HOW TO ESCALATE UPI FRAUD COMPLAINTS

Don’t fall prey to scammer tricks while shopping for Dhanteras and Diwali: NPCI shares 5 tips to stay away from festive season scams

UPI MDR proposal: Street vendors may pass on charges to customers or switch to cash, ISB survey finds

Payments by street vendors exceeding Rs 2,000 may incur charges under the proposed merchant discount rate framework. Many vendors may switch to cash transactions if additional costs are imposed by suppliers. Awareness of the framework varies among vendors in different city tiers, affecting their payment acceptance practices. A significant percentage of Tier 1 vendors are likely to pass on additional charges to customers.

Bank account frozen suddenly? Check why it happened, how to unfreeze it and recover your money

For individuals affected by the freezing of their bank accounts due to untraceable money sources, remedy is available via the Grievance Redressal Mechanism (GRM) and the Money Restoration Module (MRM). Users can contest any debit freezes by filing official complaints through GRM. Meanwhile, MRM aids in reclaiming disputed funds after thorough verification.

Indian travellers in Dubai can get up to AED 100 off at Dubai Duty Free using UPI

Indian travellers can now enjoy a 10% discount at Dubai Duty Free by using India's UPI for payments. This initiative, introduced by NPCI International, simplifies transactions for shoppers while eliminating the need for cash. With this exclusive offer, Indian visitors can experience a more rewarding shopping journey in Dubai, enhancing the convenience of their travel experience.

Lost money to a UPI scam? The first 3 days could decide how much you can recover

In the blink of an eye, UPI scams can wipe out your bank savings, but there's hope for victims. The Reserve Bank of India stands ready to safeguard you against unauthorized transactions. Discover essential actions to take the moment fraud strikes, understand how liability is assessed, and find out what steps to take if your bank turns down your claim.

Over half of street vendors may cut UPI acceptance if 0.4% MDR is introduced: ISB study

More than 67% of street vendors in India currently accept UPI payments for transactions. A proposed 0.4% merchant discount rate could lead to reduced acceptance among vendors. Concerns arise particularly for vendor-supplier transactions, as many vendors make payments above ₹2,000. A significant portion of vendors faced additional charges from suppliers and might pass costs onto customers.

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.

OneStack raises Rs 12.5 crore to take cooperative banks deeper into UPI ecosystem

OneStack, a fintech provider, secured ₹12.5 crore funding to enhance cooperative bank participation in UPI payments. The funding will help expand services among cooperative banks and NBFCs while developing compliance offerings. Partner banks can now act as UPI issuers and acquirers, which improves revenue opportunities. This shift allows banks to maintain direct relationships with customers and merchants while managing transaction data.

CBI files FIR in $10 mn 'fraud' in Exim Bank involving UK-based company

The Central Bureau of Investigation has registered a case involving a USD 10 million fraud. This fraud is related to India Exim Bank and a UK-based company named Hanjer Biotech. Officials allege that the company diverted funds after requesting a loan for a recycling project. The loan was approved in 2012 but classified as a non-performing asset in 2014. The entire amount was reportedly siphoned off, leading to the investigation.

PNB staffer, Pune man arrested in alleged Rs 10.24 crore bank fraud case

An office assistant of Punjab National Bank in Greater Noida and a private individual have been arrested for alleged fraud. The fraudulent activity involved Rs 10.24 crore in unauthorized withdrawals from multiple customer accounts. Punjab National Bank's investigation began after a customer reported suspicious debit transactions in her account. The accused allegedly carried out the transactions over three years using compromised banking credentials.

Is there shortage of Rs 10, Rs 20 and Rs 50 currency notes this Diwali? RBI clarifies

The Reserve Bank of India has reassured the public that there will be an ample supply of currency notes for the upcoming Diwali festival. They have dismissed a false rumor suggesting a shortage of small denomination notes. The RBI urges everyone to disregard this misinformation and rely only on their official announcements, while also emphasizing the need to plan cash needs ahead of the festivities.

