="General" weightage="20" keywordseo="digital" source="keywords">digital</keyword> adoption fast gaining currency, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is likely to see <keyword id="19992513" type="General" weightage="20" keywordseo="retail" source="keywords">retail</keyword> <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> double to USD 7 trillion by 2030 from current levels, a study by Kearney and <keyword id="19942875" type="General" weightage="20" keywordseo="Amazon-Pay" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon Pay" meta.hostid="153" meta.entityid="Amazon Pay">Amazon Pay</keyword> said. In the report 'How Urban India Pays', Kearney-Amazon Pay said strong adoption of digital payments in <keyword id="21056201" type="General" weightage="20" keywordseo="online-purchases" source="keywords">online purchases</keyword> has potentially led to a permanent shift in consumer behaviours, fuelling offline adoption as well. While 90 per cent of the respondents of the survey preferred digital payments when making online purchases, affluent consumers lead the way with the highest Degree of Digital Payment Usage (DDPU), tending to use various modes of digital payment for 80 per cent of their transactions. "<keyword id="19955338" type="General" weightage="20" keywordseo="millennials" source="keywords">Millennials</keyword> and Gen X are leading in the adoption of all types of digital payment instruments," it said. "Men and women both use digital payments in about 72 per cent of their transactions, indicating gender parity." The research was based on an online survey of over 6,000 consumers along with more than 1,000 merchants through offline and online methods across 120 cities with representation from various regions, income groups, city categories, age brackets and genders. India has seen a surge in <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword>, with the market valued at USD 75 billion to USD 80 billion in 2022 and expected to grow at a 21 per cent CAGR until 2030. "In line with India's digital journey, retail digital payments have grown dramatically over the past five years - from USD 300 billion in FY18 to USD 3.6 trillion in FY24. By FY30, they are likely to double to USD 7 trillion," the report said. The Unified Payments Interface (<keyword id="19900911" type="General" weightage="100" keywordseo="UPI" source="keywords">UPI</keyword>) has been a key driver of this growth, demonstrating a CAGR of 138 per cent in its volumes during FY18-24. Other instruments such as cards and digital wallets are also gaining in popularity, contributing 10 per cent of digital transaction value today. "With such dynamic developments, it is no wonder that India is a global frontrunner in the digital payment landscape, accounting for a stellar 46 per cent of the global digital transaction volumes in 2022," it said. Digital payments have penetrated small towns, with respondents in these areas highlighting that 65 per cent of their transactions are digital, while respondents in larger cities cited this ratio to be 75 per cent. "There is a strong correlation between a city's average DDPU and its retail potential, as measured by the Kearney India Retail Index, with the top six metros displaying both high DDPU and high retail potential," the report said. DDPU surpasses retail potential in some cities such as Lucknow, Patna, Bhopal, Jaipur, Bhubaneswar, Indore, Ahmedabad and Pune, which have a high DDPU nearly matching that of larger metropolitan cities despite having a lower retail potential than the top six metros. The report said co-branded credit cards are gaining momentum. "Emerging methods such as buy now, pay later (BNPL), wearable payments and voice assistant-based payments are also starting to make inroads." Digital modes of payment constitute around 69 per cent of the total transaction volumes for the Indian merchants that were surveyed. Even street vendors such as paan shops, fruit and flower sellers, food stalls, and kirana stores are joining the digital payment brigade. "Challenges for merchant adoption mirror consumer concerns, emphasizing issues of financial fraud, limited connectivity and trust," it said. The report said the next wave of growth in digital payments will be fueled by increasing penetration in segments with lower DDPU, such as consumers in lower-income groups and smaller towns, along with enhancing the value of spending via digital modes of payment in the higher DDPU segments by addressing their concerns. "All key stakeholders across the digital payments' ecosystem, including payment providers, the government, and value-added services players, will need to play a part in expanding digital payment adoption," it said. The focus areas should be empowering communities with financial education by launching target programmes to boost awareness of digital payments and new methods such as UPI Lite and UPI Lite X, especially for aspiring consumer segments, women in small towns, and street commerce merchants, to encourage higher adoption. Also, there is a need to create user-friendly consumer journeys by streamlining documentation and know-your-customer (<keyword id="19910870" type="General" weightage="20" keywordseo="kyc" source="keywords">KYC</keyword>) processes, optimising user interfaces, and establishing responsive customer complaint resolution mechanisms, it said adding also there is a need to enhance digital infrastructure by addressing systems and network issues and exploring innovations such as UPI Lite X for areas with limited internet. Also, the risk of fraud has to be minimised and access to credit-based payment methods expanded by using alternate data for underwriting risk, developing innovative credit products and promoting credit education for financial health. "These areas can help India overcome challenges in the digital payment ecosystem by fostering a more inclusive, secure, and user-friendly environment, thereby enhancing the adoption of digital payments among consumers and merchants in India," it added.

