Muktesh Narula’s Post

On March 5, 2024, India's IT Minister Ashwini Vaishnav introduced the Chakshu Portal, emphasizing its role alongside the Digital Intelligence Platform in enhancing cyber fraud detection and prevention. CHAKSHU PORTAL This initiative, announced by the Department of Telecommunication, serves as a reporting platform for citizens to flag suspicious communications via calls, SMS, or social media, aiming to address the escalating cyber fraud in India, which has inflicted substantial financial losses in recent years. The Chakshu Portal allows individuals to report potential scams they encounter online or on their phones, facilitating swift action against fraudulent activities. Users submit details of the suspicious communication, accompanied by verification through their phone numbers. The portal's integration with the Sanchar Sathi Portal enables re-verification of flagged numbers, potentially leading to their disconnection if fraudulent. ONLINE FINANCIAL FRAUDS Moreover, the portal contributes to financial security by collaborating with banks, payment wallets, and social media platforms through the Digital Intelligence Platform, facilitating data exchange to combat fraudulent transactions effectively. REPORTING MECHANISM Additionally, Telecom Minister Ashwini Vaishnav announced plans for a Grievance Redressal Portal to address citizens' concerns, including those related to inadvertently disconnected connections and frozen accounts due to suspected fraudulent activities or money laundering. To enhance caller identification accuracy, the Department of Telecommunication will evaluate TRAI's recommendations on the Calling Name Presentation service, emphasizing user safety and privacy. Furthermore, efforts to combat unsolicited commercial communication include the analysis and blacklisting of text message headers. DIGITAL SAFETY FOR CITIZENS Overall, these initiatives demonstrate the government's concerted efforts to combat cybercrime comprehensively and ensure justice for perpetrators, emphasizing the importance of protecting citizens' digital safety and privacy. #onlinefraud #digitalfraud #digitalsafety #digitalindia #digitalpayments #onlinebusiness #spamprevention #spam #financialcrimes #cybercrime #databreach #dataprivacy #scam #scammers #scammeralert #governmentofindia #informationarchitecture #informationtechnology #techscams #meity #legal #law #lawenforcement #lawyer #economiccrime #digitalintelligence

The threats posed by fraudsters are constantly evolving, especially with new advances in AI technology making scams more difficult to detect. But, when it comes to preventing fraud, knowledge is power – at least for Canadian Boomers. In the National Post, Marc Saltzman explores new HomeEquity Bank research that suggests while aging Canadians are disproportionately targeted by fraudsters, they are no more likely to fall victim than any other generation. Read more: https://bit.ly/49MV5dj #FraudPrevention #FraudPreventionMonth #HomeEquityBank

Digital fraud is surging, affecting thousands daily through various scams. Learn how to spot fraud by recognizing email traits, suspicious communication methods, and technological red flags. Verify contacts, use secure connections, and promptly report incidents. Understand crucial steps to take if targeted and differentiate between legitimate and fraudulent communications. Stay informed to safeguard your personal and financial information from sophisticated scams. Read the full article for detailed tips and preventive measures. https://lnkd.in/gs8tRKn5 #DigitalFraud #DigitalArrest #FinancialScam #Technology #RedFlags

The Government of India has introduced an initiative requiring banks and financial institutions to use phone numbers beginning with 160 when calling their customers. This measure aims to reduce fraud by helping customers identify genuine calls from their banks or financial institutions. By ensuring that legitimate calls are consistently made from numbers starting with 160, this initiative builds customer awareness and enhances trust in interactions with financial service providers. It’s a strategic move to address the rising concerns of phishing and scam calls, where fraudsters often pose as bank representatives. Educating customers about this numbering system not only fosters safer communication practices but also strengthens the security framework within the financial sector. This step by the government is a commendable approach toward creating a more secure and transparent financial ecosystem for citizens, safeguarding them from potential fraud.

Commonwealth Bank is taking an extra step towards improving Australia’s “whole-of-ecosystem” approach to combatting scams, by being the first bank to integrate and share information into a new anti-scam intelligence loop (intel loop). Organisations that integrate into the loop will be able to quickly share verified information with other participants, so that phone numbers and URLs used by scammers for calls and SMSs can be blocked, and fake websites, social media advertisements and posts taken down. #scams #fraud #innovation #technology

The global shift towards instant payments and account-to-account transactions has revolutionized the way businesses and consumers exchange money, but it has also brought about a surge in payment fraud, particularly in authorized push payments (APP) fraud. Companies must be vigilant in managing customer experience while combating fraud, which has become increasingly challenging with the rise of cybercriminals. Data-driven verification tools are crucial in identifying fraudulent activities and protecting against them, with LexisNexis® Risk Solutions offering advanced solutions to address these challenges on a global scale. #FraudPrevention #GlobalPayments #DataDrivenSecurity #PaymentInnovation #ProtectingCustomers

