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Time of India
3 days ago
- Business
- Time of India
Bharti Airtel MD writes to banks, NPCI, RBI to join forces against digital frauds; moots collaborative measures
Telecom operator Airtel has approached over 40 banks, as well as RBI and NPCI, proposing a close collaboration and a unified front to curb digital frauds, including sharing intelligence over repository of known fraudulent financial domains. Airtel has dialled NPCI, proposing a "closer collaboration" to create a repository of known malicious financial domains, to enable proactive blocking of malicious and rogue sites and to build a multi-layered defence to combat digital frauds. The Sunil Mittal-led telco has also done a similar outreach with major banks, including SBI, HDFC and others, sources said. The company has also reached out to the Reserve Bank of India (RBI) for "collaboration" to create a repository of known fraudulent financial domains. Airtel has also favoured regulatory consultations, offering its support to the RBI in building frameworks that hold OTT platforms accountable for consumer safety -- especially in the context of financial communication, according to the letter seen by PTI. It has also mooted joint public education campaigns to raise awareness about evolving digital fraud tactics and safe practices. In a separate letter to NPCI, Airtel said it believes there is a strong potential for a partnership between Airtel and NPCI to further strengthen the security of India's digital payment systems. An email sent to Airtel did not elicit a response. "The NPCI has been at the forefront of securing digital transactions in India, deploying cutting-edge AI/ML-based models that offer an advanced real-time Fraud Risk Monitoring and Management solution (FRM) that generates alerts and allows banks to detect and prevent fraud across all online NPCI products. "Airtel commends this proactive approach and NPCI's efforts in reducing the growing risks of fraud in an increasingly digital financial landscape, where threats are constantly evolving," Gopal Vittal , Vice Chairman and Managing Director of Airtel, said in a communication to Dilip Asbe, MD and CEO, National Payments Corporation of India (NPCI). Informing about the launch of Airtel's fraud detection solution to combat consumer fraud via malicious links, the telco said the solution can significantly complement NPCI's existing fraud monitoring initiatives. By blocking access to malicious websites and phishing links at the point of access, Airtel can help prevent users from unknowingly engaging with fraudulent sites that could compromise their financial data, the telco said. "Additionally, during these programs as well as our overall telco acquisition and experience, we believe that we have strong signals that could lead to identification of potentially fraudulent transactions or users," the Airtel top honcho wrote, adding that the company believes there is strong potential for a partnership between Airtel and NPCI to further strengthen the security of India's digital payment systems. "We propose the following actions to enhance this partnership... Closer collaboration between Airtel and NPCI to create a repository of known fraudulent financial domains, enabling proactive blocking of these malicious sites and creating a multi-layered defence against digital fraud," said the letter dated May 16. Airtel has also pitched for joint awareness campaigns and workshops. The telecom operator proposed that joint awareness campaigns can leverage the combined reach of Airtel and NPCI to educate users on safe online practices, recognising phishing attempts, and staying protected against emerging digital fraud tactics; while the workshops would identify and productise a counter fraud solution -- in the process helping reduce financial frauds in the country. "Through this collaboration, NPCI, Airtel, and the banking sector can collectively create a more robust and resilient framework for reducing fraud and building greater confidence in India's digital financial services. Airtel remains committed to doing its part and would be happy to provide further technical details and explore how we can work together with the NPCI to enhance the security and integrity of India's digital payments ecosystem," Airtel said. In the letter to RBI Governor Sanjay Malhotra, Vittal lauded the efforts of the Reserve Bank of India in fighting digital fraud, especially the recent initiative to collaborate with regulated entities and the Reserve Bank Innovation Hub (RBIH) on the development of "This powerful AI-based system has already demonstrated its ability to identify mule accounts used to route illicit funds. By analysing user behaviour and transaction patterns, banks can now flag and disable suspicious accounts more efficiently, thereby disrupting fraud at the transactional layer," Vittal wrote. However, Airtel said these systems remain largely reactive, detecting threats after fraudsters are already embedded in the financial ecosystem. "Airtel believes that our fraud detection solution can complement these efforts by stopping fraud at the very first step: the moment a user attempts to access a malicious site," Airtel said. Stating that India's financial system is the cornerstone of national growth, trust, and international standing, Airtel said protecting this system demands collaboration between all stakeholders -- regulators, service providers, and financial institutions alike. "Airtel remains committed to doing its part and would be happy to provide further technical details