Indian banking sector at forefront of cyber-attacks: What are major threats and way ahead
2 years, 1 month ago

Indian banking sector at forefront of cyber-attacks: What are major threats and way ahead

Firstpost  

The government data establish the sharp rise in attacks on the banking and financial sector. Between June 2018 and March 2022, India’s banks recorded 248 successful data breaches by hackers and criminals, central government notified Parliament on 2 August Ahead of Diwali, Uttar Pradesh cyber police arrested techies and a former bank employee involved in a Rs 145 crore illegal withdrawal from the Cooperative bank’s account in Lucknow. Between June 2018 and March 2022, India’s banks recorded 248 successful data breaches by hackers and criminals, central government notified Parliament on 2 August. Major threats to the sector Data breaches and digital banking threats were the two major attacks targeting this sector. CloudSEK’s analysis shows that in 2021 and 2022, more than half of the reported cases involved the leak or sale of databases, which is called a “data breach.” Cybercriminals use everything from simple scraping, web injection commands, and taking advantage of exposed endpoints to complex malware attacks, taking advantage of CVEs, etc., to steal information from different organisations.

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History of this topic

India tops global list for mobile malware attacks; banking systems particularly vulnerable
3 weeks, 1 day ago

India tops global list for mobile malware attacks; banking systems particularly vulnerable

New Indian Express  

NEW DELHI: In a startling revelation, India now tops the list for mobile malware attacks globally, surpassing the United States and Canada, with a disappointing step-up from its previous third-place ranking, according to a report. "India has become the top global target for mobile malware attacks, accounting for 28 percent of the total, surpassing the United States and Canada. This …

Greater Noida: ₹5.58L siphoned off from woman’s bank account
3 weeks, 2 days ago

Greater Noida: ₹5.58L siphoned off from woman’s bank account

Hindustan Times  

Noida Cybercriminals allegedly siphoned off ₹5.58 lakh from the bank account of a 38-year-old government school teacher of Greater Noida West, despite her claiming that she does not use internet banking or the Unified Payment Interface, police said on Sunday. In the FIR, Singh said, “The bank account was hacked and the yearlong savings of ₹5.88 lakh were syphoned off.” …

BSNL, Jio, Airtel, Vi users attention! TRAI warns of new scams targeting mobile users
1 month, 2 weeks ago

BSNL, Jio, Airtel, Vi users attention! TRAI warns of new scams targeting mobile users

India TV News  

Cybercrimes are becoming a significant issue in India, with scammers tricking people out of large sums of money. Rising Digital Arrest in India India reported a financial loss of approximately Rs 120.3 crore due to a ‘digital arrest’ scam from January to April 2024, according to government data. Rajesh Kumar, CEO of the Indian Cyber Crime Coordination Centre, noted that …

Cyber-Secure India: A Collective Effort to Protect Citizens from Digital Crimes
1 month, 2 weeks ago

Cyber-Secure India: A Collective Effort to Protect Citizens from Digital Crimes

Hindustan Times  

Cybersecurity is a top priority for the Indian government, with the country witnessing a surge in digital connectivity and a corresponding rise in cybercrimes. However, authorities have been proactive in safeguarding citizens from these threats, disconnecting fraudulent mobile connections and blocking over ₹2,400 crore in suspicious transactions. The government has also launched an indigenously developed International Incoming Spoofed Calls Prevention …

Economic Survey 2023-24: Displaying stellar show banking, financial sectors must brace for likely vulnerabilities
5 months ago

Economic Survey 2023-24: Displaying stellar show banking, financial sectors must brace for likely vulnerabilities

The Hindu  

With India’s banking and financial sectors displaying a stellar performance in FY24 and as India’s financial sector undergoes critical transformation, it must brace for likely vulnerabilities originating globally or locally, the Economic Survey 2023-24 has cautioned. Economic Survey 2023-24 LIVE updates In FY24 bank credit witnessed double digit and broad-based growth and asset quality improved dramatically with gross and net …

