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News on Medial
Fraudsters use malicious mobile app to steal money from UPI users: report
Economic Times
·
8m ago
Medial
Fraudsters have been using a malicious app called 'PM Kisan Yojna' to target UPI users and steal money, according to Tamil Nadu police. The app was distributed through multiple channels, including WhatsApp, and gained control over users' SMS and device permissions. The fraudsters intercept SMS traffic and manipulate UPI applications to carry out unauthorized transactions. They also collect sensitive personal data from users. Multiple incidents of unauthorized bank transactions through UPI, specifically via PhonePe, have been reported recently, with the deducted amounts being transferred to Amazon Pay. The police have advised users to only use official apps and websites for financial transactions.
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Related News
Microsoft warns WhatsApp users in India about high risk Android malware, flags banking messages
Startup News FYI
·
1y ago
Medial
Microsoft has issued a warning to WhatsApp users in India regarding the increasing threat of mobile banking trojan campaigns. These campaigns utilize social media messages, particularly on platforms like WhatsApp and Telegram, to target users. Attackers employ social engineering tactics by impersonating legitimate organizations to trick users into downloading malicious apps, which steal sensitive information such as personal details, banking credentials, payment card data, and account login details.
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'SpyLoan' apps offer easy money but come with death threats
Gizmodo
·
1y ago
Medial
According to a report from ESET Research, malicious loan apps on the Google Play Store have been downloaded 12 million times by Android device owners since 2020. These fraudulent apps, known as "SpyLoan apps," promise quick loans but actually steal users' personal and financial information to blackmail them. The apps have grown by 90% in the first half of 2023, primarily targeting users outside of the U.S. and Europe. Google confirmed the report and stated that they take security claims seriously and take appropriate action against violating apps.
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PhonePe acquires GSPay IP from GupShup for UPI on feature phones
Entrackr
·
2m ago
Medial
PhonePe acquires GSPay IP from GupShup for UPI on feature phones PhonePe has announced an IP purchase of conversational engagement platform Gupshup’s proprietary ‘GSPay’ technology stack for enabling UPI-based payments for feature phones. GSPay is a mobile application built on top of NPCI’s UPI payment solution for feature phones (UPI 123PAY). According to PhonePe, it plans to customize and extend the recently acquired GSPay IP and launch its own feature-phone based UPI payment mobile app on new feature phones in India, over the next few quarters. PhonePe aims to provide all basic UPI features such as P2P transfers, offline QR payments, and receiving of money from any other UPI customer to their mobile numbers or self-QRs seamlessly. This move aims to create full payment interoperability between feature phone and smartphone users and bring crores of Indians who still use feature phones into the Indian digital payments ecosystem. “This segment of users has been historically underserved by the digital financial industry and the broader startup ecosystem. We hope we can enable crores of these feature phone customers to participate in India’s burgeoning digital payments market,” said Sameer Nigam, co-founder & CEO of PhonePe. PhonePe’s portfolio of businesses includes the distribution of financial products (insurance, lending, and wealth) as well as new consumer tech businesses (Pincode and Indus AppStore). As per market research, India had approximately 24 crore feature phone users in 2024, and an additional approx 15 crore feature phone shipments are expected over the next five years. Launched in 2016, PhonePe has over 60 crore (600 million) registered users and a digital payments acceptance network spread across over 4 crore merchants. It also processes over 33 crore transactions daily with an Annualized Total Payment Value (TPV) of over Rs 150 lakh crore.
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How to stay safe from cybercriminal "quishing" attacks
Techradar
·
1y ago
Medial
Phishing attacks using QR codes, also known as "quishing," are gaining momentum as scammers aim to bypass multi-factor authentication (MFA). QR phishing takes advantage of users' trust and familiarity with QR codes, embedding malicious codes in seemingly legitimate emails. Scammers can then redirect users to phishing sites designed to steal business credentials and MFA tokens. The success of quishing lies in the less secure nature of mobile devices, difficulty in detecting malicious links behind QR codes, and effective social engineering techniques. Businesses need to implement stronger security measures, such as training employees to recognize these attacks, enforcing strict password policies, reducing MFA token expiration time, and implementing anomaly detection and extended detection and response (XDR) solutions for monitoring and rapid response.