and explore how we can work together with the RBI in this critical fight against digital fraud," Vittal wrote. Citing the "mounting security risks on OTT platforms", Airtel said achieving SMS-like level of protection on OTT platforms is "impossible" since fraudulent links sent over these platforms are harder to detect and block before they reach users, making OTT channels the weakest link in the fight against online scams. Additionally, the lack of traceability and compliance requirements on OTT apps, such as data sovereignty, data confidentiality, encryption standards, and system access for regulators create serious security concerns. This issue has been further exacerbated by the increasing reliance of financial institutions on OTT (communications) channels for sending transactional and service messages, to sidestep the regulatory requirements governing telecom networks, Airtel said, cautioning that this heightens security vulnerabilities. "In this context, and in light of the ongoing RBI consultation on additional factor authentication (AFA) for digital payments, we wish to emphasise that financial transactions must continue to be conducted over secure telecom networks. Telecom networks offer a level of protection and oversight that OTT platforms currently lack, thereby helping to mitigate fraud risks and enhance overall consumer safety," Vittal said. Sources said the telco has received a favourable response to the collaboration pitch from private and state-owned banks. Earlier, Airtel had also reached out to Reliance Jio and Vodafone Idea with a proposal for a joint telecom fraud initiative to unite the industry against rising fraud and scams on telecom networks. In separate letters to the telcos, it had cited data that India recorded over 1.7 million cybercrime complaints in the first nine months of 2024, resulting in financial losses exceeding Rs 11,000 crore. Airtel had urged all telcos to collaborate and collectively address the growing threat of deceptive and malicious scams targeting vulnerable individuals.
Time of India
3 days ago
- Business
- Time of India
Airtel MD writes to banks, NPCI, RBI to join forces against digital frauds; moots collaborative measures
Telecom operator Airtel has approached over 40 banks, as well as RBI and NPCI, proposing a close collaboration and a unified front to curb digital frauds, including sharing intelligence over repository of known fraudulent financial domains. Airtel has dialled NPCI, proposing a "closer collaboration" to create a repository of known malicious financial domains, to enable proactive blocking of malicious and rogue sites and to build a multi-layered defence to combat digital frauds. The Sunil Mittal-led telco has also done a similar outreach with major banks, including SBI , HDFC and others, sources said. The company has also reached out to the Reserve Bank of India (RBI) for "collaboration" to create a repository of known fraudulent financial domains. Airtel has also favoured regulatory consultations, offering its support to the RBI in building frameworks that hold OTT platforms accountable for consumer safety -- especially in the context of financial communication, according to the letter seen by PTI. Live Events It has also mooted joint public education campaigns to raise awareness about evolving digital fraud tactics and safe practices. In a separate letter to NPCI, Airtel said it believes there is a strong potential for a partnership between Airtel and NPCI to further strengthen the security of India's digital payment systems. An email sent to Airtel did not elicit a response. "The NPCI has been at the forefront of securing digital transactions in India, deploying cutting-edge AI/ML-based models that offer an advanced real-time Fraud Risk Monitoring and Management solution (FRM) that generates alerts and allows banks to detect and prevent fraud across all online NPCI products. "Airtel commends this proactive approach and NPCI's efforts in reducing the growing risks of fraud in an increasingly digital financial landscape, where threats are constantly evolving," Gopal Vittal, Vice Chairman and Managing Director of Airtel, said in a communication to Dilip Asbe, MD and CEO, National Payments Corporation of India (NPCI). Informing about the launch of Airtel's fraud detection solution to combat consumer fraud via malicious links, the telco said the solution can significantly complement NPCI's existing fraud monitoring initiatives. By blocking access to malicious websites and phishing links at the point of access, Airtel can help prevent users from unknowingly engaging with fraudulent sites that could compromise their financial data, the telco said. "Additionally, during these programs as well as our overall telco acquisition and experience, we believe that we have strong signals that could lead to identification of potentially fraudulent transactions or users," the Airtel top honcho wrote, adding that the company believes there is strong potential for a partnership between Airtel and NPCI to further strengthen the security of India's digital payment systems. "We propose the following actions to enhance this partnership... Closer collaboration between Airtel and NPCI to create a repository of known fraudulent financial domains, enabling proactive blocking of these malicious sites and creating a multi-layered defence against digital fraud," said the letter dated May 16. Airtel has also pitched for joint awareness campaigns and workshops. The telecom operator proposed that joint awareness campaigns can leverage the combined reach of Airtel and NPCI to