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Govt offers tech aid to account aggregators facing fraud deluge

Economic Times

Economic Times · 1y ago

Govt offers tech aid to account aggregators facing fraud deluge

Cybercriminals are increasingly targeting the fintech industry, including non-banking finance companies - account aggregators (NBFC-AAs). The Indian Cyber Crime Coordination Centre recently met with top executives of NBFC-AAs to address cyber fraud attacks. As a result, access to certain features like balance enquiry and customer profile has been closed off to protect customer data. NBFC-AAs manage a consent-based architecture to facilitate the flow of financial data between multiple financial services entities. The Reserve Bank of India has licensed 16 companies to offer account aggregation services. Measures are being taken to strengthen security in the ecosystem and combat fraud.

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RBI-fintech meet discusses expanding digital payments market, checking fraud

Economic Times

Economic Times · 6m ago

RBI-fintech meet discusses expanding digital payments market, checking fraud

Fintech industry leaders and Reserve Bank of India (RBI) officials met to discuss expanding digital payments beyond the current 200 million users, tackling fraud, and merchant discount rates (MDR) on UPI transactions. RBI emphasized responsible innovation and compliance, urging the industry to explore fraud prevention methods. Challenges like language barriers and account security for new users were highlighted. Payment aggregators raised revenue concerns with UPI transactions, while digital lending complications, including video KYC, were also discussed.

Nasscom urges Karnataka govt to review uniform taxi fare rules

Economic Times

Economic Times · 1y ago

Nasscom urges Karnataka govt to review uniform taxi fare rules

The National Association of Software and Service Companies (Nasscom) has called on the Karnataka government to re-evaluate the uniform fare structure for taxis that was recently introduced. Nasscom argues that the rules do not take into account the additional services provided by app-based taxi aggregators, and that surge pricing should be allowed. They have suggested that if dynamic pricing cannot be restored immediately, app-based taxi aggregators should be permitted to charge service fees in addition to the existing fares. The new fare structure divides vehicles into three categories based on their cost, but does not allow for surge pricing.

Total number of consents processed by NBFC-AA crosses 100 million: Sahamati

Economic Times

Economic Times · 1y ago

Total number of consents processed by NBFC-AA crosses 100 million: Sahamati

The NBFC-Account Aggregator framework has achieved over 100 million consents, according to DigiSahamati Foundation. Approximately 80 to 90 million Indians are currently using the account aggregator service. The industry alliance expects the ecosystem to reach a penetration rate of 25 to 30% by the end of the fiscal year. The use cases for account aggregators have expanded beyond loan underwriting to include personal finance management, portfolio management, fraud control, and more. The growth in consent requests from financial information users has been significant, with 63.7 million requests in FY24 compared to 5.5 million in the previous year.

Pakistan Govt Asks for Foreign Loan Amid Conflict with India, Later Claims Account Was Hacked

OutlookIndia

OutlookIndia · 4m ago

Pakistan Govt Asks for Foreign Loan Amid Conflict with India, Later Claims Account Was Hacked

Following a conflict escalation between India and Pakistan, the Economic Affairs Division's official X account of Pakistan posted a plea for foreign loans, citing heavy losses due to enemy action. The tweet was quickly declared fake and attributed to a hacking by Pakistan’s Ministry of Information and Broadcasting. This event precedes an IMF meeting on Pakistan's financial aid, amidst India's probable resistance over concerns of fund misuse for terrorist activities after recent attacks.

Online pay aggregators focus on anti-fraud tech to up revenues

Economic Times

Economic Times · 3m ago

Online pay aggregators focus on anti-fraud tech to up revenues

Online payment aggregators, such as PayU, Razorpay, and PhonePe, are investing in advanced fraud detection technologies to enhance revenue streams due to intense competition and pricing constraints in the payments sector. These companies are offering fraud detection services to banks, focusing on ensuring transaction legitimacy, preventing unnatural payment behaviors, and securing payment processes. This shift aligns with global trends as digital payments grow, necessitating robust systems to combat rising fraud cases in the ecosystem.

CRED unveils Svalbard to simplify credit management and boost scores

YourStory

YourStory · 6m ago

CRED unveils Svalbard to simplify credit management and boost scores

CRED has introduced Svalbard, a set of tools to aid members in improving credit scores and managing cards effectively. Key features include a predictive credit score tool, a credit card management dashboard, and CRED Cash+ for borrowing against mutual funds. Svalbard offers insights into financial impacts and suggests actions to enhance credit scores, with tools like CRED Protect for detecting hidden charges. Additionally, the CRED Foundation aims to promote financial literacy and fraud prevention.

Giottus launches Handbook for Investigations into Virtual Digital Assets

Economic Times

Economic Times · 6m ago

Giottus launches Handbook for Investigations into Virtual Digital Assets

Giottus and Hash Legal released a 'Handbook for Investigations into Virtual Digital Assets' to aid law enforcement in handling crypto cases. The handbook includes procedures for crypto investigations, insights into crimes like money laundering and cyber fraud, and legal frameworks under Indian laws. It offers techniques for transaction tracing and cross-border investigations. The aim is to fill the knowledge gap among investigators and provide a practical guide for solving crypto-related crimes.

After Bike Taxis, Maharashtra Govt Turns the Heat on Bus Aggregators

StartupTalky

StartupTalky · 2m ago

After Bike Taxis, Maharashtra Govt Turns the Heat on Bus Aggregators

The Maharashtra government is cracking down on bus aggregators like Uber Shuttle for operating without permits, a week after addressing bike taxi violations. Transport Minister Pratap Sarnaik emphasized the need for stricter enforcement and potential action against non-compliant buses and negligent RTO officials. Uber Shuttle and Cityflo face scrutiny, with possible service suspensions looming. The push for regulatory compliance follows analogous issues with bike taxis, aiming to establish proper policies and licensing for aggregators.

GST sleuths tracking merchants skipping tax via digital payments

Economic Times

Economic Times · 1y ago

GST sleuths tracking merchants skipping tax via digital payments

The Directorate General of Goods and Service Tax Intelligence (DGGI) is partnering with startups, payment aggregators, and payment gateways to monitor online merchants for tax evasion. Small merchants often engage in selling products that attract lower GST despite enlisting as sellers of different products. The government and the Reserve Bank of India (RBI) are cracking down on such behavior. While payment aggregators conduct due diligence during onboarding, continuous monitoring is lacking. The RBI has drafted guidelines on ongoing monitoring of merchants by payment aggregators to ensure correct taxes are paid. Fraud detection platforms help in flagging suspicious activities and fake UPI IDs used for fraudulent transactions.

How Accel-Backed Mooofarm’s Dairy Tech Promise Soured

Startup News FYI

Startup News FYI · 1y ago

How Accel-Backed Mooofarm’s Dairy Tech Promise Soured

Accel-backed agri-tech and dairy-tech startup Mooofarm is facing accusations of fraud and mismanagement. The company filed a police complaint against its former finance head for allegedly embezzling INR 10 crore ($1.4 million), but former employees have raised doubts about the founders' knowledge and involvement in the alleged fraud. Mooofarm's business model, which includes a cattle marketplace and supply platform, has also been questioned, with allegations of revenue misreporting and the use of fake vendors and customers. The company denies these allegations and is working on resolving the financial issues it faces.

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