Telcos should act fast to counter online frauds: Paytm | WeForNews | Latest News, Blogs Telcos should act fast to counter online frauds: Paytm – WeForNews | Latest News, Blogs
Connect with us

Tech

Telcos should act fast to counter online frauds: Paytm

Published

on

paytm

New Delhi, Feb 27 (IANS) Telecom companies in India need to implement stringent preventive and punitive measures to counter the menace of online frauds executed through spam SMS or calls, a top Paytm Payments Bank (PPB) executive said on Thursday.

Paytm Payments Bank, which also houses the Paytm wallet, recently filed an FIR against fraudsters.

“Telecom players should act fast to counter the menace of online frauds, where consumers are duped via fake SMSes and calls done on their networks,” Jatinder Thakar, Senior Vice President — Risk Management at Paytm Payments Bank told IANS.

Paytm Payments Bank said it is working closely with the Reserve Bank of India (RBI), Telecom Regulatory Authority of India (TRAI), Ministry of Electronics and Information Technology (MeitY), banks and telcos to ensure that customers do not get duped by fraudsters.

Considering the ways in which fraudsters have deceived customers, a telco that does not take action on fraudulent use of telecom resources is the weakest link and origination point of cyber fraud, the company said.

“Fraudsters are continuing to use the telco platforms to spam millions of telecom users with phishing and other such fraudulent SMSes and calls. Even if 0.01 per cent of this base gets defrauded, it is a huge number, and a loss of hard earned money for these victims, to the tune of lakhs of rupees,” Thakar added.

Fraudsters take advantage of multiple lapses in the processes today, such as the very limited “Know Your Business” process followed by telcos before issuing bulk SMS facility to an organisation/institution/individual. This makes it very easy for fraudsters to register and start sending millions of SMSes in bulk.

In addition, the limited KYC requirements are paper-based KYC despite having the option of digital KYC or video KYC.

Moreover, fraudsters can still target most of the customers who have their number in Do Not Disturb (DND) registry of TRAI.

Fraudsters can very easily send spoof SMSes from headers like “PYTM” or “PAY TM”, with no challenges, PPB said.

Cybercriminals can also impersonate banks by putting in content like “Your Paytm account will be blocked”, and there is no check on SMS content.

Lack of an intelligent system for blocking of issuance of SIM cards to identified fraudsters is another issue, according to the company.

Even if a single mobile number of the fraudster is identified, caught and blocked, the fraudster can simply issue a new SIM and start all over again.

“As a first step, the initial due diligence needs to be made more stringent so that telecom resources (bulk SMS and calling facility) are not provided by telcos to fraudsters, and are for a legitimate use,” said Thakar.

“Further, if a customer or a bank files a complaint against fraudulent messages/calls, the telecom service provider should be able to block such fraudsters immediately, and provide their due diligence details to law enforcement agencies immediately for strict action” he added.

On its part, PPB said it has been taking major countermeasures to safeguard user accounts including the use of the latest cybersecurity tools with important updates.

The new feature analyses ‘rogue’ apps such as Teamviewer, Anydesk and Quicksupport on user devices which might trigger fraudulent transactions and advises users to uninstall them.

The bank is also leveraging Artificial Intelligence (AI) to instantly detect suspicious transactions. Depending on the identified threat level of a transaction, the AI either slows it down or completely blocks the payment from getting completed.

The AI has been specifically designed keeping in mind the patterns of the various scams being run by fraudsters and is, therefore, able to combat most attacks on user accounts in real-time, PPB said, adding that the feedback on the new security features has been overwhelmingly positive.

“Our purpose is to build a trusted digital payments ecosystem and prevent customers from getting duped by such frauds. When an individual customer loses money through these frauds, it adversely impacts the growth and trust in digital payments. Telcos are the most important stakeholder, as their channel is used to proliferate these frauds, need to expedite their actions to stop such fraudulent activities,” Thakar said.

Tech

Instagram down, users reporting issues worldwide

Published

on

By

Instagram Data Leak

New Delhi, Sep 18 : Instagram users, including from the US, the UK, Middle East and India, took to Twitter on Friday to report problems while using the photo and video sharing app.

According to Downdetector website, which monitors online outages, the outages did not appear to hit the entire Instagram network but several places reported disruption in services.

Nearly 72 per cent faced problems with their news feed, 12 per cent had problems in logging in while 14 per cent mentioned website issues.

