Fintech Convergence Council

Advanced technologies have changed the modern way of life. The internet provides us with many benefits. However, it also makes us vulnerable to a wide range of threats. New and powerful cyber-attacks are striking the internet regularly. A minor lapse in managing our digital lives can open the door to cyber criminals. Inorder to prevent such cyber-crimes 14C suggests the following measures: • Do not respond to messages from unknown source requesting personal or financial details even if it assures credit of money into your bank account. • Do not respond to suspicious e-mails or click on suspicious links. • Do not transfer money to any un-trusted unknown account. • Always verify the correctness of the domain of the e-mail ID, for example, all government websites have “.gov.in” or “.nic.in” as part of their web address. #CyberAwareness #CyberSecurity #Scam #OTPFraud #InsuranceFraud #InvestmentScam Sandeep Jhingran Swati Sekaran Yashaswi Shah Parakh Jain Harshali Saigal Rohan Mishra MVP Pratyush

Embarking on a journey where innovation meets ambition! Here's to a financial ecosystem that doesn't just adapt but redefines the future. Let the sparks of fintech brilliance light up our path! 💡 Happy Diwali on behalf of the FCC family! Sandeep Jhingran Yashaswi Shah Uznain Haji Harshali Saigal Rohan Mishra Swati Sekaran Parakh Jain #FintechPioneers #InnovateFinance #FintechConvergenceCouncil #DiwaliCelebration #FintechFestivities #DigitalDiwali #InnovationLights #DiwaliVibes

Ransomware attacks in India are a growing concern. In these attacks the fraudsters send malicious software through email/SMS/fake websites to potential victims. Once the victim clicks on the malicious link, the victim's system gets locked and all files get encrypted. Ways to protect yourself from these attacks as : - Keep your Operating system and application updated. - Dont respond to email and text messages from peopleyou don't know  - Back up your data at regular intervals - Install antivirus software, firewalls, and email filters & keep them updated. #BeCautious #BeCyberSafe #Regtech Globally, total malware volume rose 30 per cent in the first half of 2024, seeing a massive 92 per cent increase in May alone. Sandeep Jhingran Swati Sekaran MVP Pratyush Yashaswi Shah Harshali Saigal Rohan Mishra Parakh Jain

Ransomware attacks in India are a growing concern. The attacks on critical infrastructure like power utilities and seaports highlight the need for better cybersecurity measures to protect against such attacks. In 2022, two large Indian pharmaceutical companies fell prey to a ransomware attack, followed by data leaks. Two different ransomware groups put up the companies’ confidential information on a dark web forum. Of those organisations that experienced frauds across their financial platforms, fraudulent transfers to/from a platform constituted 89% of all platform frauds in India. Sandeep Jhingran Yashaswi Shah Swati Sekaran Harshali Saigal Rohan Mishra Parakh Jain #Regtech #Malwareattack #Fintech #CyberAwareness

An analysis of frauds reported across banks reveals significant trends for the fiscal year 2023-24 (FY24). The total number of fraud cases surged to 36,075, marking an increase of nearly 300% from 9,046 cases reported in FY22. However, the financial impact of these frauds has notably decreased, with the total amount involved falling from Rs 45,358 crore to Rs 13,930 crore, according to the Reserve Bank of India's (RBI) annual report released on Thursday. Here are some suggested preventive measures against online banking fraud by McAfee to keep your accounts secure: - Use Strong Passwords - Employ a Password Manager - Enable Two-Factor Authentication (2FA) - Examine emails critically for signs of phishing, such as suspicious sender addresses or requests for personal information. - Stay Cautious of unsolicited calls asking for personal or financial information. - Do not conduct banking or financial transactions over public Wi-Fi. - Use PINs, passwords, or biometric locks on your devices to prevent unauthorized access. - Utilize Security Software: Install comprehensive security software to guard against malware and cyber threats. - Monitor Your Accounts: Regularly check your credit report and bank statements for any unauthorized transactions or discrepancies. Sandeep Jhingran Yashaswi Shah Swati Sekaran Parakh Jain #cyberSecurity #FinFact #bankingFrauds #finetchfact #Regtech #scam

