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Tag: frauds

Flipkart, Bajaj Allianz launch cyber insurance to cover online financial frauds

Flipkart, Bajaj Allianz launch cyber insurance to cover online financial frauds

Finance
Bengaluru: Flipkart and Bajaj Allianz General Insurance Company have come together to offer 'Digital Suraksha Group Insurance' for customers who want to cover themselves against financial losses caused as a result of cyber-attacks, cyber frauds, or other such malicious activities across various online platforms. This insurance compensates for direct financial loss (up to the sum insured) due to unauthorised digital financial transactions as a result of identity theft arising out of cyber-attacks, phishing/spoofing and SIM-jacking, a joint statement said. "Customers can opt for a one-year cover at premiums as low as Rs 183 for a cover of Rs 50,000," the statement added. Let's block ads! (Why?) Banking/Finance-Industry-Economic Times
Urban cooperative banks report nearly 1,000 frauds worth over Rs 220 crore in past five fiscals: RBI

Urban cooperative banks report nearly 1,000 frauds worth over Rs 220 crore in past five fiscals: RBI

Finance
Urban cooperative banks (UCBs) have reported nearly 1,000 cases of fraud worth more than Rs 220 crore in the last five fiscals, according to the Reserve Bank of India (RBI). Responding to an RTI query, the central bank said a total of 181 fraud cases involving Rs 127.7 crore were noticed during 2018-19. A total of 99 and 27 such cases involving Rs 46.9 crore and Rs 9.3 crore were reported during 2017-18 and 2016-16 respectively, it said. As many as 187 cases of fraud involving Rs 17.3 crore were reported in 2015-16 as against 478 such cases involving Rs 19.8 crore during 2014-15, the RBI said. During 2014-15 and 2018-19, a total of 972 cases of bank fraud worth Rs 221 crore were reported by the UCBs, it said. "Cases of frauds reported to RBI are required to be filed by banks as criminal co...
Indian banks have been under-reporting frauds: RBI

Indian banks have been under-reporting frauds: RBI

Finance
Bank frauds numbers may not be startling, but the way they are reported is. In a staggering revelation indicating that Indian banks have been under-reporting frauds, the Reserve Bank of India has revealed that 90.6 percent of the frauds reported by banks in 2018-19 occurred between 2000 to 2018. Data released by the banking regulator in its latest edition of the Financial Stability Report, suggests that nearly 40 percent of the under-reported frauds actually took place in three years between 2013 to 2016. “The time-lag between the date of occurrence of a fraud and the date of its detection is significant,” the RBI said. ” It was observed that in many cases frauds being reported now were perpetrated during earlier years.” As a fallout of this, the RBI is now reviewing its master direction ...
Central Vigilance Commission asks banks not to report frauds below Rs1 lakh to police

Central Vigilance Commission asks banks not to report frauds below Rs1 lakh to police

Finance
NEW DELHI: The Central Vigilance Commission (CVC) has asked public sector banks not to report frauds below Rs one lakh to local police, unless their staff is involved in such crimes. Earlier banks were mandated to report fraud of above Rs 10,000 and below Rs one lakh to police. The decision was taken by the CVC in consultation with the Reserve Bank of India (RBI), taking into the account the practical difficulties faced by public sector banks in reporting such categories of cases. It has been decided that only if staff of the bank is involved in the fraud cases of below Rs one lakh and above Rs 10,000, would such cases need to be reported or complaint filed with local police station by the bank branch concerned, the commission said in a directive to chiefs of all the banks. The cases ...