Six arrested for financial fraud using mule accounts, suspected Pakistan Intelligence links

Preliminary investigation revealed that an SBI bank account belonging to FIR-named accused Marjina Begum of Ganesh Nagar, PS-Chandmari, Guwahati, had received credits amounting to lakhs of rupees within just 47 days, between 22 June and 5 August 2026. It was further observed that the amounts credited to the account were withdrawn almost immediately after each deposit, indicating a suspicious pattern of financial transactions.

MobiKwik expects MDR on UPI to add Rs 100 crore to payment revenue in FY28

On its second-quarter earnings call, the company’s management said the implementation of UPI MDR would improve payment unit economics and create a more level playing field for players, shifting competition towards product, technology and service rather than the ability to burn capital.

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.

Digital payments firms race to fortify defences as cyberattacks intensify

At Bengaluru-based Cashfree, attempted attacks have been taking place repeatedly over the past three weeks, occurring at least 10 times as frequently as a year ago, chief technology officer Ramkumar Venkatesan told ET. Attackers are increasingly combining multiple vulnerabilities to attack systems, he said.

ED opens money laundering probe against Subhash Chandra in Rs 1,322 crore loan case

The Enforcement Directorate has registered an ECIR against Essel Group chairman Subhash Chandra in an alleged Rs 1,322 crore loan fraud involving LIC Housing Finance. The move follows a CBI FIR over two loan facilities worth Rs 980 crore sanctioned to Essel Group-linked companies in 2018. Zee Entertainment said the case does not affect its operations.

Man joins WhatsApp group, downloads trading app & loses Rs 1.29 crore; fraudsters demand another Rs 20 lakh to release his money

A 70-year-old man from Bhiwandi, Thane, allegedly lost Rs 1.29 crore after cyber fraudsters lured him into investing through a fake online trading app promoted via a WhatsApp group. Police have registered a case against the accused, but no arrests have been made so far.

Rs 36.4 lakh fraud in Post Office through NSC and term deposit: India Post employees convicted; Madhya Pradesh HC grants relief to depositors

Employees at the Bina branch of India Post defrauded depositors out of Rs 36.4 lakh through forged documents. The Madhya Pradesh High Court has ordered the postal department to refund the victims with applicable interest. This decision follows a case where the victims were misled by unauthorized employees posing as authorized staff. The High Court's ruling emphasizes the trust placed in the postal employees by the victims.

Phantom children, inflated food bills and a Somali restaurant: How a Minnesota nonprofit leader built a network for the $250 million COVID-19 food aid fraud scandal

A federal program in Minnesota aimed at feeding children was exploited for $250 million in fraud. Investigators found that individuals submitted fake meal counts and claimed reimbursements for meals not served. Aimee Bock, leader of Feeding Our Future, was convicted and is serving a nearly 42-year sentence. Salim Said, co-owner of Safari Restaurant, was sentenced to 30 years in prison for his involvement.

Noida farmers' Rs 35 crore vanished from PNB village branch: How customers' savings disappeared without OTPs, withdrawal forms or message alerts

At least 16 account holders, mostly farmers, have accused employees of Punjab National Bank’s Aichhar village branch in Greater Noida of allegedly diverting fixed deposits worth an estimated Rs 35 crore. The bank has suspended five staffers, including the branch manager, and launched an internal probe. Police have registered an FIR and begun an investigation, while customers have protested outside the branch demanding the return of their money.

Rs 98,000 curd: Bengaluru woman orders curd on blinkit, receives damaged packet, calls customer care number found online and loses Rs 98,000

A 56-year-old Bengaluru woman allegedly lost Rs 98,000 after ordering curd on Blinkit and finding the packet damaged. Her search for a customer care number led her to fraudsters posing as support representatives, who sent a WhatsApp link and guided her through a process that ended with money debited from her bank account.

Maharashtra man steals 15 tolas of uncle’s gold to buy new Thar, arrested after inviting him to car's puja

A 19-year-old man in Kolhapur, Maharashtra, was arrested for allegedly stealing 15 tolas of gold jewellery worth Rs 10 lakh from his uncle and using the money to buy a Mahindra Thar. The accused reportedly invited his uncle to the vehicle’s puja ceremony, where the missing ornaments came to light. Police also arrested the jeweller accused of purchasing the gold.