RBI Innovation Hub Uses MuleHunter.AI to Combat Financial Fraud

06 Dec 2024

The Reserve Bank Innovation Hub (RBIH) is making significant progress in the fight against financial fraud. In particular, it is promoting MuleHunter.AI, an advanced AI tool designed to identify and flag mule accounts used in money laundering. Successful Trials in Public Sector Banks MuleHunter.AI has already been successfully tested in...

Scammers Pose As Brad Pitt, Swindle Two Women Out Of Rs. 3 Crore In Spain

24 Sep 2024

A group of scammers impersonating Hollywood star Brad Pitt deceived two women in Spain into believing they were in romantic relationships with him. The criminals managed to extract €325,000 (approximately Rs. 3 Crore) from the victims. Recently, Spain's national police, the Guardia Civil, arrested five individuals connected to this scam....

Pune Man Loses Rs. 12 Lakh In Sophisticated ‘Parcel Scam’

07 Jul 2024

A private company employee in Pune fell victim to a sophisticated online scam, losing Rs. 12 lakh in what is being called a 'parcel scam.' What Exactly Happened As reported by The Hindu, the victim, who wished to remain anonymous, received a call from individuals posing as representatives of a...

Elderly Doctor Scammed Of Nearly Rs 6 Lakh In Fake Electricity Bill Update Call

07 Jul 2024

During the conversation, authorities alleged that the suspect purportedly employed a remote access application—allowing control over other devices—to virtually access Shiv Shankar Saha's phone as he entered his credit card information. Following the call, the 67-year-old Safdarjung Enclave resident discovered nearly Rs 6 lakh charged to his credit card. On...

Rishi Shah India-American billionaire fraud involving Alphabet Inc, Goldman Sachs uncovered

02 Jul 2024

Rishi Shah, the India-American billionaire has found guilty of $1 billion (Rs 8300 crore) fraud schemes involving high profile investors leading to a seven and half year of prison. He is the co-founder of Outcome Health an advertising startup, defrauding investors like Goldman Sachs Group Inc, Google parent Alphabet Inc,...

Financial Fraud: Types, Preventive Measures And Action Steps

18 Jun 2024

Recently a case of stock trading scam came to light where a businessman from Ghaziabad lost Rs. 28 lakh, according to the police. The victim, Dinesh Kumar, 50, joined a WhatsApp group on April 3 that offered tips for trading on the NSE and US stock exchanges. Following advice from...

Ghaziabad Businessman Loses Rs 28 Lakh In Stock Trading Scam

18 Jun 2024

A Ghaziabad businessman has reportedly been defrauded of Rs 28 lakh in a stock trading scam, according to the police. The victim, Dinesh Kumar, 50, joined a WhatsApp group on April 3 that offered tips for trading on the NSE and US stock exchanges. Following advice from an investor who...

ICICI Bank Issues Warning On ‘Customer Service Frauds’: Tips To Spot Scams

16 May 2024

ICICI Bank has issued a cautionary notice to its customers, highlighting the importance of being vigilant regarding Interactive Voice Response (IVR) calls. The bank has pointed out instances where cybercriminals have used pre-recorded voice messages to deceive customers, prompting them to disclose sensitive information or access accounts by pressing specific...

Beware! This is how fraudsters might clean out your savings

29 Apr 2024

Fraudsters have devised a new trick where they "remove the card reader of an ATM so that the card gets stuck inside the machine when being used by a customer." Thereafter, the scammers "offer help to the customer by entering their PIN." When it fails, they ask the victim to...