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Impersonation fraud: One phone call and your bank account, personal identity all gone; learn how to identify it and be safe - The Economic Times
Economic Times
ยท
25d ago
Medial
Impersonation fraud is a growing threat where scammers pose as authority figures, like bank officials or tech support, creating urgency to steal personal information and money. They manipulate victims using trust and fear, often employing spoofing tactics for authenticity. To protect yourself, hang up immediately on suspicious calls, avoid sharing personal details, verify with institutions directly using official numbers, and use call-blocking features. Staying alert and skeptical is crucial for prevention.
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Equal has a plan to fight India's growing cyber fraud problem | TechCrunch
TechCrunch
ยท
8m ago
Medial
Indian startup Equal is addressing the rising risk of online fraud in the country with its suite of identity verification and financial data-sharing products. The two-year-old company helps businesses streamline know-your-customer requirements, fraud prevention, and regulatory compliance by integrating numerous identity databases and API providers. Equal recently acquired a stake in account aggregator OneMoney to combine its identity verification services with the latter's data sharing capabilities. It has raised $10m in a series A funding round, led by Prosus Ventures, to scale operations, expand its product offering and form strategic partnerships.
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Every flight you take, every call you make... theyโre tracking you
Economic Times
ยท
10m ago
Medial
Data theft has become a thriving industry, with personal information being sold for as little as Rs 150-Rs 300. Call centre employees, telemarketers, and others are buying datasets that include detailed information on individuals' recent activities such as flights, broadband connections, and more. These leads are then used for targeted marketing, cross-selling products, and generating business. The unchecked flow of personal data can be curtailed with the new Digital Personal Data Protection (DPDP) Act, but full compliance may take a few years. Impersonation scams and the use of AI for voice cloning and deepfake content pose additional threats to data privacy.
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Look before you QR code: As smart payments become a norm, fraud gates open up
Economic Times
ยท
1y ago
Medial
The rise in QR code fraud or "quishing" is becoming a major concern as scammers are finding new ways to exploit the use of QR codes for financial fraud and identity theft. Complaints regarding UPI-related fraud have doubled in 2023, with QR code fraud accounting for nearly half of the cases. Scammers send QR codes through messaging platforms and ask users to scan them and enter their UPI PIN, allowing them to gain access to the user's account and transfer money. Officials warn against scanning unknown QR codes without verification and recommend using preview features before making a payment.
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RBI's Global Hackathon To Build Tools To Curb Financial Frauds
Inc42
ยท
1y ago
Medial
The Reserve Bank of India (RBI) has issued a call for applications to create prototypes that can anticipate, identify, and prevent real-time financial fraud using non-traditional data sources. The RBI is also looking for solutions to ensure transaction anonymity in Central Bank Digital Currency (CBDC) transactions while maintaining the integrity of the financial system. This initiative coincides with the launch of a digital payments intelligence platform by the RBI to combat online financial fraud.
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AI is helping scammers outsmart youโand your bank
Livemint
ยท
1y ago
Medial
Scammers are increasingly using AI tools to carry out more sophisticated and convincing fraud schemes. AI can help scammers create more realistic conversations, imitate voices, and even generate personalized messages to trick victims into sending money or sharing sensitive information. These tactics are harder to spot as they bypass traditional scam indicators. Additionally, scammers are leveraging AI to target larger groups and make use of personal information to make their scams appear more legitimate. Financial institutions are utilizing AI to combat these fraud attempts, but users should remain cautious and avoid sharing personal and financial details unless certain of the recipient's identity.
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AT&T notifies regulators after customer data breach
TechCrunch
ยท
1y ago
Medial
AT&T has officially confirmed that millions of customer records leaked online last month were indeed authentic, and it has started notifying affected individuals. The data breach compromised personal information such as names, email addresses, mailing addresses, dates of birth, phone numbers, and social security numbers of more than 51 million people, including around 90,000 customers in Maine. AT&T took three years to acknowledge the breach, which occurred in mid-2019. The leaked data also included encrypted account passcodes, some of which were easily deciphered by a security researcher. AT&T is offering identity theft and credit monitoring to affected customers and is yet to determine the source of the leak.
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Data breach: hacker claims senior Star Health executive sold data of 31 million customers
Economic Times
ยท
9m ago
Medial
- Star Health Insurance experienced a massive data breach allegedly caused by an executive selling personal data of over 31 million customers to hackers. - The chief information security officer of Star Health Insurance, Amarjeet Khanuja, is accused of selling the data and demanding more money for backdoor access on behalf of senior management. - The hacker, known as xenZen, is now offering to sell the entire dataset for $150,000 or smaller batches of 100,000 entries for $10,000. - Star Health Insurance previously filed a lawsuit against Telegram and a self-styled hacker for using chatbots on the messaging app to leak personal data and medical reports of policyholders. - The breach exposed sensitive customer information, including full names, contact details, residential addresses, pre-existing medical conditions, policy numbers, and more. - The leaked data presents various risks like identity theft, financial fraud, targeted scams, hacking, phishing, account takeovers, and extortion.
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One in five Indians uses the same password across all personal accounts: Report - The Economic Times
Economic Times
ยท
14d ago
Medial
A report by Okta reveals that one in five Indians reuses the same password across all personal accounts, despite high digital engagement and the rise of biometric authentication methods. While 55% use fingerprints and 35% use facial IDs, traditional passwords remain predominant. Concerns about identity fraud are high, but trust in companies to safeguard data exceeds global averages. Government IDs, SMS, and voice calls are also popular for verification.
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AI voice fraud scam: Cyberthug dupes Lucknow man of Rs 45,000
Economic Times
ยท
1y ago
Medial
In a case of voice fraud, a man from Lucknow lost Rs 45,000 after being tricked by a cybercriminal who used artificial intelligence (AI) to impersonate his relative's voice. This is the first reported fraud case that involves the use of AI in Lucknow. The victim received a call from an unknown number claiming to be his uncle and convinced him to transfer the money. However, the victim later realized that the money was not actually transferred, as he received an SMS stating multiple credits to his account that never occurred. The police have registered a case and are investigating the matter.
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IIM Ahmedabad employee fooled in Rs 50 lakh bogus SME IPO pitch via WhatsApp trading scam
Economic Times
ยท
1m ago
Medial
A manager at IIM Ahmedabad was scammed out of nearly Rs 50 lakh through an online trading fraud. He was lured into a phony IPO scheme after joining a WhatsApp group for stock tips. The scam involved fake stock profits and a false IPO allotment letter, leading him to deposit large sums via an app. The victim's in-app account was blocked and his phone number blacklisted, prompting a police investigation.
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