educate users on safe online practices, recognising phishing attempts, and staying protected against emerging digital fraud tactics; while the workshops would identify and productise a counter fraud solution -- in the process helping reduce financial frauds in the country. "Through this collaboration, NPCI, Airtel, and the banking sector can collectively create a more robust and resilient framework for reducing fraud and building greater confidence in India's digital financial services. Airtel remains committed to doing its part and would be happy to provide further technical details and explore how we can work together with the NPCI to enhance the security and integrity of India's digital payments ecosystem," Airtel said. In the letter to RBI Governor Sanjay Malhotra , Vittal lauded the efforts of the Reserve Bank of India in fighting digital fraud, especially the recent initiative to collaborate with regulated entities and the Reserve Bank Innovation Hub (RBIH) on the development of "This powerful AI-based system has already demonstrated its ability to identify mule accounts used to route illicit funds. By analysing user behaviour and transaction patterns, banks can now flag and disable suspicious accounts more efficiently, thereby disrupting fraud at the transactional layer," Vittal wrote. However, Airtel said these systems remain largely reactive, detecting threats after fraudsters are already embedded in the financial ecosystem. "Airtel believes that our fraud detection solution can complement these efforts by stopping fraud at the very first step: the moment a user attempts to access a malicious site," Airtel said. Stating that India's financial system is the cornerstone of national growth, trust, and international standing, Airtel said protecting this system demands collaboration between all stakeholders -- regulators, service providers, and financial institutions alike. "Airtel remains committed to doing its part and would be happy to provide further technical details and explore how we can work together with the RBI in this critical fight against digital fraud," Vittal wrote. Citing the "mounting security risks on OTT platforms", Airtel said achieving SMS-like level of protection on OTT platforms is "impossible" since fraudulent links sent over these platforms are harder to detect and block before they reach users, making OTT channels the weakest link in the fight against online scams. Additionally, the lack of traceability and compliance requirements on OTT apps, such as data sovereignty, data confidentiality, encryption standards, and system access for regulators create serious security concerns. This issue has been further exacerbated by the increasing reliance of financial institutions on OTT (communications) channels for sending transactional and service messages, to sidestep the regulatory requirements governing telecom networks, Airtel said, cautioning that this heightens security vulnerabilities. "In this context, and in light of the ongoing RBI consultation on additional factor authentication (AFA) for digital payments, we wish to emphasise that financial transactions must continue to be conducted over secure telecom networks. Telecom networks offer a level of protection and oversight that OTT platforms currently lack, thereby helping to mitigate fraud risks and enhance overall consumer safety," Vittal said. Sources said the telco has received a favourable response to the collaboration pitch from private and state-owned banks. Earlier, Airtel had also reached out to Reliance Jio and Vodafone Idea with a proposal for a joint telecom fraud initiative to unite the industry against rising fraud and scams on telecom networks. In separate letters to the telcos, it had cited data that India recorded over 1.7 million cybercrime complaints in the first nine months of 2024, resulting in financial losses exceeding Rs 11,000 crore. Airtel had urged all telcos to collaborate and collectively address the growing threat of deceptive and malicious scams targeting vulnerable individuals. Economic Times WhatsApp channel )
Yahoo
4 days ago
- Automotive
- Yahoo
Corey Heim to make surprise ARCA start, filling in for Jake Finch
On Friday, Venturini Motorsports revealed that Jake Finch won't be competing in the ARCA race at Michigan as previously scheduled. Finch is not filling well and will not be able to pilot the No. 25 Toyota in Friday night's ARCA race. As a result, the historic ARCA team has asked fellow Toyota driver Corey Heim to fill in for him. Finch is running part-time this year and was set to make his third ARCA start of the year today. Advertisement Heim currently drives the No. 11 TRICON Garage Toyota in the Truck Series where he leads the championship standings, winning four of the first 12 races of the year. Heim is also a developmental driver for 23XI Racing. While he does have experience in ARCA, Heim hasn't raced in that division since the 2022 season. Heim's ARCA resume is just as impressive as his Truck statistics, winning nine races in just 43 starts. He was also the 2021 ARCA championship runner-up, losing to Ty Gibbs. Venturini has been operating in ARCA since 1982 and currently fields a multi-car effort, but in April of this year, they announced plans to sell the entire organization to Nitro Motorsports later this year. Advertisement Read Also: Without charters, what would happen to 23XI and FRM as open teams? 23XI and FRM likely to lose NASCAR charters after major loss in U.S. Court of Appeals Exclusive: NASCAR commissioner offers update on Brazil plans To read more articles visit our website.