India to see retail digital payments to double to USD 7 tn by 2030: Report

<ul><li>The last date for updating your <keyword id="20195587" type="General" weightage="100" keywordseo="FASTag-KYC" source="Orion">FASTag KYC</keyword> is Wednesday, January 31.</li><li>The <keyword id="3005928" type="General" weightage="20" keywordseo="FASTag" source="Orion">FASTag</keyword> of users who do not update their KYC may be deactivated or blacklisted.</li><li>Here is the process you need to follow to update your FASTag KYC, including documents required.</li></ul> FASTag has made it easier to make toll payments and pay for parking at several places such as airports. However, if you have been using a FASTag with your vehicle, you may need to update your Know Your Customer (KYC) information. The National Highway Authority of India (NHAI) had announced a deadline of January 31 to update KYC details for FASTag users. As per NHAI, the FASTag of users who do not update their KYC may be deactivated or blacklisted by banks. "NHAI has taken this initiative after the recent reports of multiple FASTags being issued for a particular vehicle and FASTags being issued without KYC in violation of RBI’s mandate," said NHAI. <cmsannotation type="cmsannotation" annotationid="Documents required to update FASTag KYC" comment="subhead" text="Documents required to update FASTag KYC">Documents required to update FASTag KYC</cmsannotation> Here are the documents you need to update the KYC of your FASTag: <ul><li>Vehicle registration certificate</li><li>ID proof</li><li>Address proof</li><li>Passport-size photograph</li></ul><cmsannotation type="cmsannotation" annotationid="How to update your FASTag KYC" comment="subhead" text="How to update your FASTag KYC">How to update your FASTag KYC</cmsannotation> Once you have all the above documents in place, follow the below steps to update your KYC: <ul><li>Go to the FASTag website by clicking <a href="http://fastag.ihmcl.com">here</a>.</li><li>Now, click on the “Login” button on the top right corner.</li><li>Enter your mobile number and click on “Get OTP”.</li><li>Now, enter the OTP, type the captcha and then click on “Login”.</li><li>Then, click on “My Profile” in the Dashboard.</li><li>You can now check the KYC details of your FASTag and complete the process if your KYC is pending.</li></ul>If your KYC needs to be updated, you can do so easily by providing the above-mentioned documents. FASTag has become essential if you wish to travel on highways, and with the Nitin Gadkari-led Transport and Highways Ministry pushing for FASTag and mulling satellite-based tolling systems, it is important to keep a functional FASTag. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-12-pro-plus-vs-redmi-note-13-pro-plus-price-specs-and-features-compared/slidelist/107266344.cms">Realme 12 Pro Plus vs Redmi Note 13 Pro Plus – battle of the new mid-range smartphones</a> <a href="https://www.businessinsider.in/stock-market/webstories/ril-has-the-20-lk-cr-milestone-in-sight-after-biggest-one-day-gain-in-over-3-years/slidelist/107251135.cms">RIL has the ₹20 lk cr milestone in sight after biggest one day gain in over 3 years</a> <a href="https://www.businessinsider.in/business/auto/news/porsche-macan-ev-arrives-in-india-to-take-on-mercedes-and-audi/slidelist/107261991.cms">Luxury EV new entrant – After Mercedes and Audi, India has the Porsche Macan</a>

