Cyber Financial News

Tens of thousands of people, many of them Chinese, have been caught up in cyber scams based in Southeast Asia

In today's digital age, convenience meets financial needs, but it also brings forth the looming threat of cyber fraud. In FY 2021, the domestic payments fraud recorded by the regulated businesses in India was around ₹542.7 crore; in FY 2023, it was about ₹2537.35 crore. In FY23, 9926 cases of digital loan app-related fraud were reported. 

China to support his family after losing his job during the COVID-19 pandemic. In March, a job offer to teach Chinese cooking at a restaurant led him into a cyber scam compound in Myanmar, where he was instead ordered to lure Chinese into giving up their savings for fake investment schemes via social media platforms. Zhang is one of tens of thousands of people, mostly but not all Chinese, who have become ensnared in cyber scam networks run by powerful Chinese criminal syndicates in Southeast Asia. Regional and Chinese authorities have netted thousands of people in a crackdown, but experts say they are failing to root out the local elites and criminal networks that are bound to keep running the schemes.

Crisis management, cyber resilience, and handling emergencies have taken centre stage, prompting corporates to take pre-emptive actions to deal with them, a PwC India survey said. According to India's Crisis and Resilience Survey 2023, the looming spectre of unpredictable events, alongside escalating cyber threats like ransomware, has nudged 96 per cent of businesses to elevate their cyber resilience blueprints. Moreover, 97 per cent of organisations are poised to significantly invest in crisis management, viewing unforeseeable events as tangible risks, it added. «The survey indicates that crisis management, cyber resilience, and emergency management are taking the centre stage,» it said. PwC India said 112 organisations from diverse industries, such as telecommunications, industrial products and manufacturing, financial services, banking and capital markets, automotive, education, healthcare, and pharmaceuticals, were surveyed. «The continuous and relentless waves of changes have pushed corporates, especially in India, to recognise and act upon the pressing need for strategic resilience,» the study said. With disruptions on the rise from 80 per cent in 2019 to 98 per cent in 2023, organisations have made resilience a strategic organisational priority, the survey said. «The numbers from the 2023 survey aren't just statistics — they're a reflection of the urgent shift in mindset needed across the board.

Digital transformation and development of advanced technologies are progressing at full pace in India but cyber experts have expressed concern about the security of the sheer size of data that the country will have to manage, given its neighbouring adversaries as well as the growing sophistication of scammers. Indian technologists and business executives will have to collaborate, cooperate and create a comprehensive ecosystem to tackle tech-driven threats, the experts said on the sidelines of Singapore Cyber Week — 2023 held from October 17-19.

International Criminal Court (ICC) headquartered at The Hague in the Netherlands has heightened its online security after detecting a serious cyber security incident five weeks ago, which it revealed was an act of espionage. In a statement on Friday the ICC said that as soon as the incident was confirmed by its alert mechanism, steps were taken to mitigate its effects by initiating an immediate incident response with the support of the Netherlands as the «host state» and external cyber security experts.

https://justgiving.com/campaign/gaza-emergency2023 You can also donate via Facebook and Instagram. Thank you for your solidarity" Hamas has also made an urgent plea to international relief organisations to deliver essential medical and humanitarian supplies to Gaza, CNN report stated as reported by ANI.

Imagine you are the CEO of a medium-sized professional services firm offering tax advice to thousands of Australian individuals, families and small businesses. You’re enjoying movie night at home on a Saturday; a rare moment of calm after a busy week.

Cyber security experts at ESET have warned firms of the threat posed by the Lazarus Group’s new malware “LightlessCan” saying it is more difficult to detect than previous versions.

Bengaluru Police have busted a Rs 854 crore cyber fraud scam and arrested six people who allegedly cheated thousands of victims across India on the pretext of an investment scheme, officials said on Saturday. The accused — Manoj, Panindra, Chakradhar, Shrinivas, Somashekar and Vashanth — are all residents of Bengaluru, they said. The three other accused, alleged to be the masterminds behind the fraud have been identified, police said, adding efforts are being made to apprehend them.

malicious activity on their customer systems, after a cyber incident was first identified on August 18. The company had previously said some personal information of its current and former employees had been compromised.

