CYBER CRIME COMPENSATION GUIDELINES

Under attack, banks bolster cyber covers, opt for higher sum assured to protect against hits

For large financial institutions, the biggest impact often is the loss arising from systems remaining unavailable after an attack, rather than the immediate cost of the breach. Besides business interruption, ransomware, data theft, cyber extortion and third-party liabilities are among the key risks.

22-year-old man turns Green Gas meter update into Rs 32 lakh scam; Lucknow resident loses fortune after downloading WhatsApp APK

Lucknow Cyber Crime Police have arrested a 22-year-old man from Dhanbad, Jharkhand, over an alleged fake Green Gas meter update app scam that reportedly caused a loss of Rs 32 lakh. Consumers were targeted through WhatsApp messages asking them to install a fraudulent APK file. Here is how the alleged fraud operated and what police recovered during the arrest.

Cybercrime networks shift to smaller, mobile scam operations amid enforcement pressure: FATF

In its report released from Paris, the global money-laundering watchdog said large, fortified compounds where cyber slaves were forced to commit financial cybercrimes are being moved to apartments, houses, hotels and office floors, sometimes rebranding as legitimate outsourcing or marketing firms.

Cybercrime networks shift to smaller, mobile scam operations amid enforcement pressure: FATF

In its report released from Paris, the global money-laundering watchdog said large, fortified compounds where cyber slaves were forced to commit financial cybercrimes are being moved to apartments, houses, hotels and office floors, sometimes rebranding as legitimate outsourcing or marketing firms.

OpenAI launches GPT-6 Cyber with 'Critical' cybersecurity rating

OpenAI released GPT-6 Cyber, a model built to find and exploit security flaws, to a small group of vetted customers on Thursday, rating it "Critical" in cybersecurity under its safety framework.

Delhi Police files FIR against Meta India over child sexual abuse material on its platforms

In response to directives from the National Human Rights Commission, Delhi Police has launched an FIR against Meta India, concerning the alarming presence of Child Sexual Exploitation and Abuse Material on its platforms. This follows previous summons from the National Commission for Protection of Child Rights. As a proactive measure, Meta India is now coordinating with the Indian Cyber Crime Coordination Centre to report child safety violations.

SBI-led banking alliance comes together to mount a defence to AI threats

Indian Banks' Association, led by State Bank of India, is developing a strategy for cybersecurity in the AI era. The initiative focuses on improving coordination among banks and facilitating timely information sharing. Increasing digitalization has expanded the potential for cyberattacks, urging immediate measures to mitigate risks.

CBDT issues new clarification on BSNL-MTNL VRS-2019 compensation: Will it affect retirees' income tax benefits?

The CBDT issued a notification clarifying that ex-gratia compensation for BSNL and MTNL VRS-2019 is not retrenchment compensation. This compensation is governed by Section 10(10C) of the Income-tax Act, allowing tax exemptions under certain conditions. Employees must review their tax claims to ensure compliance with this clarification. Compensation exceeding five lakh rupees will remain taxable as salary income.

Central cyber security agency warns banks, NBFCs of AI attacks; I4C reveals how hackers are executing multi-crore frauds

I4C has warned banks, NBFCs and fintech firms about AI-powered cyberattacks that enable hackers to execute fraudulent transactions at machine speed. The agency has flagged multi-crore unauthorised fund transfers, urged financial institutions to strengthen API security and directed them to report cyber incidents to CERT-In and RBI within six hours.

ETtech Explainer: Why SIM-binding is a concern for consumers and businesses

A new study raises alarms about the Department of Telecommunications' proposed SIM-binding requirement for messaging applications. The mandate could severely disrupt operations for consumers and businesses alike, especially impacting international travelers who depend on local SIMs or Wi-Fi. Businesses are bracing for heightened costs and difficulties tied to limited device accessibility.

Binance co-CEO says company is in very strong financial health after $6.3 billion heist

Teng told a Hong Kong Fintech Week event Binance's hourly inflows and outflows had "pretty much normalised" and 95% of the affected tokens had been replenished.