Major bank raises alarm bell on cyber 'warfare': Claims 'entire community is at risk'
5 months, 3 weeks ago

Major bank raises alarm bell on cyber 'warfare': Claims 'entire community is at risk'

ABC  

Australia's big four banks are under constant attack, says the National Australia Bank's executive for group investigations, Chris Sheehan. Australia's big four banks, it has been revealed, are being bombarded by cyber attacks every minute of every day, leaving customers increasingly vulnerable to scams. "From, being colloquial, Larry the loser, in the basement at home that's having a bit of …

RBI warns banks of cyberattacks, scheduled commercial banks at highest risk
5 months, 3 weeks ago

RBI warns banks of cyberattacks, scheduled commercial banks at highest risk

Hindustan Times  

Banks across India are on high alert with the Reserve Bank of India announcing possible cyber attacks, the Economic Times reported, adding that the banks have been told to constantly monitor their systems like SWIFT, the card network, RTGS, NEFT and UPI. The financial sector reported more than 20,000 cyber attacks in the last 20 years, resulting in losses of …

Indians report nearly 800 online financial fraud cases a day, are you protected? Report
5 months, 4 weeks ago

Indians report nearly 800 online financial fraud cases a day, are you protected? Report

Hindustan Times  

Nearly 800 online financial frauds are reported in India every day, the Times of India reported. While the Reserve Bank of India had reported 29,082 card & digital payment fraud cases with each worth above ₹1 lakh in the financial year 2023-24, the actual number goes up to about 2.9 lakh cases for the year, or 800 cases a day, …

The impact of technology on finance: Enhancing experiences and safety
8 months, 2 weeks ago

The impact of technology on finance: Enhancing experiences and safety

Hindustan Times  

The proliferation of financial technology and digital banking services has revolutionised the financial landscape, making access to finance more convenient and inclusive. The prominence of fintech platforms and the increasing digitalisation of banks have democratised financial services, expanding access beyond metropolitan cities. There is a significant increase in instances of fraudsters posing as employees of fintech platforms, attempting to obtain …

Indian Govt Is Warning People About Fraud Ads That Can Steal Your Money: Here’s What It Says
8 months, 2 weeks ago

Indian Govt Is Warning People About Fraud Ads That Can Steal Your Money: Here’s What It Says

News 18  

Many people in India have been getting warning messages from the Indian government and even banks highlighting to them the cyber crimes that have become rampant. The government is also taking part in this exercise, alerting citizens about fraud ads that can be used to infect your devices with malware and try to steal money. In this case, the government …

At Indonesia’s biggest bank, customers’ savings can vanish with a click
8 months, 2 weeks ago

At Indonesia’s biggest bank, customers’ savings can vanish with a click

Al Jazeera  

Indonesians robbed of their savings in cyber scams report little relief from banks or authorities. “Banks are targets because banks are where the money is,” BRI’s head of information Muharto, who like many Indonesians goes by only one name, said at a forum in Jakarta in June. “Cybercriminals are now collaborating with each other and operating as a group with …

India excels in AI, but lags in adopting basic broadband and internet
10 months ago

India excels in AI, but lags in adopting basic broadband and internet

New Indian Express  

As Gartner’s Hype Cycle would suggest, many of these technologies are in the innovation trigger phase and are likely to be adopted only by innovators in the country. India’s progress in digital payment India has made remarkable progress on the use of digital payments, especially in the public sector. Data from the World Bank’s Findex Survey shows that digitally delivered …

Fraud Losses Increasing in India, Finds Study
10 months, 1 week ago

Fraud Losses Increasing in India, Finds Study

Deccan Chronicle  

Mumbai: India is seeing a significant upswing in fraudulent activities resulting in an increase in fraud losses with financial services reporting the biggest increase. A study conducted by Forrester Consulting, commissioned by Experian, a leading global information services provider, found that year-on-year fraud losses are increasing for nearly two-thirds of respondents, with financial services organisations reporting the biggest increase in …

