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Business Standard
3 days ago
- Business
- Business Standard
PhonePe's Guardrails: Future of Payment Security
The world of digital payments is changing rapidly, and with consumers expecting more reliable and seamless transactions, the payments ecosystem has become more complex. As these innovations are embraced, users' expectations for safe and secure experiences continue to grow. The future of digital payments, therefore, depends on trust, privacy, and security. Faster payments come with challenges, making certain types of fraud easier to execute. For instance, scammers have started using IVR (Interactive Voice Response) calls to impersonate trusted institutions like banks and telecom providers. These fake calls trick people into believing the requests are legitimate, asking them to verify or authenticate private information, which can lead to fraudulent transactions. Another growing concern is the misuse of generative AI, which has introduced sophisticated scams like phishing and deepfakes. Fraudsters use these tools to convincingly pose as family members, claiming they are in trouble and/or in urgent need of money. These scams prey on emotions, making it harder for people to detect the deception. Generative AI is also being exploited to bypass digital KYC (Know Your Customer) processes, allowing bad actors to impersonate legitimate users. As these threats evolve, PhonePe has adopted stronger security protocols and continuous user education. By combining advanced technology with awareness initiatives, PhonePe is creating a safer digital ecosystem and helping users navigate this ever-changing landscape with confidence. PhonePe is consistently implementing cutting-edge technologies and fostering strong partnerships to ensure a safe and seamless experience for its users, while proactively addressing the evolving challenges in the payments ecosystem. Collaborations and partnerships To strengthen the fight against fraud, the payments giant has been actively collaborating with key stakeholders across industries and regulatory bodies: Law Enforcement Agencies (LEAs): PhonePe works closely with both central and state-level LEAs to share real-time data, conduct fraud investigations, and provide training on emerging fraud technologies. Together, they establish protocols to address fraudulent activities effectively and enhance overall awareness. Alliance of Reporting Entities in India for Anti Money Laundering/Combatting Financial Terrorism (ARIFAC): As a key contributor to this anti-money laundering forum, PhonePe has co-hosted training sessions, including engagements for the South Chapter, to share expertise and strengthen the industry's defenses. National Payments Corporation of India (NPCI) and banking partners: PhonePe has streamlined channels like web portals and emails to enable banks to resolve disputes in real time. Regular interactions with banks helps the company identify fraud tactics and improve redressal strategies. Department of Telecommunications (DoT) and Telecom Regulatory Authority of India (TRAI): PhonePe actively participates in initiatives with DoT and TRAI to identify and act against bad actors, such as those using churned or deactivated phone numbers for fraud. Industry seminars and conferences: PhonePe's Trust and Safety team frequently shares best practices at public forums, contributing to the broader industry efforts to improve safety standards. Innovation in technology To stay ahead of evolving threats, PhonePe continuously innovates and deploys advanced technologies that ensure user safety. Profile-based authentication: PhonePe's risk management system combines real-time aggregation and personalized models, developed by its data science team. This enables the company to tailor user experiences while enhancing fraud detection across PhonePe's products. These models leverage cutting-edge technologies, such as HBase, to process large-scale data and enable quick decision-making. Futureproofing against emerging risks: PhonePe's scalable platforms are designed to manage growing transaction volumes and detect new-age fraud, such as doctored photos, deepfake audio, location spoofing, and screen sharing. By blending partnerships with technological innovation, PhonePe is setting new benchmarks for trust and safety in the digital payments ecosystem. Its priority remains protecting users and ensuring a secure, seamless payments experience. Upcoming features in PhonePe's Trust & Safety ecosystem PhonePe continues to roll out cutting-edge features aimed at strengthening fraud prevention and risk management. Anomaly detection models for early warning: These unsupervised machine learning models automatically flag unusual patterns across platforms, acting as an early warning system. The internal platform allows rapid development, testing, and deployment of fraud detection algorithms, keeping PhonePe ahead of threat actors. 360-degree risk profiling: From Day 0, PhonePe builds a comprehensive risk profile for every customer, merchant, bank account, and device. This is achieved by combining internal data with relevant external insights. Machine learning models then provide instant, accurate risk scoring across a vast ecosystem that includes 60+ crore customers, 4+ crore merchants, and over 33 crore daily transactions*. Importantly, this is done with user privacy as a top priority. Case management system for real-time response: PhonePe's enhanced system supports: A consolidated view of risk data for real-time investigations Structured, time-bound resolution workflows Integration of AML, chargeback, and support operations into streamlined modules Generative AI tools to accelerate incident analysis Graph-based cluster detection: As fraud evolves from individual acts to coordinated clusters, PhonePe has implemented graph-based detection to identify anomalous group activities and enable real-time threat mitigation. These tools enable PhonePe's risk operations teams to address issues methodically, improving outcomes for users and merchants. Security remains core to the company's mission, and its aim is to continue securing India's digital payments ecosystem with 'Made in India' innovations that deter fraud, protect users, and preserve privacy.