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Google Expands Payment Offerings With UPI Circle, eRupi & ClickPay QR
Inc42
·
11m ago
Medial
Google is introducing a new feature called UPI Circle that allows users to make payments through trusted contacts without linking their own bank accounts. The integration of UPI vouchers or eRupi into the Google Pay app will also enable users to make payments using prepaid vouchers linked to their mobile numbers. Furthermore, Google is enabling the 'tap and pay' functionality for RuPay cards on the Google Pay app.
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Protectt.ai raises Rs 76 Cr in Series A round led by Bessemer
Entrackr
·
4m ago
Medial
Protectt.ai, a mobile app cybersecurity and fraud control platform, has raised Rs 76 crore (around $8.7 million) in its Series A funding round led by Bessemer Venture Partners. The proceeds will be used to enhance the AI-driven mobile app security solution platform, accelerate product innovation, build new solutions for AI Security, and support its global expansion initiatives in the US, Middle East & APAC. Founded by Manish Mimani and Mohanraj Selvaraj, Protectt.ai offers a suite of mobile app security solutions, designed to safeguard mobile apps from emerging cyber threats and frauds. It also serves as a global compliance hub for mobile app owners who need to comply with regulations from entities such as RBI, SEBI, NPCI, and other regulatory bodies. Its mobile app XDR Platform offers advanced protection against evolving cyber threats, fraud, and malicious attacks, ensuring the security of mobile businesses and users worldwide. Protectt.ai claims to have covered over 300 million smartphones, processing approximately 2 billion mobile app sessions every month while preventing 200 million cyber threats and fraud events monthly.
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Mandiant, the security firm Google bought for $5.4 billion, gets its X account hacked
Arstechnica
·
1y ago
Medial
Google-owned security firm Mandiant encountered a security breach when its X account was hijacked by an unidentified scammer, who used it to spread a link attempting to steal cryptocurrency from unsuspecting users. Mandiant regained control of the account after a prolonged struggle with the scammer and is presently working to restore it. The incident raises questions about the security measures undertaken by Mandiant to protect the account, including the use of strong passwords and two-factor authentication. The hacker initially posed as a company called Phantom and enticed users to visit a malicious website in the guise of a token award.
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Google Pay launches UPI Lite features in India
Startup News FYI
·
2y ago
Medial
Google Pay has launched UPI Lite features in India, allowing users to make transactions without having to download the full app. The Lite version offers basic UPI functionalities such as sending and receiving money, checking balance, and linking bank accounts. The move aims to make digital payments more accessible to users with low-end smartphones or limited storage capacity.
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IPO-bound PhonePe announces UPI payments on feature phones
Economic Times
·
2m ago
Medial
PhonePe has announced the rollout of UPI payments for feature phones by purchasing GSPay from Gupshup. Built on UPI 123PAY by NPCI, this technology will be adapted into a new mobile app for feature phones. Offering basic UPI features like P2P transfers and offline QR payments, PhonePe aims to serve India's underrepresented feature phone users, which numbered around 24 crore in 2024. Additionally, Zarin Daruwala joins PhonePe's board as the company plans a public listing in April 2025.
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NPCI to deactivate THESE UPI IDs by December 31, 2023
Livemint
·
1y ago
Medial
The National Payments Corporation of India (NPCI) has instructed payment applications to deactivate UPI IDs that have been inactive for over a year by December 31, 2023. This is to prevent inadvertent fund transfers when customers switch their mobile numbers without unlinking them from their banking system. Third-party app providers and payment service providers must take necessary actions, and users must verify and update their UPI IDs and associated phone numbers accordingly. Deactivated UPI IDs and phone numbers must be re-registered for inward credit transactions.
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