Frauds

The Ministry of Consumer Affairs is working on new rules to make ecommerce platforms like Amazon and Flipkart liable for fraud committed by their sellers. This and more in today’s ETtech Morning Dispatch.Also in this letter:■ Adobe looking to integrate AI into all products■ More countries could implement Aadhaar-like system■ IPL was India's first unicorn with a $1.1 billion valuation: D&P Government working on tightening ecommerce rules for frauds by sellers The consumer affairs ministry is working on tightening…

By Prince Osuagwu The desire to tackle payment card fraudsters, has seen global payment technology company, Mastercard, link up with Network International, another leading enabler of digital commerce across the Middle East and Africa to launch Artificial Intelligence fraud-prevention solution. The solution will check the rising card payment fraud, address declines and chargebacks, to drastically reduce costs for its customers and acquirers. Payment card fraud losses are projected to hit $49 billion by 2030. A recent…

Credit: Pixabay/CC0 Public Domain To professor Alexander Dyck, corporate fraud is like an iceberg: a small number is visible, but much more lurks below the surface. How much more, he wondered? And, at what cost to investors? Prof. Dyck and his team found that under typical surveillance, about three percent of U.S. companies are…

Understanding the top cryptocurrency frauds and solutions to them is crucial since cryptocurrency is speculative and unpredictable The number of scams in the crypto industry that are reported on an annual basis is enormous. Regulators often claim that cryptocurrency frauds are foreseeable, but one should proceed cautiously before trading. Scams potentially flourish the cryptocurrency market for a number of reasons. Due to the scenario with fiat currencies, there are neither banks nor centralized agencies to flag suspect…

Too Long; Didn't ReadForbes is the best in the business at monetizing frauds on the way up and later on the way down. The media juggernaut now makes money writing about the frauds, which were at least partly made possible by the endowment of trust from Forbes. Forbes doesn’t just make money from Ads and subscriptions; they will sell you a chance to write for Forbes. Too Long; Didn't ReadForbes is the best in the business at monetizing frauds on the way up and later on the way down. The media juggernaut now makes money…

With the rise in cybercrimes,…

Philippines President Ferdinand Marcos Jr. signed into law a measure making cellphone SIM registration compulsory, in a key step towards fighting text scams, bank fraud and misinformation. The law will require users to furnish full names and identity documents before buying a SIM card, with the aim of preventing criminals from concealing their identities. "We will finally achieve what has long been overdue, an effective means of regulating the issuance of SIM cards to curb the spread of spam text messages and scams,"…

Banks worldwide are expected to spend an additional $31 billion on artificial intelligence (AI) embedded in existing systems by 2025 to reduce fraud, according to a report.Similarly for banking executives worldwide, fraud management is featured strongly as a priority, the IDC report mentioned."In the process of coming up with digital products and services, new channels, and new payment methods, businesses might be overestimating the adequacy of their current defense mechanisms against fraud," said Michael Araneta,…

As WhatsApp becomes an integral part of our lives, the world’s most popular messaging platform has also widely attracted many scams and fraud activities over the platform. Scamsters try to seek unauthorized access to user accounts. To enhance…

The government is planning to set up a nodal agency called Digital Intelligence Unit (DIU) to work with law enforcement agencies, financial institutions, and telecom service providers for investigating fraudulent activities involving telecom resources. The new move is aimed to help better deal with digital frauds in India. Electronics and Information Technology Minister Ravi Shankar Prasad on Monday chaired a high-level meeting to discuss the rising concerns over pesky messages and voice calls, repeated harassment through…