FASTag KYC last day – How to update, documents required and more

The Enforcement Directorate (ED) after conducting raids at multiple locations belonging to <keyword id="714947" type="General" weightage="50" keywordseo="payment-gateways" source="Orion">payment gateways</keyword> i.e <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> and PayU in connection with a case of Chinese Loan apps, asked Paytm to freeze certain amounts from a few Merchant IDs (MIDs). Sources said the raids were conducted in Mumbai, Delhi, Gurugram, Lucknow and <keyword id="6354925" type="General" weightage="50" keywordseo="kolkata" source="Orion">Kolkata</keyword>. The ED has not given any official comment on the matter. On September 3, raids were conducted at the premises belonging to online payments gateways including <keyword id="14887233" type="General" weightage="50" keywordseo="razorpay-pvt-ltd" source="Orion">Razorpay Pvt Ltd</keyword>, Cashfree Payments and <keyword id="14887232" type="General" weightage="50" keywordseo="paytm-payment-services-ltd" source="Orion">Paytm Payment Services Ltd</keyword>. A Paytm spokesperson said that as part of the ongoing investigations of a specific set of merchants, the ED has sought information regarding such merchants to whom we provide payment processing solutions. "These merchants are independent entities, and none of them are our group entities. We are, and will continue to, fully cooperate with the authorities, and all the directive actions are being duly complied with," said the Paytm spokesperson. The ED has instructed Paytm to freeze certain amounts from the Merchant IDs of a specific set of merchant entities (as mentioned by the ED in its press release). "None of the funds which have been instructed to be frozen belong to Paytm or any of our group companies. As we have mentioned before, ED continues to seek information about certain merchants from various payment service providers, and we have shared the required information," the Paytm spokesperson said. What is the case? The case is based on 18 FIRs registered by the Cyber Crime Police Station, Bengaluru City, against numerous persons for their involvement in extortion and harassment of the public who had availed small loans through the mobile apps being run by those entities. "During enquiries, it had emerged that these entities are operated by Chinese persons. The modus operandi of these entities is that by using forged documents of Indians and making them dummy directors of those entities, they are generating proceeds of crime," the ED said. The ED had said that it has come to its notice that the entities were conducting their suspected business through various Merchant IDs/Accounts held with Payment Gateways/banks. The premises of Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and entities controlled/operated by Chinese persons were covered in the search operations. "During the search operations, it was noticed that the said entities were generating proceeds of crime through various Merchant IDs/Accounts held with Payment Gateways/banks and they are also not operating from the addresses given on the <keyword id="6355225" type="General" weightage="50" keywordseo="mca" source="Orion">MCA</keyword> website/registered address and having fake addresses. An amount of Rs 17 crore has been seized in merchant IDs and bank accounts of these Chinese persons-controlled entities," the ED official had said. Meanwhile, a Razorpay spokesperson had said "Some of our merchants were being investigated by law enforcement about a year and a half back. As part of the ongoing investigation, the authorities requested additional information to help with the investigation. We have fully cooperated and shared <keyword id="167905" type="General" weightage="50" keywordseo="kyc" source="Orion">KYC</keyword> and other details. The authorities were satisfied by our due diligence process." The search operations are in progress. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/weight-gain-during-the-pandemic-is-increasing-the-incidence-of-pcos-in-women/articleshow/94202794.cms">Weight gain during the pandemic is increasing the incidence of PCOS in women</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-top-75-brands-are-worth-393-billion-thats-11-of-indias-gdp/articleshow/94203813.cms">TCS is India's most valuable brand worth $45.5 billion: Kantar</a>

ED asks Paytm to freeze certain amounts from few merchant IDs after raids (Ld)

