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Fraudsters use malicious mobile app to steal money from UPI users: report

Economic TimesEconomic Times · 9m ago
Fraudsters use malicious mobile app to steal money from UPI users: report
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.

There’s a Reason a Killer Money-Saving App Still Doesn’t Exist

LivemintLivemint · 1y ago
There’s a Reason a Killer Money-Saving App Still Doesn’t Exist
Medial

Budgeting apps like Mint have faced challenges in monetizing their services, leading to their eventual closure. Most people are not interested in budgeting assistance and are unwilling to pay for it. Mint customers will need to either pay for a competing service or resort to using spreadsheets or pen and paper to manage their finances. The difficulty lies in engaging people who are unmotivated to think about their money. Mint attempted to transform the drudgery of money management into an engaging experience, but many users found its categorization system frustrating. The app made money through referral fees but struggled to reach the right target audience. Banks are now stepping in to offer free financial planning tools as the need for improved money management grows.

Nithin Kamath warns of explosion of fake apps that mimic broker interfaces, promise easy trading profits

Money ControlMoney Control · 1y ago
Nithin Kamath warns of explosion of fake apps that mimic broker interfaces, promise easy trading profits
Medial

Zerodha's co-founder, Nithin Kamath, has issued a warning about the increasing number of fake trading apps that deceive users by mimicking popular broker interfaces and promising easy money. Kamath explains that these scams start by adding users to WhatsApp groups and prompting them to install fake trading apps that resemble genuine platforms. In the beginning, users are allowed to make profits to convince them of the app's legitimacy, but when they attempt to withdraw the money, they are asked to make upfront payments, after which the scammers disappear. Kamath advises people to be skeptical of claims of easy money and not to fall for such scams.

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