UK cyber chief says the UK will face AI cyberattacks on critical infrastructure by 2028

The UK's National Cyber Security Center warns of potential AI-driven cyberattacks targeting critical infrastructure by 2028. Increased sophistication in cyber activities from states like China and Russia poses significant risks. Past incidents highlight vulnerabilities in key sectors such as manufacturing and energy. Organizations must invest in cybersecurity measures to protect against these emerging threats. Failure to act could jeopardize essential services and compromise national security.

'A trite provocation': North Korea denies involvement in $6 billion Binance hack, criticizes FBI probe

North Korea has rejected the claims of its involvement in the recent Binance cryptocurrency theft exceeding USD 6 billion. The FBI had accused North Korean hackers of orchestrating the heist, linking it to previous cyber incidents. Kim Yo Jong noted that the US has a history of making such accusations against North Korea.

Government giving Rs 8,000 as diwali bonus? PIB responds to viral claim

The Press Information Bureau issued a warning about fraudulent WhatsApp messages claiming an Rs 8,000 Diwali bonus. These messages ask recipients to click on links to access a fake payment website. The messages aim to collect personal information and trick users into unauthorized transactions. Citizens are advised to verify such claims through official government websites and not to respond to suspicious messages.

Spandana Sphoorty Financial reports cyberattack involving its bank account

Spandana Sphoorty Financial encountered a cyber fraud incident with unauthorized transactions on November 1. The amount involved was approximately 78 million rupees, which was transferred to multiple beneficiary accounts. Upon detection, the company promptly stopped affected services and notified its bank. A request for reversal and account freezing was also made to the bank. Additionally, Spandana registered a complaint with the National Cyber Crime Reporting Portal.

Andhra landowners sought 20x compensation after price boom, but lost case in High Court for this reason

The Andhra Pradesh High Court rejected the landowners’ request for enhanced compensation by noting that the landowners relied on market values from 2010 despite the government acquiring lands in 2008. The landowners claimed their compensation was inadequate due to significant market price increases occurring later. The high court emphasized compensation should be based on the market value at the time of acquisition.

Largescale cyberattacks test the limits of insurance cover

While businesses rush to enhance their cyber insurance cover, the incidents have triggered a debate over whether existing policies adequately cover emerging cyber risks. The biggest question insurers are policyholders seem to be confronting is: who pays when a vulnerability exposes thousands of organisations to the same threat?

Air India Express denies boarding to woman & 3-year-old on confirmed flight; Court orders Rs 70,000 payout plus interest

A consumer commission in Kerala has directed Air India Express to pay Rs 70,000 to a woman and her three-year-old son after they were denied boarding on a confirmed Kochi-Abu Dhabi flight in 2021. The airline must also refund Rs 20,287 with 9% interest after the passengers were forced to buy fresh tickets to Sharjah.

RBI digital fraud rules from January 1, 2027: Will you get 85% of your money back after an online scam?

SC cracks down on banks, seeks mandatory payouts to cyber fraud victims

The Supreme Court has questioned the Reserve Bank of India's effectiveness in preventing digital fraud. Financial institutions must be held accountable for their role in cybercrime under new regulations. A mandatory liability clause is essential to ensure victims are compensated for losses. The court emphasizes that banks should enhance preventive measures against unusual transactions. The Attorney General mentioned that the RBI is working on regulations to address these issues.

SC calls for compensation to digital fraud victims if banks fail due diligence

The Supreme Court has highlighted banks' accountability regarding digital fraud, asserting that victims deserve compensation for losses due to banks' lack of diligence. It called for enhanced preventive measures to spot suspicious transactions. Attorney General R Venkataramani remarked on a significant decrease in reported digital scams this year, but the court maintained that financial losses from cybercrime remain a pressing concern for the public.

Bomb threats in Ahmedabad: Probe points to email accounts operated from Bangladesh, Pak

A probe into bomb threats sent to various locations in Ahmedabad revealed involvement from Bangladesh and Pakistan. The Cyber Crime Branch indicated that hacked email accounts were used in these incidents. The first case involved threats to schools and the Modi Stadium, referencing Khalistan and events featuring singer Diljit Dosanjh. A second case also targeted multiple locations with similar threats shortly afterwards.