FASTags, NCMC payments to become easier: You don't have to add money manually for each recharge
New recurring payments rule: The Reserve Bank of India (RBI) announced including recurring payments for Fastag, National Common Mobility Card (NCMC), etc. with auto-replenishment facility under the e-mandate framework.
RBI to establish Digital Payments Intelligence Platform amid a surge in bank and digital frauds
RBI strikes against UPI, digital payment frauds, plans to set up a digital payment intelligence platform
Fight against digital payment frauds: The RBI proposes a digital payments intelligence platform to combat a surge in digital payment frauds. Fraud cases reported to the RBI jumped 300% to 36,000 in FY23 compared to FY22, highlighting the need for a system-wide approach. The central bank forms a committee that will examine setting up this infrastructure to facilitate real-time data sharing across the digital payments ecosystem.
RBI cracks down on payment frauds; layoffs at Simpl
The central bank is setting up a panel headed by former NPCI chief Abhaya Hota to take on payment frauds. This and more in today’s ETtech Top 5.
RBI sets up panel to track online payment frauds; AP Hota to head committee
Along with Hota, representatives of NPCI, State Bank of India, HDFC Bank and ICICI Bank have been made members of the committee. The platform will establish operational guidelines for the proposed processes, determining the extent of data to be provided by reporting entities such as banks and fintechs. The committee will be responsible for defining these guidelines.
IBA chief explains what bank frauds really are, stresses on critical 'golden hour'
As per the RBI's recent annual report, fraud cases surged to 36,075 in FY24, marking a significant rise from 13,564 reported in the previous fiscal year. The report highlighted that a majority of these frauds, in terms of volume, were related to digital payments, including card and internet transactions.
Banking frauds triple in the past fiscal year: RBI data
The amount involved due to fraud in public banks was Rs. 10,507 crores, while private banks incurred losses of Rs. 3,107 crores. The number of frauds due to card and internet transactions shot up more than four times, with 29,000 cases being detected in FY24.
Bank frauds up nearly 300% in last two years, digital frauds up 708%: RBI
Fraud cases in Indian banks surged to 36,075 in FY24 from 9,046 in FY22, a nearly 300% increase, while the amount involved dropped by 46.7% to Rs 13,930 crore. Most frauds occurred in digital payments, but the highest value frauds were in loan portfolios, with public banks contributing the most by value.
Fake job offers in India or abroad: How to spot a fraudulent job offer, know the full list of authorised agents for foreign jobs
Fake job offers: India is such a country where millions of young people reside and many of them are searching for a job either within India or abroad. Younger people have aspirations and enthusiasm which fraudsters are using to dupe them with fake job offers. In the recent past many young Indians were taken abroad to work in scam jobs, etc.
Top technology, aviation companies may dial DoT for service call numbers
As more businesses in sectors such as ride-hailing, food-tech, quick grocery commerce, as well as social media adopt voice calls as an option to authenticate users, it makes sense for them to differentiate themselves from fraud numbers. The department of telecommunications (DoT) on Tuesday allocated 160 numbering series for transactional and service calls made by businesses for commercial purposes. This was done mainly to protect mobile phone users from the surging nuisance of pesky calls and messages, which also lead to financial fr
RBI unveils final guidelines for fintech SRO
The RBI had unveiled draft guidelines in January this year, following which industry participants sent in their responses. The regulator wants the SRO to be truly representative of multiple participants across the fintech space.
Oyo’s maiden annual profit; RBI guidelines for fintech SRO
In a significant turnaround, hospitality startup Oyo reported its first annual profitable fiscal on Thursday. This and more in today’s ETtech Top 5.
Financial frauds declined by 46.7 per cent during 2023-24: RBI annual report
The Reserve Bank of India (RBI) reported a 46.7% drop in fraud value for 2023-24 compared to the previous year. Private-sector banks reported the most frauds, mainly small digital payment frauds, while public-sector banks had the highest fraud value, primarily in loans. The report highlights a focus on regulation, supervision, and financial stability for 2024-25, including enhancing cyber response and using AI to prevent fraud. It also notes India's robust economic growth, with strong macroeconomic fundamentals and significant capital expenditure planned. The Pradhan Mantri Garib Kalyan Anna Yojana extension will bolster food security.
Adani Group wants a slice of India's payments and e-commerce pie: Report
India's Adani Group is seeking a licence to operate on the public digital payments network and is in talks with banks for a co-branded credit card. The conglomerate also plans to offer online shopping via the govt-backed Open Network for Digital Commerce (ONDC), according to the Financial Times.
Airtel Payments Bank's annual net profit rises 60% to Rs 35 crore
Airtel Payments Bank records 60% surge in annual net profit to Rs 35 crore, with revenue up 42% to Rs 1,836 crore. Monthly transacting users reach 80.4 million.
New PoS deployment grows at slowest pace since demonetisation: RBI data
Industry insiders told us that while new PoS terminals are still being deployed, it’s mostly in organised and large format retail, which offer all payment forms. However, grocery shops, smaller stores and eateries are tilting towards QR code-based UPI transactions.
Soon after a transaction by a scammer or the use of a mule account to purchase cryptos is tracked, the virtual digital assets (VDAs) can be moved to the proposed special account which would be under the control of a law enforcement agency (LEA).
Digital fraud-hit banks turn to startups to cope with risks
Legacy financial institutions turn to startups like Data Sutram for tech support in customer verification. Data Sutram's 'DS Authenticator Trust Score' aids in assessing customer trust levels during account opening. Bureau Inc's 'Money Mule Score' enhances fraud detection.
Your preference for digital is leaving banks with a bigger bill
As more and more people in India take to paying digitally, banks are having to pick up a larger tab on account of rising costs of maintaining a competent IT system.
Govt teams up with SBI Cards, telcos to combat OTP frauds
The Centre is trying a solution that will allow banks to track the registered address as well as geolocation of a customer and where an OTP is getting delivered. In case of any discrepancy between the two locations, the customer can be alerted of a possible phishing attack.
Paytm bank RBI Ban: Indian fintech is fast, furious — and fraudulent?
The Reserve Bank of India has taken regulatory action against Paytm and Visa Inc., and more nonbank intermediaries may be targeted. The growth of neo-banking in India has increased the risk of fraud. KYC regulations and digital payments face challenges, and nodal accounts are used for real-time processing.
UPI Spoofing: 8 ways to protect your transactions, shield your identity from scammers
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