Govt blocks 1.4 lakh mobile numbers over financial frauds
10 months, 2 weeks ago

Govt blocks 1.4 lakh mobile numbers over financial frauds

Hindustan Times  

To control digital frauds, the government has blocked 1.4 lakh mobile numbers so far that were involved in financial frauds, according to an official release. Representational Image Financial Services Secretary Vivek Joshi on Friday chaired a meeting on cyber security in the financial services sector in which various issues including onboarding of banks and financial institutions on the Citizen Financial …

Securing India’s Digital Future: Cybersecurity Urgency and Opportunities
10 months, 2 weeks ago

Securing India’s Digital Future: Cybersecurity Urgency and Opportunities

The Diplomat  

In an era dominated by digital advancements and technological reliance, cybersecurity has become increasingly crucial for nations across the globe. A recent analysis shows a significant surge of 278 percent in state- According to the 2023 India Threat Landscape Report published by Cyfirma, a cybersecurity firm located in Singapore, India is the primary target of cyber assaults worldwide, accounting for …

Caught in a web | Non-cooperation of banks and internet intermediaries a big hurdle for cybercrime probes
10 months, 3 weeks ago

Caught in a web | Non-cooperation of banks and internet intermediaries a big hurdle for cybercrime probes

The Hindu  

A fake investment scheme cracked in October 2023, involving a network of 84 bank accounts with transactions worth over ₹850 crore, and a work-from-home scam unearthed last week, involving a network of 30 bank accounts with transactions worth over ₹150 crore, were detected by following the trail of money laundered through several bank accounts. “Opening these bank accounts is a …

India most targeted country with 13.7% of cyberattacks: Report
1 year, 1 month ago

India most targeted country with 13.7% of cyberattacks: Report

India TV News  

India is reportedly the highest on the list of targeted countries for cybercrime. The new report Cyfirma, a cybersecurity firm it was reported that India had been the most targeted country in 2022, as the cyber attacks on government agencies grew by more than doubled. Later, in the second half of 2022, there were around 95 per cent more cyberattacks …

Online financial fraud value ballooned between 2002-2023: Govt tells Parl panel
1 year, 1 month ago

Online financial fraud value ballooned between 2002-2023: Govt tells Parl panel

Hindustan Times  

The value of online financial frauds ballooned from ₹2296 crore in 2022 to ₹5574 crore in 2023, the Union home ministry has informed the Parliamentary Standing Committee on Communications and Information Technology. IT secretary S Krishnan, National Informatics Centre deputy director general Deepak Goel and officials from Reserve Bank of India, National Payments Corporation of India, Punjab National Bank, and …

India ranks first in digital payments made globally: Report
1 year, 4 months ago

India ranks first in digital payments made globally: Report

Deccan Chronicle  

Hyderabad: Online banking and the shift to a cashless society started approximately three decades ago in India. This year, 91 billion digital payment transactions have been recorded and today India ranks first in the number of digital payments made globally. Backbase on Wednesday released the IDC Infobrief titled ‘Accelerating customer-centric transformation by balancing build and buy - A collaborative approach …

Public Money Vulnerable In 53 Banks Having Poor Cyber Security
1 year, 5 months ago

Public Money Vulnerable In 53 Banks Having Poor Cyber Security

Deccan Chronicle  

HYDERABAD: Cybercrime police of the city identified 53 urban cooperative banks that are yet to update their cybersecurity software, increasing their susceptibility to a cyber attack and causing loss to thousands of customers. A cybercrime official said: “Even after the hacking, our commissioner C.V. Anand conducted several meetings with more than 50 cooperative bank managements, but only a few of …

Tamil Nadu cyber crime police issues advisory on a new cyber security threat
1 year, 6 months ago