Yahoo
05-03-2025
- Automotive
- Yahoo
NASCAR suing Michael Jordan's 23XI Racing, Front Row Motorsports; refers to pair as ‘illegal cartel': The Athletic
CHARLOTTE, N.C. (WGHP) — The legal saga between two prominent NASCAR teams and NASCAR itself has taken a new turn. that NASCAR is now suing the racing teams , and . Michael Jordan, Denny Hamlin's 23XI Racing, Front Row Motorsports suing NASCAR over 'anti-competitive practices' 23XI Racing is owned by basketball Hall of Famer Michael Jordan, three-time Daytona 500 winner Denny Hamlin, and Curtis Polk. Front Row Motorsports is owned by Bob Jenkins and Brad Jenkins; both teams are based in North Carolina. against NASCAR and its CEO Jim France over 'their anti-competitive practices and monopolistic control of the sport.' 23XI and FRM released the following joint statement on their lawsuit: 'We share a passion for racing, the thrill of competition, and winning. Off the racetrack, we share a belief that change is necessary for the sport we love. Together, we brought this antitrust case so that racing can thrive and become a more competitive and fair sport in ways that will benefit teams, drivers, sponsors, and, most importantly, fans.' 23XI Racing and Front Row Motorsports According to The Athletic, NASCAR referred to the pair of 23XI and FRM in its lawsuit as 'an illegal cartel' and claimed that 23XI's Polk is 'representing all teams in negotiations, coordinating their conduct, and threatening teams that considered leaving the conspiracy and interfering and negatively affecting NASCAR's attempts to renew its media rights agreements.' The two teams claim in their antitrust lawsuit that NASCAR and France operate 'without transparency, have stifled competition, and control the sport of stock car racing in ways that unfairly benefit them at the expense of team owners, drivers, sponsors, partners, and fans, through the following anti-competitive practices.' The allegations made by 23XI and FRM against NASCAR include: Buying a majority of the premier racetracks that are exclusive to NASCAR races; Imposing exclusivity deals on NASCAR-sanctioned racetracks; Acquiring Automobile Racing Club of America (ARCA), the only notable stock car racing series competitor; Preventing teams from participating in any other stock car races, while also retaining ownership over Next Gen parts and cars; and Forcing teams to buy their parts from single-source suppliers chosen by NASCAR. NASCAR in its lawsuit, is requesting triple damages and the removal of 23XI and Front Row from their guaranteed starting spots in NASCAR Cup Series races if the pair continue with their lawsuit, according to The Athletic. 23XI and FRM claim that 'No other major professional sport in North America is run by a single family that enriches themselves through these kinds of unchecked monopolistic practices' Jordan commented on the antitrust lawsuit in October 2024 stating, 'Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track. I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans. Today's action shows I'm willing to fight for a competitive market where everyone wins.' Polk referred to NASCAR as a 'dictatorship' in his comment on the lawsuit. One of the key issues cited by both racing teams are the NASCAR charters which were adopted in 2016 and recently updated in 2025. They claim NASCAR 'continually stonewalled and refused to engage constructively' during two years of attempted negotiation. Polk commented on the charter in October 2024 stating that it was 'forced on the teams with only hours' notice' and that it 'is an attempt to further marginalize the teams' voices in the sport and consolidate control and the power in the hands of the France family for their sole benefit.' Front Row's Bob Jenkins released the following statement in October 2024: 'I have been part of this racing community for 20 years and couldn't be more proud of the Front Row Motorsports team and our success. But the time has come for change. We need a more competitive and fair system where teams, drivers, and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league.' Bob Jenkins, FRM team owner The Athletic reports that NASCAR made its final offer to extend the charter agreement to 2031 in September 2024 'just days before the start of the Cup Series playoffs.' Court documents allege that NASCAR told teams that 'should they not sign the extension by a midnight deadline, the charter system would effectively be disbanded at the end of the year.' 23XI and FRM were the only two teams who did not sign the extension. The pair then filed its antitrust lawsuit a month the injunction, the court also found that the teams have established a likelihood of success on their anti-trust claims and that language in the charter agreement forces NASCAR's monopolistic power onto the teams. 