by AIP Online Bureau | Mar 1, 2025 | Data, Eco/Invest/Demography, Non-Life, Risk Management, Technology
“The biggest revelation from our research is the sheer scale of financial losses of over Rs 20,000 crore due to cybercrime, of which Rs 9,000 crore is due to brand name abuse alone. The fact that brand abuse is implicated in nearly one-third of all cybercrime...
by AIP Online Bureau | Apr 25, 2024 | Banking & Bancassurance, Eco/Invest/Demography, Indian News, Non-Life, Regulation, Risk Management, Technology
The plans come as internal government data shows individuals have lost funds of nearly $1.26 billion in financial institutions to cyber fraud since 2021, with one of the sources saying about 4,000 fraudulent accounts are opened every day Tens of thousands of Indians...
by AIP Online Bureau | Sep 18, 2023 | Data, Eco/Invest/Demography, Risk Management, Technology
For online financial frauds, which accounted for the maximum 77.41 per cent offences during the period, the FCRF noted that ”this category is a dominant concern, covering fraudulent activities related to online financial transactions” ”Subcategories...
by AIP Online Bureau | Sep 4, 2023 | Eco/Invest/Demography, Indian News, Risk Management, Technology
Prime Minister Narendra Modi World Bank has estimated that cyber attacks could have caused losses of around USD 5.2 trillion to the world during 2019-2023, but their impact goes beyond just financial aspects into activities that are deeply worrying New Delhi:...
by AIP Online Bureau | Jul 28, 2023 | Eco/Invest/Demography, Indian News, Non-Life, Policy, Regulation, Risk Management, Technology
Noting that current compensatory mechanism for victims of cybercrime in the financial sector has limited scope and coverage, the panel said financial institutions must play a supportive role as there is a fiduciary relationship between financial institutions and their...