Tamil Nadu cyber crime police issues advisory on a new cyber security threat

The Hindu  

The Cyber Crime Wing of Tamil Nadu Police has warned people about new threats. Everyone will be instructed to soon attend some tasks by investing money in bitcoin / cryptocurrency, said ADGP, Cyber Crime Wing, Sanjay Kumar. To make people believe, the result of investment would appear on the portal page as “Assets” reflecting the profits one earned along with …

Nuh Big Deal: Rs 100-Crore Cyber Frauds Unearthed, 28,000 Lose Money to Job Offers, Sextortion
1 year, 7 months ago

Nuh Big Deal: Rs 100-Crore Cyber Frauds Unearthed, 28,000 Lose Money to Job Offers, Sextortion

News 18  

Nuh in Haryana has emerged as the latest epicentre of cyber frauds in the country, with a special drive by police unearthing cyber frauds worth over Rs 100 crore involving more than 28,000 people across states and union territories. The Haryana Police claimed to have busted a major gang that used to cheat people across the country with fake SIMs, …

RBI asks banks, NBFCs to deploy adequate resources to step up cybersecurity
1 year, 10 months ago

RBI asks banks, NBFCs to deploy adequate resources to step up cybersecurity

The Hindu  

February 20, 2023 10:47 pm | Updated 10:47 pm IST - Bengaluru Banks and financial institutions, including NBFCs and cooperative banks, in the country should continuously evaluate the cybersecurity threats and vulnerabilities they are exposed to and be resilient enough to combat any threat situation, said Rohit Jain, Executive Director, Reserve Bank of India, here on Monday. “Banks should continuously …

The need for cutting-edge technologies for secure banking infrastructure
2 years, 1 month ago

The need for cutting-edge technologies for secure banking infrastructure

Hindustan Times  

Our lives today are entrenched in the digital space. Frauds like the SIM swap, fake KYC threats and conning customers by installing malware, banking password hacks and screen recorder attempts are all done with the help of the latest technologies available. Large banks in India have taken stringent steps to secure digital transactions for their customers, thereby setting examples for …

Shift from phone banking to digital banking put India on sustained growth path: PM
2 years, 2 months ago

Shift from phone banking to digital banking put India on sustained growth path: PM

Deccan Chronicle  

New Delhi: Prime Minister Narendra Modi on Sunday attributed India's sustained economic growth to the efforts of the BJP government to replace pre-2014 'phone banking' with 'digital banking'. The economic progress of a country is directly linked to the strength of its banking system, he said after dedicating 75 Digital Banking Units to the nation. The banking sector has become …

How to protect your finances from cyber threats this festive season: Learn from the experts
2 years, 2 months ago

How to protect your finances from cyber threats this festive season: Learn from the experts

India TV News  

The festive season is around the corner, and so is the phase of the year when most families in India go on a shopping spree. While individuals are definitely more prone to such threats, recent reports suggest that more than 75% of Indian companies too are prone to cyber threats during festive season. According to Balaji Jagannathan, the co-founder and …

Bank Frauds: Know India's 4 Biggest Financial Scams That Have Hit Lenders
2 years, 4 months ago

Bank Frauds: Know India's 4 Biggest Financial Scams That Have Hit Lenders

News 18  

The Enforcement Directorate recently attached assets worth Rs 415 crore of Maharashtra’s two builders in relation to the Yes Bank-DHFL bank loan fraud-linked money laundering case. The DHFL scam is India’s biggest financial fraud involving Rs 34,000 crore, in which a total of 17 banks have been defrauded by this home loan provider. Here’re four biggest financial scams in India: …

Is India prepared to protect itself from cyber-attacks?
2 years, 9 months ago

Is India prepared to protect itself from cyber-attacks?