<ul><li><keyword id="1953683" type="General" weightage="80" keywordseo="aadhaar-authentication" source="Orion">Aadhaar authentication</keyword> transactions have climbed to 2.31 billion in March 2023.</li><li> Aadhaar-enabled e-KYC rose by 16 per cent as 21.47 million Aadhaars were updated successfully in March 2023.</li></ul>New Delhi, <keyword id="144117" type="General" weightage="100" keywordseo="aadhaar" source="Orion">Aadhaar</keyword> authentication transactions have climbed to 2.31 billion in March 2023, against 2.26 billion authentication transactions recorded in February 2023, according to IT Ministry data. Also, Aadhaar-enabled e-KYC rose by 16 per cent as 21.47 million Aadhaars were updated successfully in March 2023. While a majority of the authentications transaction numbers were carried out by using biometric fingerprint, it is followed by demographic and OTP authentications, official sources said. Adoption of e-KYC has also significantly reduced customer acquisition cost of entities like financial institutions, telecom service providers and others, they added. The cumulative number of <keyword id="4342439" type="General" weightage="20" keywordseo="aadhaar-e-kyc" source="Orion">Aadhaar e-KYC</keyword> transactions so far has gone past 14.7 billion till the end of March 2023. During the month of March, more than 21.47 million Aadhaars were updated following requests from the residents as against 16.8 million such updates in February 2023. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-best-vpns-to-safeguard-your-online-privacy-and-security-in-india/articleshow/99727397.cms">The best VPNs to safeguard your online privacy and security in India</a> <a href="https://www.businessinsider.in/tech/news/formerly-barred-from-pharma-industry-entrepreneur-develops-ai-tool-using-chatgpt-to-cut-down-hospital-runs/articleshow/99662101.cms">Formerly barred from pharma industry, entrepreneur develops AI tool using ChatGPT to cut down hospital runs</a>

Aadhaar authentication rose to 2.31 billion in March 2023: IT Ministry data

New Delhi, <keyword id="208415" type="ORGANIZATION" weightage="20" keywordseo="department-of-revenue">Department of Revenue</keyword> (DoR) has clarified that any purchase of <keyword id="18712" type="ENTERTAINMENT" weightage="20" keywordseo="Gold">gold</keyword>, <keyword id="35264" type="COMPANY" weightage="20" keywordseo="silver">silver</keyword>, <keyword id="6354387" type="UNKNOWN" weightage="20" keywordseo="jewellery">jewellery</keyword> or precious gems and <keyword id="23962" type="PERSON" weightage="20" keywordseo="stones">stones</keyword> below ₹2 lakh does not require PAN or Aadhaar of a customer as a mandatory KYC document. Sources said that the notification issued under (Prevention of Money Laundering) PML Act, 2002, on December 28, 2020 is a requirement of FATF Dealers in Precious Metals and <keyword id="23965" type="COMPANY" weightage="20" keywordseo="precious-stones">Precious Stones</keyword> (DPMS) to carry out KYC and Customer Due Diligence only when they conduct cash transactions above ₹10 lakh. This is a requirement of FATF (Financial Action Task Force) - the global money laundering and terrorist financing overseer which as the inter-governmental body sets international standards aimed to prevent illegal activities on terror funding and money laundering. One of the recommendations requires DPMS sector to fulfil obligations of Customer Due Diligence (CDD) when they conduct cash transactions above a certain limit (USD/EUR 15,000). India is a member of FATF since 2010. DoR sources said the contention that any purchase, even if below ₹2 lakh, of gold, silver, jewellery or precious gems and stones in cash require KYC are baseless. Sources said that since in India, cash transactions above ₹2 lakh is not allowed under section 269ST of Income-tax Act, 1961, dealers not receiving cash more than ₹2 lakh in compliance with the existing provisions of the Income-tax Act will not be covered under this notification. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-bags-a-7-4-million-cheque-as-pandemic-forces-ritesh-agarwal-to-reimagine-the-business/articleshow/80170847.cms">OYO bags a $7.4 million cheque as pandemic forces Ritesh Agarwal to reimagine the business</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s21-series-mobile-available-on-pre-orders-checkout-expected-price-of-this-smartphone/articleshow/80168058.cms">Samsung Galaxy S21 series now up for pre-orders ⁠— expected to be priced around ₹75,000</a> <a href="https://www.businessinsider.in/stock-market/news/tcs-ongc-tata-power-punjab-national-bank-nhpc-and-other-top-stocks-to-watch/articleshow/80164057.cms?upcache=2">TCS’ market share, ONGC’s borrowing, Tata Power gets new territories⁠— these and other top stocks to watch</a>

