FRAUDALERT
The first quarter of 2023 saw a notable rise in cyberattacks; phishing and smishing attempts were exceptionally high and saw a 40% increase in their share of overall cyberattacks. These attacks—including malware, scams, and phishing—aim to steal consumers' sensitive personal information like login IDs, passwords, card details, and bank account details.

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The internet is one of the most significant innovations of all time and has impacted everyone's life. The march of technology and technological innovation has been so rapid that people were thrown onto the internet wagon without choice, training or awareness about its advantages and dangers. Indians were especially affected since we went from poor telephone coverage to high-speed tech saturation.

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Forget about the organised and large-scale duping or cheating of people that emanates from scam clusters such as Jamtara or Mewat, cybercrime today is a sophisticated business that regularly updates itself and its tools. Using the latest malware or trojans, new-age cybercriminals manage to stay a jump ahead of reputed cybersecurity experts and companies providing security suits. The middle and top management of Kaspersky, a well-known name in security software, was recently under a 'professional' attack using an invisible iMessage with a malicious attachment. This extremely technologically sophisticated spyware is called 'Triangulation' by Kaspersky. I will explain this in detail later.

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One evening, Prasad (name changed) was busy winding up his routine work at the accounts department of Flagwell Pvt Ltd, (name changed) when he saw a new WhatsApp message.

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With 1.17bn (billion) subscribers, India has emerged as the second-largest telecom ecosystem in the world. In addition to communication, Indians use mobile devices for banking, entertainment, e-learning, healthcare, and government services. However, the unchecked growth with minimum user verification has led to a sharp rise in cyberfrauds using mobile phones.

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Ever since the Unique Identification Authority of India (UIDAI) created Aadhaar as a unique biometric identity for residents, it has dismissed all doubts and queries by being in permanent 'denial mode'. Moneylife has been reporting, analysing and highlighting issues with Aadhaar through hundreds of articles, even before its formal launch as the brainchild of tech-czar Nandan Nilekani.

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Technology and its innovations are expected to help enhance the quality of life for everyone. However, cybercriminals are often miles ahead of ordinary people when it comes to misusing technology to profit from it. The reason is simple. Cybercriminals leverage technology more than the rest of us because they have specific goals in mind, and the knowledge and skills to achieve them.

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One of the things that all of us must get used to is paying attention to alerts about new computer viruses that are put out by tech companies or technology regulators from time to time. It is one way of being aware, alert and hopefully protecting ourselves from serious damage.

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The world is full of mysteries, and stranger things than we could even dream about keep happening when we are wide awake. Most of you have read about courier scams, where scammers try to extract money from the victim mainly under the pretext of clearing a parcel for them from customs.

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A person eats a meal at a hotel in Muppathadam in Kerala and pays the bill using a unified payment interface (UPI). Unfortunately, the UPI account from which the payment was made is linked with an online fraud. The result? The bank accounts of the hotel, its chicken supplier and the father-in-law of the supplier are now frozen on orders from the police.

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The saying ‘You can't clap with one hand’ applies perfectly to the situation where people are duped after sharing personal details with cyber criminals. In most cases of cyberfraud, the victims have invariably shared some information such as a login ID, password or one-time passcode (OTP).

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Greed has poisoned men's souls, has barricaded the world with hate, has goose-stepped us into misery and bloodshed.

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A major issue that harasses consumers in India is the pathetic manner in which know-your-customer (KYC) is done by most financial institutions and service providers and the coercive action they initiate without proper notice.

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As I have repeatedly warned in this column, corporates, especially those in the finance and technology sectors, who want to find ways for rapid onboarding of customers,

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Technology is a double-edged sword; unless the user has good intentions, it can end up in a blood bath -- not necessarily in terms of physical harm,

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Alarmed by the increase in phishing SMS messages asking 'customers' to update their permanent account number (PAN) through a short URL or link,

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There are two fundamental reasons why people get defrauded so easily – they are motivated by greed or fear into making wrong decisions or taking misguided action.

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Over the years, the traditional matchmaking process in India has gone through tremendous change. Especially after the COVID pandemic,

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The smuggling of drugs and gold remains one of the most lucrative business activities for criminal gangs.

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Across the world, governments tend to play 'big brother', especially in cyberspace, so it is no wonder that we receive frequent sermons from government agencies about maintaining online hygiene.

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