Business Standard  

According to business and consumer data company Statista, in the financial year 2021, over 3.8 thousand government services in India were provided over the internet. The government’s ongoing Digital India push and the Reserve Bank’s planned Central Bank Digital Currency may only add to the list of vulnerabilities. According to the Computer Emergency Response Team data, India witnessed a three-fold …

Safety Hacks You Should Know to Stay Protected from Rising Online Banking Frauds in India
2 years, 10 months ago

Safety Hacks You Should Know to Stay Protected from Rising Online Banking Frauds in India

News 18  

With the significant rise in the use of digital systems over the years, cybercriminals have swarmed the internet to perform online crimes such as data fraud, theft as well as hacking and the banking sector is also not out of their reach. Devious ways The most common forms of banking fraud in India are: Vishing- Phone calls pretending to be …

Credit-starved India Cannot Achieve Double-digit Growth. It Needs Digital Banks for Lending
3 years ago

Credit-starved India Cannot Achieve Double-digit Growth. It Needs Digital Banks for Lending

News 18  

The Indian economy might have been “liberalized” since the early 1990s, yet a sector–banking–still exists where a license is given and the business model defined by the regulator. The need for regulation for digital banks arises as traditional universal banks like Kotak are already offering digital banking through their 811 service. These banks can leverage a new deposit base like …

'Cybersecurity In India Hasn't Received The Attention It Deserves': Plea In Supreme Court Seeks Guidelines To Combat Hacking, Cyber Crimes, Data Theft
3 years, 1 month ago

'Cybersecurity In India Hasn't Received The Attention It Deserves': Plea In Supreme Court Seeks Guidelines To Combat Hacking, Cyber Crimes, Data Theft

Live Law  

The Supreme Court today adjourned the writ petition which sought for formulation of new guidelines to combat hacking, cyber crimes, data theft and allied issues for November 26, 2021.The bench of Justices AM Khanwilkar and CT Ravikumar directed Advocate Vivek Narayan Sharma appearing for the petitioner to serve an advance copy of the petition to Centre's Standing Counsel. The petition …

Financial privacy must be recognised in India
3 years, 5 months ago

Financial privacy must be recognised in India

Hindustan Times  

Does one grain of sand make a ‘heap’? In a recent article linked below, this linguistic conflation in the context of ‘financial privacy’ is examined in the context of India’s technology and financial sector laws governing the vast field of ‘fintech’, including public and private financial institutions, regulators, government bodies and ministries, and financial institutions like banks, insurance companies, pension …

Opinion | Beware of banking cyber frauds
3 years, 5 months ago

Opinion | Beware of banking cyber frauds

India TV News  

Today I want to caution all of you about cyber fraud gangs who are stealing money from bank accounts by posing as bank executives. He used to get the fake bank accounts from Afzal, Ghulam Mustafa and Sanju Debnath, to which swindled money was transferred. The gang members used to persuade tribals living in Jamtara, Asansol and nearby areas to …

Government launches national helpline for cyber fraud, here is how it works
3 years, 6 months ago

Government launches national helpline for cyber fraud, here is how it works

India Today  

The Union Home Ministry has operationalised the national helpline 155260 and reporting platform for preventing financial loss due to cyber fraud. The helpline which was soft-launched on April 2021 and has been made operational by the Indian Cyber Crime Coordination Centre, with active support and cooperation from the Reserve Bank of India, all major banks, payment banks, wallets and online …

State Bank Of India Issues Alert for Digital Transactions; Check Details Here
3 years, 8 months ago

State Bank Of India Issues Alert for Digital Transactions; Check Details Here

News 18  

Amid the rising cases of coronavirus and economic uncertainty, several are losing their jobs and facing a financial crisis. Acknowledging the threat State Bank of India has once again warned its 45 million customers against online fraud practices. This is one of the major reasons why the Reserve Bank of India along with several other banks keeps on issuing alerts …

Pandemic witnesses rampant cybercrimes: Why India should worry
3 years, 9 months ago