'The Court finds that NASCAR possesses monopoly … power in the relevant market, which is the market for premier stock car racing teams in the United States,' the injunction reads. 'NASCAR's Cup Series is the only premier stock car racing series in the United States, and premier stock car racing is a distinct form of automobile racing with unique cars and highly specialized racing teams for which other types of motorsports like Formula 1 and IndyCar are not substitutes. Therefore, NASCAR fully controls which race teams can compete at the highest level of stock car racing. Effectively, it has a 100% market share.' 'In practical effect, the question before the court is: can a monopolist require that a party agree to release the monopolist from all claims that it is violating the antitrust laws as a condition of doing business?' The answer is, 'No.'' NASCAR appealed the ruling to the U.S. Court of Appeals and also asked for a stay of the injunction until the appeal is heard. The Athletic reports that a hearing will likely take play in mid-May 2025. The jury trial for the antitrust lawsuit is scheduled to take place on Dec. 1, 2025. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
05-03-2025
- Automotive
- Yahoo
NASCAR countersues Michael Jordan's 23XI Racing and Front Row Motorsports over charter dispute
NASCAR has filed a countersuit against Front Row Motorsports and Michael Jordan's 23XI Racing over the teams' refusal to sign the 2025 charter agreement. FRM and 23XI had previously sued NASCAR over the agreement, which it said was anti-competitive and monopolistic. In NASCAR's countersuit, the sanctioning body names 23XI co-owner and longtime Jordan associate Curtis Polk as a defendant and says the two teams 'agreed to a scheme to pressure NASCAR to accept their collusive terms, including by engaging in media campaigns, interfering with NASCAR's broadcast agreement negotiations, threatening boycotts of NASCAR events and engaging in a group boycott of a NASCAR Team Owner Council meeting.' In September, NASCAR famously gave its teams hours to sign a revised agreement offer with the potential threat of teams losing their charters if they didn't sign it. Every team outside of FRM and 23XI signed the agreement. The charter system guarantees teams entries into every single NASCAR Cup Series race and a larger share of purse money than race teams operating without a charter. Charters can be and have been sold on the open market when a team closes or downsizes. Prior to the charter agreement, a NASCAR team shutting down had no value to pass on other than its buildings and race parts. The previous charter agreement expired at the end of the 2024 season and teams had been asking NASCAR for a larger share of television revenue ahead of NASCAR's current TV deal that began this season. Tracks — many of which are owned by NASCAR — get a sizable portion of television revenue and NASCAR also gets a cut. With viewer numbers far from what they were in the 2000s, longtime sponsors exiting the sport over the past decade and the costs to operate a Cup Series team rising every year, teams have contended they need a bigger share of media money to help them stay solvent. By not signing the charter agreement, FRM and 23XI had forfeited their rights to operate as chartered teams in 2025. However, they asked and received an injunction allowing them to continue as chartered teams this season as their litigation continues. NASCAR's negotiations with teams over the course of the 2024 season made it clear that the sanctioning body felt it had all the leverage. And that's what an attorney for NASCAR confirmed on Wednesday in a call with reporters. Yates says the charter system "provides little benefit to NASCAR itself." He says 23XI and Front Row's action is "endangering the continuation of the charter system. ... This calls into question whether the charter system can continue." — Jeff Gluck (@jeff_gluck) March 5, 2025 NASCAR's owners, the France family, has long operated with an iron fist. Bill France Sr. famously prevented drivers from unionizing decades ago and, unlike other sports leagues in the United States, there's no collective competitor association. NASCAR's current chairman is 80-year-old Jim France, the son of France Sr. and brother of Bill France Jr. The younger Bill France took over running NASCAR from his father before Brian France, Bill France Jr.'s son, was the chairman until his arrest in 2018.
