DIGITAL WALLETS FRAUD
Jammu and Kashmir police busts international cyber fraud racket targetting victims in US, UK and Canada
Jammu and Kashmir police have dismantled a sophisticated international cyber fraud network in Srinagar. Seven individuals were arrested for targeting victims in the USA, UK, and Canada. The syndicate used fake online advertisements and psychological tactics. Money was laundered through digital and cryptocurrency channels. Investigations are ongoing to identify more suspects and victims.
Mobikwik appoints Anis Pathan as chief risk officer
In a statement, the company said Pathan will lead the company’s enterprise risk management (ERM) framework, overseeing strategic, financial, operational, cyber, and fraud risks. His role will also involve strengthening controls across Mobikwik’s core payments businesses, including Unified Payments InterfaceFi (UPI), wallet and merchant payments, as well as building systems for fraud prevention and regulatory compliance.
How a Delhi CA routed Rs 900 crore in a year from online scams through Dubai
A chartered accountant is under scrutiny for his alleged role in an international fraud network that siphoned off approximately Rs 900 crore. Investigators uncovered a sophisticated online scam targeting thousands across India, utilizing social media and offshore platforms to move funds. The network employed shell companies and cryptocurrency to obscure transactions, with a Dubai fintech platform facilitating offshore transfers.
Bybit intercepts $300 million in crypto scams using AI risk framework
Bybit said it intercepted and recovered over $300 million in scam linked cryptocurrency withdrawals in Q4 2025 using an artificial intelligence driven risk control framework. The system flagged suspicious transactions across multiple risk tiers and helped prevent losses for thousands of users amid rising global crypto fraud.
ETtech In-depth: Banned in India, but it’s business as usual for offshore real money gaming firms
An ET investigation found accessing betting websites to be child’s play, without even the need of a VPN. But getting money out of them isn’t quite as easy. The sites provide Hindi, Marathi, Tamil, and Bengali interfaces, signalling a clear focus on users from tier II and tier III towns.
From minute factory to money factory: Airtel's $2.2 billion bet
Bharti Airtel is shifting focus from its telecom business to financial services. The company is investing heavily in Airtel Money, a new non-banking financial company. This move aims to create a new growth engine by offering digital lending. Airtel plans to leverage its vast customer base and data to provide credit. This diversification seeks to monetize financial relationships alongside connectivity.
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UPI most preferred mode for transactions now; targeted interventions needed to boost RuPay debit card: Report
The era of digital payments is upon us, with UPI now the preferred method, leaving cash transactions behind. A fresh report calls attention to the potential of RuPay debit cards, stressing their importance in rural and semi-urban regions. Recommendations from the finance ministry include launching special merchant programs and simplifying small transactions.
SunCrypto expands offerings as India’s regulated crypto market shifts focus to security and compliance
In 2026, India's digital asset market is regulated and professional, prioritizing secure crypto trading apps. SunCrypto offers simplicity and extreme security, adhering to local laws with features like ledger-insured cold wallets and automated tax compliance. The platform also provides advanced trading tools and educational resources, ensuring a safe and compliant investment journey.
Operation Cyber Hawk 3.0: Over 500 apprehended in Delhi Police's cyber crackdown
Operation Cyber Hawk 3.0 targets organised cyber fraud networks operating across multiple digital platforms. The action involves advanced technical analysis, real-time intelligence inputs, financial trail tracking and coordinated field operations to identify and dismantle cybercrime syndicates.
Avoid an IRS Tax refund freeze by making this one choice before the deadline
US tax season is active and filing mistakes can delay refunds. The IRS now prefers direct deposit due to new government payment rules. Missing bank details may freeze your refund until fixed. Taxpayers must act quickly if they get a notice. Choosing direct deposit early helps avoid delays and get money faster.
Bitcoin and XRP facing collapse? Could the $15 billion government seizure trigger a crypto crisis? How this unprecedented action threatens market trust, safety, and investor confidence
The U.S. government seized $15 billion in Bitcoin, the largest crypto confiscation in history. Investors are shocked. Confidence in Bitcoin and XRP is shaking. Digital assets now face serious scrutiny. The seizure raises urgent questions about safety, security, and market stability. Experts warn that this could impact prices, investor trust, and the broader cryptocurrency ecosystem.