Only purchase of jewellery above ₹2 lakh needs mandatory KYC

<keyword id="6357332" type="General" weightage="20" keywordseo="Gaming" source="Orion">Gaming</keyword> platform <keyword id="1953612" type="General" weightage="100" keywordseo="mpl" source="Orion">MPL</keyword> on Wednesday said that it has banned over a million <keyword id="800384" type="General" weightage="20" keywordseo="user-accounts" source="Orion">user accounts</keyword> to continue to provide a secure and fair gaming experience to the users. The company has taken the step of removing players who did not follow the rules and used unfair means to manipulate gameplay results in their favour. Using multiple accounts by the same user to access the platform, uploading fake or doctored <keyword id="167905" type="General" weightage="50" keywordseo="kyc" source="Orion">KYC</keyword> documents, using unauthorised payment methods such as stolen cards, and cheating during gameplay by using any hacks or collusion techniques are some of the key reasons why user accounts were blocked. "This move is aligned to our player-first approach and also highlights MPL's zero tolerance towards users who resort to illegal practices in order to alter gameplay results and gain an unfair advantage. With initiatives like this, MPL is poised to continue being a safe and user-friendly platform that is trusted by the users," <keyword id="14920745" type="General" weightage="50" keywordseo="ruchir-patwa" source="Orion">Ruchir Patwa</keyword>, VP of Security and Compliance, MPL, said in a statement. The gaming platform has also announced a number of initiatives to further the player-first approach and provide users with a safe and risk-free gaming experience. As part of this, the company launched a bug bounty programme to reward security researchers with up to Rs 10 lakhs for successfully identifying a valid vulnerability on the platform. The bug bounty program will also allow researchers to report any possibility that can give a player an unfair advantage. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/apple-reveals-top-songs-of-the-yearheres-how-you-can-check-your-2022-replay-on-apple-music/articleshow/95879335.cms">Apple reveals top songs of the year—here’s how you can check your 2022 Replay on Apple Music</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/sony-unveils-smartphone-motion-tracking-bands-for-metaverse-heres-how-it-works/articleshow/95879602.cms">Sony unveils smartphone motion-tracking bands for Metaverse - here’s how it works</a>

Gaming platform MPL bans over 1 million user accounts

<keyword id="6986952" type="COMPANY" weightage="20" keywordseo="IDFC-First-Bank">IDFC First Bank</keyword> has launched <keyword id="9304001" type="UNKNOWN" weightage="20" keywordseo="video-kyc-facility">video KYC facility</keyword> so that customers can open savings accounts without the need to visit a branch office. The zero-contact method completely does away with paper work or biometric verification, thereby removing physical interaction between the bank and customer from the know your customer (<keyword id="167905" type="COMPANY" weightage="20" keywordseo="KYC">KYC</keyword>) process, <keyword id="6361420" type="DOMAIN" weightage="20" keywordseo="IDFC">IDFC</keyword> First Bank said in a release. <div type="Article" hostid="261" msid="75990965" title="How to open a bank savings account using video KYC" mstype="2" mssubtype="0"></div> Customers can start earning 7 per cent interest and maximise their returns on funds held or invested anywhere else, it added. "Video KYC makes the online journey for opening savings accounts simple and fast as customers do not have to venture outside their homes or meet anyone from the bank to complete the process," said Amit Kumar, Head – Retail Liabilities, IDFC First Bank. This is especially relevant in the current times given loss of incomes and low returns offered by most other options, Kumar said. The RBI-sanctioned video-based KYC process for opening of online <keyword id="114757" type="PERSON" weightage="20" keywordseo="Savings-Account">savings account</keyword> allows customers to open a full-fledged savings account with no limit on maximum account balance. The pandemic has altered the way customers want to interact with their banks as they increasingly rely on digital and mobile channels to transact, the lender said. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/sbi-axis-bank-and-kotak-mahindra-bank-and-other-banking-stocks-are-raising-capital-to-fill-npa-hole/articleshow/76054599.cms" data-type="tilCustomLink">Indian lenders like SBI, Axis Bank and others need $20 billion⁠ in capital— most of it will go into filling up NPA holes</a>

After Kotak Mahindra Bank, IDFC First Bank launches video KYC facility for customers to open savings accounts