Pandemic witnesses rampant cybercrimes: Why India should worry

India TV News  

Cybercrime is a big ‘business’ today for cybercriminals, hackers, and threat actors. Recently, there was a report doing the rounds claiming that Chinese hackers attempted to hijack India’s vaccine infrastructure to access the cold storage facilities and disrupt the supply chain. India which is considered the technology back-office of the world and is vulnerable to such attacks, but the fast …

Cybersecurity critical for digital banking success: SBI official
3 years, 9 months ago

Cybersecurity critical for digital banking success: SBI official

The Hindu  

Cybersecurity is critical for the success of digital banking and banks should create the infrastructure to win customers' trust for all such transactions, a senior SBI official said on Wednesday. Digital banking or Figital is here to stay and is the future but it is equally important to safeguard the interests of all stakeholders, State Bank of India Deputy Managing …

Over 2.9 lakh cyber security incidents related to digital banking reported in 2020
3 years, 10 months ago

Over 2.9 lakh cyber security incidents related to digital banking reported in 2020

The Hindu  

Over 2.9 lakh cyber security incidents related to digital banking were reported in 2020, Parliament was informed on Thursday. As per the information reported to and tracked by Indian Computer Emergency Response Team, a total number of 1,59,761; 2,46,514 and 2,90,445 cyber security incidents pertaining to digital banking were reported during 2018, 2019 and 2020, respectively, Minister of State for …

Online Payment Systems Beyond RBI: A Threat To National Financial Security
3 years, 10 months ago

Online Payment Systems Beyond RBI: A Threat To National Financial Security

Live Law  

"Data is the new oil". Given this backdrop, and the recent developments concerning companies whose activities of using customer data without consent, casts an imminent danger to the privacy, security and even safety of the user in the digital age. The new Privacy Policy and Terms of Use of WhatsApp have mentioned that it shares the customer data with Facebook …

Fraud Attempts Against Businesses in India Doubled in Covid-19 Lockdown, US Firm Finds
4 years, 2 months ago

Fraud Attempts Against Businesses in India Doubled in Covid-19 Lockdown, US Firm Finds

News 18  

There was a doubling of online fraud attempts against businesses in India during the initial days of the lockdown and the same went down subsequently as the economy began unlocking, an American information and insights company said on Tuesday. TransUnion found that suspected online fraud attempts against Indian businesses increased 121 per cent in the first phase of the pandemic, …

RBI brings 5-pillared approach to deal with cybersecurity issues in UCBs
4 years, 3 months ago

RBI brings 5-pillared approach to deal with cybersecurity issues in UCBs

Business Standard  

RBI brings 5-pillared approach to deal with cybersecurity issues in UCBs The technology vision document, which was formalised after obtaining inputs from various stakeholders, is aimed at enhancing the cybersecurity posture of UCBs Premium Use of information technology by banks has grown rapidly and is now an important part of the operational strategy of banks. Press Trust of India New …

'Exponential' Spike in Financial Frauds Due to Dependence on Digital Payment Platforms amid Pandemic: NSA
4 years, 3 months ago

'Exponential' Spike in Financial Frauds Due to Dependence on Digital Payment Platforms amid Pandemic: NSA

News 18  

Asking citizens to be cautious while being online, National Security Adviser Ajit Doval said on Friday financial frauds have seen an exponential increase due to greater dependence on digital payment platforms following the COVID-19 pandemic. “There is a greater dependence on digital payment platform due to reduced cash handling and greater data sharing is happening online and presence on social …

Chinese hackers attempted 40,000 cyber attacks on Indian web, banking sector in 5 days
4 years, 6 months ago

Chinese hackers attempted 40,000 cyber attacks on Indian web, banking sector in 5 days

India Today  

Hackers based in China attempted over 40,000 cyber attacks on India's Information Technology infrastructure and banking sector in the last five days, a top police official in Maharashtra said on Tuesday. The spurt in online attacks from across the border was noticed after tensions rose between the two countries in eastern Ladakh, said Yashasvi Yadav, Special Inspector General of Police …

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