Hyderabad-based Sejuti Baral got a nasty surprise when an attempt to sell her old phone online ended in her losing almost six months' worth of savings. "I put my old one up for sale on an e-commerce website.
Someone from Visakhapatnam bought it and transferred the money through Google Pay, and all I had to do was send the parcel to the given address," said the 30-year-old learning designer. Baral called a local DTDC courier service number she found listed online. The person on the line told her he would call up from another number. He then sent her a link to a Google form from the new number and asked her to fill in her details to request the pick-up.
"I opened the form and entered my name and UPI ID. He asked me to enter the PIN, and clarified that it was part of the procedure. Unlike other payment gateways where the numbers turn into dots or asterisks as you type, the PIN was showing up on the form. I got suspicious and deleted the PIN immediately, but by then it was too late," she said.
Baral's State Bank of India account, which was linked to Google Pay, saw eight transactions of Rs 9,999 each and one of Rs 8,000, in quick succession. Baral lost about Rs 88,000 within minutes or so. "I tried blocking my SBI account when I realized that this was an incident of fraud, but I couldn't log into my account. The pop-up said it was a duplicate entry, which meant they were already accessing my account. All I could do was look at my screen helplessly as notifications of debit transactions kept popping up," she said.
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'Deep Fake' - an emerging risk for Banking & Financial Sector
Deepfake KYC fraud is a growing concern in India, where fraudsters leverage AI-generated deepfake videos and images to bypass Know-Your-Customer (KYC) verification processes. This has significant implications for financial institutions, fintech companies, and other organizations that rely on KYC to verify the identity of their customers.
RBI CIRCULAR
Operational framework for reclassification of Foreign Portfolio Investment to Foreign Direct Investment (FDI) - November 11, 2024
India's Fiscal Discipline: A Path to Economic Stability and Growth
In a significant economic development, the fiscal deficit for the financial year 2023-2024 (FY24) has been recorded at 5.6% of GDP, falling below the government's revised estimate. This unexpected positive outcome highlights effective fiscal management and a recovering economy, offering a ray of optimism amidst global economic uncertainties.
Augmenting Productivity by Embracing Employee Engagement
As the world's largest coffeehouse chain, Starbucks is a brand that understands the value its employees add to the business. At Starbucks, every employee knows they are valued members of the team. It took Starbucks some time to do this. They have prioritized implementing employee-friendly rules from the beginning.
Ethics in Artificial Intelligence: Navigating the Future Responsibly
Ethics in AI encompasses a wide range of issues, including fairness, accountability, transparency, and the potential for bias. At the core of these discussions lies the question: How do we ensure that AI serves humanity rather than undermines it? As AI systems increasingly influence critical areas such as healthcare, finance, and law enforcement, the stakes are high.
Digital Banking: The Need of the Hour
Development of an economy, especially economic growth primarily depends on industrial development. The industries depend on financial institutions support for funds especially from banks. Banks encourage individuals save and mobilise funds from bank deposits.
Cyber Crimes in Banking: India's Battle Against the Digital Menace
The increasing adoption of digital banking services has transformed the way Indian consumers engage with banks. According to research from the Reserve Bank of India (RBI), the country's digital payment ecosystem expanded by approximately 55% between 2021 and 2023.
Legal News
The Supreme Court (SC) ruled that clauses allowing public sector undertakings (PSUs) to unilaterally appoint arbitrators to resolve disputes with private contractors are invalid.
The Rise Of Green Marketing: Driving Sustainable Change
Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.
ICICI Bank partners with PhonePe to offer instant credit on UPI
ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.