“Everybody running to twitter to see if Instagram is really down or the wi-fi is not working,” a user said.

“Refreshing my feed on Instagram since its not loading,” replied one user.

“Me on my way to twitter after Instagram went down for the 178th time this year #instagramdown,” another user said.

“Twitter was invented to check if Instagram and Facebook are not working for other people,” tweeted one user.

The social media giant was yet to update about the reason for the outage.

On April 2, Facebook, Instagram and WhatsApp went down for millions of users in North and South America and Europe.

Continue Reading

Business

Telefonica partners with Japan’s Rakuten to develop open 5G network

The technology promises to radically cut costs for telecom operators as it uses cloud-based software and commoditized hardware instead of proprietary equipment supplied by companies such as Nokia, Ericsson and Huawei.

Published

on

By

Huawei Technologies

Stockholm: Spain’s Telefonica has signed a pact with Japan’s Rakuten to develop a 5G radio network system that uses an open platform and artificial intelligence, the companies said on Wednesday.

The Japanese firm has become the first mobile operator to deploy a network based on a technology called Open Radio Access Network (RAN) that uses software to run network functions on the cloud, which requires less physical equipment.

Rakuten plans to launch 5G services in Japan later this month, Rakuten Mobile’s Chief Technology Officer Tareq Amin said on a call with journalists, after it was forced to delay the introduction by months due to disruption from the coronavirus outbreak.

The technology promises to radically cut costs for telecom operators as it uses cloud-based software and commoditized hardware instead of proprietary equipment supplied by companies such as Nokia, Ericsson and Huawei.

The companies plan to develop a joint procurement scheme for Open RAN software and hardware that will increase volumes and reach economies of scale.

“We are not building a competitive tool with Open RAN. We are trying to build an ecosystem,” said Enrique Blanco, chief technology & information officer at Telefonica, adding that they are open to working with other operators.

Telefonica has been deploying Open RAN pilots in Brazil, Germany, Spain and Britain, and plans to ramp up deployments in 2021 and significant rollouts in 2022.

The Spanish group plans to phase Huawei equipment out of the sensitive core for its 5G network in order not to run the performance and data protection risks that come with relying on one sole supplier, although it has repeatedly said it has no evidence to support U.S. President Donald Trump’s accusations that the Chinese firm’s kit is unsafe.

Continue Reading

India

Zhenhua data leak: Govt sets up expert panel to study reports of China snooping on VIPs in India

The Government of India has constituted an expert committee under the National Cyber Security Coordinator to study reports released earlier this week saying that a China-based company is mining data and snooping on hundreds of Indian politicians and leaders.

Published

on

eam jaishankar european parliament

The Government of India has constituted an expert committee under the National Cyber Security Coordinator to study reports released earlier this week saying that a China-based company is mining data and snooping on hundreds of Indian politicians and leaders, including the Prime Minister, President, Chief Justice of India and other chief ministers.

The panel will study these reports, evaluate their implications, assess any violations of law and submit its recommendations within 30 days.

“Government of India is deeply concerned with any report that suggests that foreign sources are accessing or seeking to access the personal data of our citizens without their consent. The government takes very seriously the protection of privacy and personal data of Indian citizens,” news agency ANI reported quoting sources.

The sources said that the Ministry of External Affairs (MEA) has also raised the issue of Zhenhua Data Information Technology Co. allegedly spying on prominent Indians with the Chinese Ambassador on Wednesday. China reportedly said that Zhenhua is a private company and has made clear its position publicly.

The decision about the constitution of the expert panel was communicated to Congress MP KC Venugopal by Minister of External Affairs S Jaishankar in response to the former’s demands to protect the data of Indian leaders and others from spying by Chinese companies. Several other MPs raised this demand in the Parliament on Wednesday.

A Shenzen-based technology company with links to the Chinese government and the Chinese Communist Party is keeping an eye on more than 10,000 Indians and organisations. The company calls itself a pioneer in using big data for ‘hybrid warfare’ and the ‘great rejuvenation of the Chinese nation’.

Meanwhile, China has reportedly taken down one of its website after a detailed questionnaire was sent to the email ID mentioned on contact section of the website.

Continue Reading
Advertisement

Most Popular

Corona Virus (COVID-19) Live Data

COVID-19 affects different people in different ways. Most infected people will develop mild to moderate illness and recover without hospitalization.