Tracking mobile frauds with caller ID: Soon, your network provider will warn you about scam calls – here’s how Full Article Link >>> https://lnkd.in/gzVCAFnd Tracking mobile frauds: India plans to take strict actions against online and phone frauds . The approach will be comprehensive and multi-pronged, encompassing government and private telecom companies . According to an ET report, the government is committed to tackling this issue effectively and a crackdown is imminent. Senior government officials have confirmed that the […] . . Latest IND . . . . #trendingnews #newstrending #trendingtopicnews #lifestyle #business #news #healthylifestyle #smallbusiness #supportsmallbusiness #lifestyleblogger #luxurylifestyle #businessowner #businesswoman #smallbusinessowner #businessnews

Tracking mobile frauds with caller ID: Soon, your network provider will warn you about scam calls – here’s how Full Article Link >>> https://lnkd.in/gB-yRdfJ Tracking mobile frauds: India plans to take strict actions against online and phone frauds . The approach will be comprehensive and multi-pronged, encompassing government and private telecom companies . According to an ET report, the government is committed to tackling this issue effectively and a crackdown is imminent. Senior government officials have confirmed that the […] . . Latest IND . . . . #trendingnews #newstrending #trendingtopicnews #lifestyle #business #news #healthylifestyle #smallbusiness #supportsmallbusiness #lifestyleblogger #luxurylifestyle #businessowner #businesswoman #smallbusinessowner #businessnews

Payments Fraud: A Comparative Look at India and Europe The landscape of payments fraud is evolving, and it's fascinating to see how different regions tackle these challenges. Let's compare the situation in India and Europe: India : High Vulnerability: India faces a high level of online payment fraud, with a significant portion of frauds related to card-not-present (CNP) transactions. Social Engineering: Fraudsters often use social engineering tactics to trick users into revealing sensitive information ex Phishing , Regulatory Measures: The Reserve Bank of India (RBI) has implemented stringent guidelines to enhance security, including mandatory two-factor authentication (2FA) for online transactions. Europe Cross-Border Fraud: A large share of payment fraud in Europe is cross-border, with fraudsters exploiting differences in regulatory frameworks. Strong Customer Authentication (SCA): The implementation of SCA under the PSD2 directive has significantly reduced fraud rates, especially for card payments. More hopes from PSD3 that aims to harmonize regulations across the EU, reducing the scope for different interpretations by member states Advanced Fraud Detection: European banks leverage advanced technologies like AI and machine learning to detect and prevent fraud in real-time. Key Takeaways Technology Adoption: Both regions are adopting advanced technologies to combat fraud and both have implemented different assessments .Europe has more harmonized regulations, while India is catching up with innovative frameworks and regional adaptations. Customer Awareness: Educating customers about the risks and preventive measures is crucial in both regions to reduce the incidence of fraud via multi-lingual campaigns, high profile advertisements and fraud data .Both regions prioritize consumer education, but India's efforts are notable for their extensive outreach and regional customization. By understanding these differences, we can learn from each other's best practices and work towards a more secure payments ecosystem globally. #PaymentsFraud #CyberSecurity #FinancialTechnology #India #Europe

"There are talks of a fraud-free future, I don't think that's possible." Brittany Allen, Trust and Safety Architect at Sift⁣ ⁣ One of the hottest topics at this years MPE 2024 conference was Fraud and how to protect customers and businesses from the increasingly sophisticated tactics of criminals.⁣ ⁣ In an interview this year at MPE 2024, Brittany Allen, Trust and Safety Architect at Sift spoke to Finextra about the new challenges facing businesses such as AI and social media. There are now more ways than ever before to commit fraud. Allen shares with us some of the common ways Fraud Criminals are targeting us:⁣ ⁣ - A common trend in fraud currently is ‘refund’ or ‘return fraud⁣ - There is a growing trend of fraud criminals recruiting on social media or through influencers. Using banners and captions to provide information to recruit so it is undetectable.⁣ - AI and deepfake technology being used to imitate celebrities and friends.⁣ ⁣⁣ Allen warns of the importance of being extra vigilant particularly coming into election season in the US, where generative AI will be used to spread fake information.⁣ ⁣ In summary Allen recommends more collaboration between financial institutions to "to bridge that gap to strengthen their ability to assess risk". ⁣ ⁣⁣ To find out how you can keep your business safe from cyber fraud contact our Fraud Team today at https://lnkd.in/e5ujBgG2 #poweredbyaibms #backedbyaib Merchant Payments Ecosystem Finextra ⁣ First Merchant Processing (Ireland) DAC, trading as AIB Merchant Services, is regulated by the Central Bank of Ireland.⁣