Tag: Fraud

Technology

As AI makes it worse, fraud is a problem so big we must teach kids how to spot it in schools

Have you or someone you know been a victim of fraud? If so, that's not unusual. The UK's Office for National Statistics (ONS) reported a rise of 25 per cent in the number of fraud offences in 2021 compared to 2020 in the UK. Representing over 40 per cent of all crimes against individuals, fraud is the most common crime in the UK.If these statistics are not alarming enough, there is some evidence that AI is making it harder to detect scams. People often blame fraud victims for being foolish or trusting enough to fall for a scam. But it's time to accept that it can happen to anyone. It's a problem so large we need to revise our concept of fraud as something that only happens to gullible or vulnerable people. The human brain can't keep up with all of the new technology-enabled types of fr...
Technology

Amazon, eBay, Facebook to Google, Tech giants on board to bust online scams: UK govt

Eleven global tech giants have pledged to do more to tackle the scourge of online scammers, the UK government said on Thursday, billing the promise as a world first. Amazon, eBay, Facebook, Google, Instagram, LinkedIn, Match Group, Microsoft, Snapchat, TikTok, and YouTube have signed up to the Online Fraud Charter, which ministers say will better protect users.The tech giants have promised to take tougher action within six months to block and remove scams, such as fake adverts and romance fraud, from their platforms. Actions include verifying new advertisers, better checks on online marketplaces, and giving users of dating sites the opportunity to prove their real identity. The voluntary charter, developed with the tech firms, will also seek to prevent ads for age-restricted products s...
Technology

FTX origins, mistakes made, ‘Freakoutness’: SBF on the stand

FTX co-founder Sam Bankman-Fried returns to the stand Monday, when he's likely to face a bruising cross-examination based on his Friday testimony that he made mistakes but didn't commit fraud that led to the cryptocurrency exchange's collapse.Bankman-Fried was questioned by his own lawyer on Friday, and he used his time on the stand to offer alternative explanations for actions prosecutors have described as nefarious. The case against Bankman-Fried centers on allegedly fraudulent transfers of billions in FTX customer funds to an affiliated hedge fund, Alameda Research, in which he held a 90% interest. We are now on WhatsApp. Click to join. The onetime crypto mogul also tried to push back on the prosecution testimony of three former close associates — FTX co-founder Gary Wang, engineeri...
Technology

How PayPal is using AI to combat fraud, and make it easier to pay

Artificial intelligence has been the buzzword of 2023 ever since ChatGPT made its public debut earlier this year, with businesses, schools, universities and even non-profits looking for ways to integrate AI in their operations.John Kim, chief product officer for PayPal, spoke with The Associated Press about how the company is using the early proliferation of artificial intelligence technologies in its business, as well as PayPal's future in payments when there's so much competition. The interview has been edited for length and clarity. Q: How have security issues changed since you've been in this role or similar roles? How much more complicated or sophisticated are threats or opportunities to protect customer data? A: One way you you can put it is that the fraud is a pretty big busines...
Technology

Beware! QR Code scams are on the rise; Know how they work and how to avoid them

The dark side of any technological advancement is that bad actors will use it for their personal advantage. We are already seeing this happen with artificial intelligence as AI-powered malware is being spotted, as well as a higher number of deepfakes have also surfaced. But the threat that is reaching a highly concerning level has to do with QR code-based scams. These online scams are on the rise and have led many people to fall prey to scammers and they end up losing a fortune. You need to know how a QR Code scam works because that will also help you in avoiding such scams altogether. So, let us take a look.A 30-year-old Indian Institute of Science professor recently became a victim of a QR code scam. The professor was trying to sell his washing machine on an online portal on August 1...
Business

Indian-Origin Man In Canada Pleads Guilty Of Stealing $47 Million: Report

Ottawa: An Indian-origin former Ontario government employee has been sentenced to 10 years in prison after he pleaded guilty to stealing 47.4 million dollars from the Canadian provincial government that also included USD 10.8 million of the COVID aid, a media report has said.Sanjay Madan, who served as an IT director within the Ministry of Education, agreed that he “abused his position to defraud the Ontario government” by overseeing two complicated schemes to bilk millions of dollars from taxpayers, the Global News reported on Tuesday.“He's taking responsibility for everything. He feels sorry for his crimes,” Madan's lawyer Chris Sewratan told the newspaper.As part of the guilty plea, Madan agreed to re-pay the entire 47 million dollars, 30 million dollars of which, his lawyers say, wa...
Technology

BEWARE! AI-generated YouTube videos are being used by hackers to steal information

Hackers have been using innovative ways to lure innocent victims and steal their personal information. And now, the usage of AI-generated YouTube videos has risen 200-300 percent month-on-month, according to a report. These hackers upload YouTube videos which are made entirely by AI (artificial intelligence) and they urge users to download useful apps and software which, in actuality, is malware in disguise. These incidents have become very prevalent and many are falling for it. Know how this new online scam works and how you can protect yourself from it.The report comes from the IT security intelligence company CloudSEK, which revealed that there is a massive increase in YouTube videos which contain dangerous stealer malware such as Vidar, RedLine, and Raccoon in their descriptions. ...
Technology

Disappointed with police inaction, farmer takes on cybercriminal, recovers lakhs lost in fraud

55-year-old Pawan Kumar Soni, a farmer based in Sri Ganganagar City in Rajasthan, became a victim of a cyber fraud when his 26-year-old son Harsh Vardhan opened a link from a phishing message that flashed on his mobile phone. Within minutes, more than Rs. 8 lakh was withdrawn from his account in four different transactions.Vardhan, who lives in Dwarka in Delhi, had his phone number registered with his father's account at the State Bank of India branch of Sri Ganganagar City. The message, which was delivered on his mobile at around 3.45 PM on Saturday, January 7, said, "Your account is blocked, please update your KYC." Harsh already had a YONO application but the moment he clicked on the link, another duplicate app downloaded on his phone."I thought that I should update my KYC on this ...
Technology

Gurugram woman duped of Rs. 10 lakh on Telegram app

A woman was allegedly duped of more than Rs. 10 lakh by online frauds who promised her great returns on her investments and asked her to watch and like YouTube videos on Telegram app, police said on Friday.The victim, Shanu Priya Varshney, said she was added to a Telegram group and asked to like some videos on YouTube and get profit on investment. According to her complaint, the Khandsa Road area resident had on February 1 received a message on WhatsApp which offered her good returns on investment in digital marketing. She was asked to join a Telegram group, where she was asked to watch and like some videos on YouTube. Initially, when she did that she got some money in her account as a commission."Then on February 2, in the name of VIP membership, I was asked to pay ₹8,000. My accoun...
Technology

Appalling scam! Woman duped of Rs. 846000 while buying Maharaja Bhog thali on Facebook

In an appalling online scam, a woman got duped of Rs. 8.46 lakh while trying to buy Rs. 200 Maharaja Bhog thali on Facebook. Here are the details. A huge number of online sales and discounts have popped up during the festive season. From iPhone to Smart TV and more, most online stores have some kind of offer going on where customers can get extra benefits for making a purchase. And that's why when a Mumbai-based woman came across an ad about a ‘buy one get one free' Maharaja Bhog thali on Facebook app for just Rs. 200, she did not bat an eye. But what she did not know was that soon, she will be trapped in a scary online scam that would lead to scamsters stealing Rs. 8.46 lakh from her bank account. Read on to know the details.According to a report by Indian Express, the 54-year old w...