<ul><li>Last month, ED sleuths raided <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword>'s parent company <keyword id="14679518" type="General" weightage="80" keywordseo="zanmai-lab" source="Orion">Zanmai Lab</keyword> and froze assets worth Rs 64.67 crore. </li><li>The ED has been conducting an investigation of 16 fintech companies and Instant loan apps.</li><li>WazirX is India's largest crypto exchange and has over 12 million users.</li></ul> Crypto exchange WazirX on Monday said the <keyword id="6357808" type="General" weightage="80" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) has allowed it to use its bank accounts after it cooperated with the investigators by providing them all the necessary details, information and documents of the alleged accused companies who used the WazirX platform. The company said in a statement that due to the active cooperation extended by WazirX and active anti-money laundering (AML) checks that led to the blocking of suspicious accounts, "ED has unfreezed the bank accounts of WazirX". "WazirX is now in a position to continue its banking operations as usual," said the crypto exchange. Last month, ED sleuths raided WazirX's parent company Zanmai Lab. It searched the premises and froze its bank assets worth ₹ 64.67 crore "for assisting accused instant loan App companies in laundering of fraud money via purchase and transfer of virtual crypto assets". The ED has been conducting an investigation of 16 fintech companies and Instant loan apps, some of them happened to use WazirX platform. The company clarified that it has no association with any of the alleged accused fintech and instant loan app entities which appear to be the subject of ED investigation and "is carrying out the <keyword id="12656622" type="General" weightage="20" keywordseo="kyc/aml" source="Orion">KYC/AML</keyword> checks despite having no legal obligation to do so". "WazirX is like any other intermediary whose platform may have been misused. After an in-depth internal investigation, WazirX noticed that most of the users whose information was sought by ED were already identified as suspicious by WazirX internally and were already blocked in 2020-2021," said the company. WazirX is India's largest crypto exchange and has over 12 million users. Several crypto exchanges are under the ED radar for their alleged involvement in money laundering of around ₹ 10 billion. Late last month, crypto exchange <keyword id="10245463" type="General" weightage="80" keywordseo="coinswitch-kuber" source="Orion">CoinSwitch Kuber</keyword>'s CEO Ashish Singhal said that the company fully cooperated with the ED officials in <keyword id="6354321" type="General" weightage="80" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>, after reports surfaced that ED raided its premises over alleged money laundering under the Prevention of Money Laundering Act (PMLA), 2002. Singhal said that the company's engagement with the ED was not related to any money laundering inquiry. "Enforcement Directorate-Bengaluru has been engaged with us with respect to functioning of our crypto platforms/exchanges. We are fully cooperating with them," he had said in a tweet thread. ED recently froze crypto lending platform Vauld's bank assets worth ₹ 370 crore over its "predatory lending practices". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/how-will-the-search-message-by-date-work-on-whatsapp/articleshow/94145465.cms">WhatsApp may soon allow users to search messages by date — here’s how it will work</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mensa-brands-acquires-myfitness-aims-to-turn-it-into-a-1000-crore-brand/articleshow/94146270.cms">Mensa Brands acquires MyFitness, aims to turn it into a ₹1,000 crore brand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-tiago-electric-car-to-launch-soon/articleshow/94147690.cms">Tata Tiago EV to launch soon – could be the cheapest EV from the car maker</a>

You Searched For "kyc" and got 10 results

UPI refund to digital arrest scam, here are some online scams you need to be aware of

Sourabh Jain

Govt may look at enhanced KYC requirements for certain class of corporates

PTI

India to see retail digital payments to double to USD 7 tn by 2030: Report

PTI

FASTag KYC last day – How to update, documents required and more

Sourabh Jain

ED asks Paytm to freeze certain amounts from few merchant IDs after raids (Ld)

IANS

Aadhaar authentication rose to 2.31 billion in March 2023: IT Ministry data

IANS

Only purchase of jewellery above ₹2 lakh needs mandatory KYC

IANS

Gaming platform MPL bans over 1 million user accounts

IANS

After Kotak Mahindra Bank, IDFC First Bank launches video KYC facility for customers to open savings accounts

PTI

ED allows WazirX to use bank accounts frozen after raids

IANS

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