Frauds | Pixr8 News

Twenty-one government banks have witnessed a big loss which amounted to Rs. 25,775 crore due to frauds in the banking sector during the financial year 2017-18. The highest amount of loss has been incurred by Punjab National Bank (PNB) totaling Rs 6461.13 crore during the fiscal that ended on the 31st March this year. This was told by Chandrasekhar Gaud to the Press Trust of India, who had filed the RTI with the Reserve Bank of India. The reply which was sent to him did not mention any details regarding any particular case of banking fraud. At present, the Central Bureau of Investigation is scrutinizing one of the biggest baking frauds presumably involving Nirav Modi and Mehul Choksi (diamond merchants) and PNB officials. The investigating agency has filed two charge sheets in the spe...

McAfee, the leading cyber-security company, is now focusing on developing security solutions for digital wallets to overcome frauds and scams, an aim driven by the increasing use of mobile wallet payment platforms. A quarter of McAfee’s global workforce hail from its Bengaluru office and has now made it a priority to find solutions to frauds and scams that can be achieved from digital wallets. For example, A report from ET published a few weeks ago stated that cases whereby fraudsters were buying merchandise by sending merchants fake mobile wallet payment confirmation messages were on the rise. India has a large number of wallets when compared to other countries. While these wallets are expanding to the newer regions of the country, the number of scams is also increasing by the day, ...

Tag: Frauds

21 PSBs Witness Loss of Rs. 25,775 Cr due to Bank Frauds in FY 2018

McAfee to Provide Security Solutions for Mobile Wallet