An analysis of frauds reported across banks reveals significant trends for the fiscal year 2023-24 (FY24). The total number of fraud cases surged to 36,075, marking an increase of nearly 300% from 9,046 cases reported in FY22. However, the financial impact of these frauds has notably decreased, with the total amount involved falling from Rs 45,358 crore to Rs 13,930 crore, according to the Reserve Bank of India's (RBI) annual report released on Thursday. Here are some suggested preventive measures against online banking fraud by McAfee to keep your accounts secure: - Use Strong Passwords - Employ a Password Manager - Enable Two-Factor Authentication (2FA) - Examine emails critically for signs of phishing, such as suspicious sender addresses or requests for personal information. - Stay Cautious of unsolicited calls asking for personal or financial information. - Do not conduct banking or financial transactions over public Wi-Fi. - Use PINs, passwords, or biometric locks on your devices to prevent unauthorized access. - Utilize Security Software: Install comprehensive security software to guard against malware and cyber threats. - Monitor Your Accounts: Regularly check your credit report and bank statements for any unauthorized transactions or discrepancies. Sandeep Jhingran Yashaswi Shah Swati Sekaran Parakh Jain #cyberSecurity #FinFact #bankingFrauds #finetchfact #Regtech #scam

In the spirit of world investor week 2024 (to be celebrated from Oct 14 to Oct 20) here is a cautious Friday fact for you: This incident happened recently in August. The ED, with the help of forensic accountants, traced the money through a network of shell companies set up to hide their activities. The scam resulted in several arrests, and assets worth Rs 75 crore were seized. While such scams are on the rise I4C advises you to follow these step to avoid falling prey to cyber investment frauds: — Be sceptical of unsolicited messages offering quick money through online investments with unrealistic returns.) — Verify the legitimacy of job offers and investment platforms through official websites or apps. — Do not share login credentials, personal, or financial information with strangers, especially on messaging apps. — Avoid downloading unknown apps or files at the request of unfamiliar contacts. — Report cyber fraud incidents to the https://lnkd.in/gd-tyyg or call 1930 for assistance. Sandeep Jhingran Yashaswi Shah Swati Sekaran Uznain Haji Parakh JainRohan Mishra Harshali Saigal #CyberSecurity #FinancialFraud #StaySafeOnline #I4C #DigitalSafety #FintechSecurity

IAMAI presents a knowledge session on "Enhancing Agri-Insurance in India: Tackling Risk Assessment, Farmer Awareness, and Digital Solutions." 🗓 Date: 21st October  🕒 Time: 3 - 4 PM   Guest Speaker: Dr. Dinamani Biswal, National Institute of Technology  Explore how digital tools are transforming agri-insurance, empowering farmers, and improving risk management! Scan the QR Code to attend the knowledge session. #AgriInsurance #RiskManagement #DigitalSolutions #AgriTech #IAMAI #FarmerEmpowerment #SustainableAgriculture

Never trust anyone asking you to join social media groups or messaging apps for ‘secret stock tips’. It can be a scam. Invest through registered stockbrokers by depositing funds in their account and avoid cash deals. #SatraktaMeinHainSamjhdari #NSE #NSEIndia #WorldInvestorWeek #IOSCOWIW2024 #ASmartInvestor #WorldInvestorWeekIndia #InvestorAwareness #FinancialEducation Sandeep Jhingran Yashaswi Shah Uznain Haji Harshali Saigal Rohan Mishra

Following FCC's Cautious Friday, we present to you FinFact Monday. This initiative is an effort to spread awareness with fun fintech facts. ------------------------------------------------------------------------------ In May 2024, the Indian Cyber Crime Coordination Centre (I4C) reported an average of 7,000 cybercrime complaints per day—a staggering 113.7% increase from 2021-2023. What's even more alarming? 85% of these complaints involved financial online fraud. As cyber threats continue to escalate, it's crucial for both individuals and organizations to stay vigilant and proactive. In case you encounter a cyber crime please make sure to file a complaint on the National Cybercrime Reporting Portal, an initiative by the Government of India designed to empower victims and complainants to report cybercrime incidents online. This platform allows citizens to securely and anonymously report a variety of cybercrimes, with a particular focus on offenses against women and children. To protect yourself: - Regularly monitor your financial transactions - Be cautious of phishing emails and suspicious links - Enable multi-factor authentication wherever possible As we adapt to a digital-first world, strengthening our cybersecurity practices must be a top priority. Sandeep Jhingran Yashaswi Shah Swati Sekaran Uznain Haji Parakh Jain Rohan Mishra Harshali Saigal #CyberSecurity #FinancialFraud #StaySafeOnline #I4C #DigitalSafety #FintechSecurity