US government seizes $13.4 billion in Bitcoin from alleged Cambodian ‘pig butchering’ scammer, raising anonymity and security questions
Authorities have seized a massive amount of bitcoin, valued at $15 billion. This seizure is part of a large asset forfeiture by the US Department of Justice. The bitcoin was linked to a criminal named Chen, involved in a cryptocurrency scam. This event highlights law enforcement's growing ability to track and recover digital assets.
GFF 2025 decoded: going public, AI’s ascent, & the fight against fraud
The next six months will be a litmus test for the sector. Groww, Razorpay, PhonePe, Turtlemint, and Kissht public listings are lined up, and if all go smoothly, it will be a major win for the VC-backed fintech ecosystem.
ED seizes 'biggest' crypto fund worth Rs 1,646 crore in PMLA case
The Enforcement Directorate (ED) seized cryptocurrencies worth Rs 1,646 crore in a major money laundering investigation. The probe involved tracking complex transactions through numerous crypto wallets. This marks the largest seizure of virtual digital assets linked to an alleged fraud investment scheme involving the BitConnect lending program.
UPI Lite: A simple, but not secure, solution
Balance recovery Since UPI Lite has an on-device balance, the user will lose her wallet balance if she changes the mobile platform (Android to iOS, or vice versa), the registered mobile number with the bank or if the issuer bank changes its IFSC code. Recovering the balance is a tedious process. This harms user experience.
Cryptocurrency fraud: Pune police file charge sheet against ex-IPS officer, cyber expert
The duo, however, allegedly cheated the investigators by fraudulently transferring money worth crores from digital wallets to their accounts, the police had said.
Real-time information sharing can help check cyber fraud
The digital payments industry calls for a unified effort to check cyber frauds as first-time users are more vulnerable amid increased thrust on digital channels.
Retain minimum KYC rule: Paytm
Payments company wants to retain these wallets even after Aug 31 when RBI’s new norm kicks in.
Liability of mobile wallet users to be zero, limited in case of fraud, on par with credit card users
As per existing rules, the onus is on the banks to prove that a fraud has taken place, but customers should inform the bank as soon as possible to avoid being penalised.
McAfee working on security solutions for digital wallets
Although McAfee already works with mobile wallet companies, it is now looking at strengthening its range of products further both from consumer and back end.
As next-gen spenders go cashless, eWallet scamsters, too, are getting creative
Police officials have confirmed that there have been numerous such cases of API-based payment frauds across the country.
Glimmer of hope: RBI to bring interoperability for e-wallets within the promised time frame
India’s digital wallet industry stares at an 80-90% erosion of its user base as most ignored the February 28 deadline for submitting details for verification.
Phone frauds via debit & credit cards, e-wallets rising: Govt
The Intelligence Bureau has been asked to coordinate with state governments to investigate financial fraud cases involving mobile phones and e-wallets.
Govt plans norms for e-wallet firms to prevent online frauds
The measures to tighten the anti-cyber fraud regime the anti-cyber fraud regime were reviewed at a high-level meeting chaired by home minister Rajnath Singh here on Tuesday.
It's gold rush for mobile banking
Banks have recorded 9.4% monthon-month rise in the number of mobile banking transactions with the value growing 20.9% in November.
As India braces for digital payments future, how secure are banks from cyber attacks?
A study by Assocham-PwC notes a surge of about 350% in cybercrime cases registered under the IT Act, 2000 between 2011 and 2014.
Digital frauds on a rise as govt harps on cashless country
Post demonetisation, Kolkata police have recorded 58 cases of digital payment frauds in three weeks of November. Other state and central agencies are also receiving several complaints.
NPCI plans negative database to check wallet-based frauds
Several wallet companies have been facing issues around money that is siphoned off from bank accounts by fraudulent means and loaded into mobile wallets.
How wallet companies like Paytm, MobiKwik, Oxigen Wallet are trying to prevent fraudulent mobile transactions
Fraudulent transactions through mobile wallets are estimated at about 1% of the market at present and experts expect them to rise to more than 2%.
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