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Govt Partners SBI, Telcos To Fight OTP Frauds
Inc42
·
1y ago
Medial
The Indian Ministry of Home Affairs is partnering with the State Bank of India and telecom operators to develop a solution to better protect customers from phishing attacks. The solution aims to track the registered address and geolocation of a customer, ensuring that the one-time password (OTP) is delivered to the correct location. This collaboration comes after the Reserve Bank of India proposed an additional authentication factor for digital payments. The partnership with telcos will help locate customers' devices during OTP delivery, preventing fraudsters from rerouting the OTPs.
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Related News
Amazon India Launches Campaign To Combat Cyber Fraud
Inc42
·
9m ago
Medial
Amazon India has launched the #AapkeHittMeJaari campaign to raise awareness about online transaction safety. The campaign focuses on educating users about phishing scams, OTP frauds, lottery cons, and hiring rackets. This initiative comes during Amazon's ongoing Great Indian Festival sale.
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India ranks number 10 in cybercrime, study finds
Economic Times
·
1y ago
Medial
India ranks 10th in cybercrime, with advance fee payment frauds being the most common type, according to the World Cybercrime Index. The index compiled by an international team of researchers surveyed cybercrime experts worldwide and identified key hotspots for various types of cybercrime. Russia topped the list, followed by Ukraine, China, the US, Nigeria, and Romania. The study found that different countries specialize in different types of cybercrime, with India specializing in scams. The research aims to aid in the fight against profit-driven cybercrime by providing insights into the geography of cybercrime.
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Govt taking steps to curb cyber frauds: Union minister Jyotiraditya Scindia - The Economic Times
Economic Times
·
9d ago
Medial
The government is implementing various measures to combat cyber frauds, including using Digital Intelligence Platform and Fraud Risk Indicator (FRI) software. These tools categorize and share data of fraudulent individuals with banks, who block their transactions. Additionally, the Department of Telecommunications (DoT) disconnects suspicious mobile connections and enhances KYC processes to prevent misuse. Efforts have reduced international spoofed calls by 97%, with a focus on integrating multiple stakeholders against cyber crimes.
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Govt says cyber fraud cases jumped over four-fold in FY24, caused $20 million losses
Economic Times
·
5m ago
Medial
In fiscal year 2024, India saw over a fourfold increase in high-value cyber fraud cases, leading to $20 million in losses. Despite a booming $1 trillion mobile payments market, driven by affordable internet access, cyber literacy in the country lags, making people vulnerable to online frauds. The finance ministry reported nearly 29,082 such cases. Authorities have responded with measures like blacklisting spam callers and promoting public awareness campaigns to combat the growing threat.
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Wifi penetration continues to lag in India despite govt, telcos' efforts: DST Secretary
Economic Times
·
1y ago
Medial
Despite efforts by the government and telecom operators, wifi penetration in India is still low. The absence of a widespread telecom infrastructure is hindering the growth of wifi despite advancements in technology and availability of spectrum. The Department of Telecom data shows that there are only 2 lakh wifi hotspots deployed under the government's PM WANI project, with a target of 5 crore hotspots. The industry emphasizes the need for cost-effective backhaul from telecom operators and ISPs to support the increasing demand for wifi connectivity.
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Govt notifies telecom cyber security rules; sets timelines for telcos to report security incidents
YourStory
·
8m ago
Medial
The Indian government has implemented new telecom cyber security rules to protect the country's communication networks and services. The rules include specified timelines for telecommunications companies to report security incidents and disclose information. The government and authorized agencies have the power to request traffic data and other non-content data for the purpose of ensuring cyber security. Telecommunications entities are required to adopt a telecom cyber security policy that includes safeguards, risk management approaches, training, network testing, and risk assessment. The rules also outline obligations to prevent misuse of telecommunications equipment and ensure cyber security. Additionally, manufacturers must register equipment with the government before sale.
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India's air passenger traffic rises to 140.56 lk in May; IndiGo holds 64% share
Economic Times
·
1m ago
Medial
India's domestic air passenger traffic rose 1.89% to 140.56 lakh in May compared to last year, according to DGCA data. IndiGo led with a 64% market share, carrying 93.09 lakh passengers, followed by Air India Group with a 26.5% share. Akasa Air and SpiceJet held 5.3% and 2.4% respectively. IndiGo achieved the highest on-time performance (OTP) at 84%, while Air India clocked 79.7% OTP from six major airports.
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Former BharatPe CEO Suhail Sameer floats VC fund
VCCircle
·
1y ago
Medial
Former BharatPe CEO Suhail Sameer has launched a new venture capital fund called OTP Ventures. Sameer is joined by entrepreneurs Kunal Suri and Saurabh Vashishtha, who co-founded the social commerce app Simsim. OTP Ventures aims to raise a fund of Rs 400 crore, approximately $55 million. Sameer's experience in the fintech sector and the successful acquisition of Simsim make this new venture an exciting prospect in the Indian startup ecosystem.
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Axis Bank launches new feature ‘Lock FD’ to curb digital fraud; here’s how to activate it - The Economic Times
Economic Times
·
16h ago
Medial
Axis Bank has introduced a 'Lock FD' feature to protect customers from digital fraud by preventing the premature closing of fixed deposits (FDs) via digital channels. Instead, customers wishing to close their FDs must visit a branch for identity checks, adding a security layer. Activation is possible through the bank’s mobile app or branch visit. Additionally, Axis Bank has enhanced security with an in-app mobile OTP feature to prevent OTP interception during online transactions.
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B2B seafood company Captain Fresh raises $20 million from SBI Investment, others
Economic Times
·
1y ago
Medial
"This investment is led by Japan-based SBI Investment and Evolvence Capital, complemented by continued backing from internal investors, including Accel, Matrix Partners India, Prosus Ventures and Tiger Global," a company statement said. Captain Fresh is backed by Ankur Capital and Incubate Fund.
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