On-chain insights platform Nansen has revealed that a third-party vendor's system has been compromised. As a result, about 6.8% of the customers' data have been affected.

Bankrupt cryptocurrency exchange FTX has restored its customer claims portal, which was previously shut down due to a cyber attack. Claimants can now continue to submit asset claims they held on the exchange prior to it becoming insolvent. 

India-Japan Cyber Dialogue held in Tokyo, discussed important areas of bilateral cyber cooperation and reviewed the progress achieved in the areas of cybersecurity and information and communication technologies including 5G technology, an official statement said. The Indian delegation was led by Muanpuii Saiawi, Joint Secretary (Cyber Diplomacy Division) in the Ministry of External Affairs (MEA), while the Japanese side was led by Ishizuki Hideo, Ambassador in-charge of Cyber Policy in the Ministry of Foreign Affairs (MOFA) of Japan. «Both sides exchanged views on latest developments in cyber domain and mutual cooperation at the United Nations and other multilateral and regional fora, including under the Quad framework,» the MEA statement said. It said both the delegations underscored the importance of capacity building in ensuring secure cyberspace and agreed to cooperate in this aspect. The Indian delegation comprised senior officials from MEA, ministries of home affairs, defence, and electronics and information technology, National Security Council Secretariat, Department of Telecommunications, Indian Computer Emergency Response Team, National Critical Information Infrastructure Protection Centre and Embassy of India in Tokyo. The Japanese delegation included senior officials from National Centre of Incident Readiness and Strategy for Cybersecurity, Ministry of Internal Affairs and Communication, Ministry of Defence, Ministry of Economy, Trade and Industry (METI), MOFA and other departments concerned. India invited the Japanese delegation for the sixth India-Japan Cyber Dialogue in New Delhi next year.

Wipro on Wednesday announced the launch of its cyber defence centre (CDC) in Dusseldorf, Germany. Wipro’s CDCs globally provide localised support and fulfil customers’ cybersecurity and compliance requirements. This addition takes the number of such Wipro centres globally to 17.

«People are misusing genuine OTT platforms to bypass the system because they are not regulated, they are not subject to any security regulations.

Tata Power Delhi Distribution on Tuesday announced its strategic partnership with Utiltyx, the Indian arm of the US-based cyber security and data analytics software company. The partnership aims to enhance the company's preparedness against future threats and challenges related to cyber security, a company statement said. The association is aimed at augmenting IED (Intelligent Electronic Device) visibility, adding strengths to the capabilities of Tata Power-DDL to fight cyber threats and providing credible & real-time analytics for its distribution grid, thereby preparing the power distribution infrastructure for future threats and growth, the statement said. This assumes significance in view of threats of trojan malware on India's power supply system especially from some of the neighbouring nations.

On the eve of G-20 Summit in national capital Delhi, the Delhi Police's website is down. The Delhi Police website seems to have crashed amid cybersecurity threats ahead of the crucial international meet in Delhi.

Crypto exchange Binance is refunding users 1 million Tether ($1 million) over its handling of the CyberConnect (CYBER) token incident.

Israel’s Police National Cyber Crime Unit reportedly conducted a massive investigation into a local company, uncovering a crypto scam where hackers stole millions using malicious software.

MUMBAI : Global cooperation is essential to tackle cryptocurrencies and other threats emanating from the cyber space, finance minister Nirmala Sitharaman said on Tuesday, outlining a topic that is set to be a key Indian focus at a Group of 20 summit in New Delhi this weekend. “As much as you build firewalls, there are more and more newer ways in which attacks are being made. Crypto (is a) threat as well as an opportunity," Sitharaman said at a Global Fintech Fest here.