Time of India
6 days ago
- Business
- Time of India
Chennai schools come up with ways to boost admissions
Three govt schools under the Chengalpet education district have found ways to solve a common problem — getting more children into classrooms. People will enrol their kids in govt schools if unique initiatives are implemented, said C Karpagam, chief educational officer. Govt Higher Secondary School, Kovalam Is snooker a rich man's preserve? Not necessarily, thought headmaster T Nakkeeran when he brought in a snooker table worth 2 lakh in 2021, with the help of Venkatraman Memorial Trust. "It broke the stereotype that certain games are meant only for certain people," Nakkeeran told TOI. Physical education teacher Mohan, said, "Our students participated in a competition in Chennai but since they were not accustomed to playing in an air-conditioned environment, they lost. Now, we'll get ACs in our PE room to equip our students to fare better next time," he said. Besides snooker, the school has nets for cricket. M S Nanina, Class XI, who played for the Tamil Nadu U-17 cricket team, said, "Here, both acdemics and sports get the same importance. We reached the U-17 quarter-finals in Haryana and my school bore all the expenses." MPL Govt Higher Secondary School, Hastinapuram Speaking without inhibition brings out the best in students, said headmaster J Chandran whose 'Coffee With HM' is extremely popular among his students. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo Though there's a space crunch in this one-acre school, it has not deterred Chandran from placing grievance boxes across the campus. One's for faculty and one for students. Every evening he visits classes to connect with his students. "We discuss everything from academics to issues at home or school. And if there is an issue, we try to resolve it," said Chandran. Hari Prasad, a Class XI student, said, "The HM is a busy man, yet he finds time to listen to us. I wanted a library in the school but I was too shy to ask him. But drop boxes and 'Coffee with HM' room help introverts like me open up. Now, we have a library." Maraimalai Adigal Govt Higher Secondary School, Pallavaram At headmaster S Ravi Kasi Venkataraman's school, 80-plus CCTVs maintain careful watch over students' movements, and no one can play truant. But how does he ensure students stay in school? Answer: The Interactive Voice Response (IVR) app. This app lets the headmaster record messages and forward them to parents. "I send messages about students' absence, exam details and pass on updates. Student details are stored in the app along with their parents' phone numbers," said Ravi. Messages are sent four times a day, spaced 30 minutes apart. "If parents miss the first message, they can listen to the next." The school also offers free coaching for competitive exams., said the parent of GP Shravesh, a former CBSE student who is set to join Class XI. Three years ago, school education minister Anbil Mahesh Poyyamozhi opened the Young Kalam Discovery Science Centre at this school.
India Gazette
16-05-2025
- India Gazette
Delhi Police nabs individual for duping a Defence personnel
New Delhi [India], May 16 (ANI): Delhi Cyber Police Station on Friday nabbed an individual who duped a Defence personnel on various pretexts, as per officials. The individual has been identified as Om Prakash Sanwaria and has been involved in 10 cases, as per the Delhi Police. Meanwhile, the Delhi Police IFSO unit of Special Cell busted a module responsible for providing, handling, and using mule/fake bank accounts in connection with IVR scam (Digital Arrest scam). The accused were operating mule accounts to siphon off the proceeds of crime abroad. According to a release, Rs 2.2 crores, three mobile phones, SIM cards, and other digital documents were recovered and restored to the victim. According to Delhi Police, on March 15, 2025, a complaint was filed with the Intelligence Fusion & Strategic Operations (IFSO) Unit of the Special Cell by a 92-year-old retired surgeon. The complainant alleged that on March 12, 2025; he received multiple unsolicited calls from various numbers. The callers impersonated themselves as the officials from the Telecom Regulatory Authority of India (TRAI) and the Maharashtra Police, falsely claiming that several First Information Reports (FIRs) had been registered against the victim. The victim was threatened with arrest and was subsequently subjected to 'Digital Arrest' through video calls. He was shown forged court orders and coerced into participating in what the accused termed as a virtual hearing, which was actually an overwhelming fake and manipulative series of incidents. The fraudsters thus trapped him into liquidating all his fixed deposits and transferring the funds to three specified bank accounts under the threat of severe legal consequences and harm to his family. Subsequently, a case was registered under Sections 308(2), 318(4), 319(2), 61(2), and 3(5) BNS and investigation was taken up. The team obtained and analysed details of the alleged bank accounts involved in the scam. Through exhaustive analysis of digital footprints and technical surveillance, the accused persons operating the fraudulent bank accounts were identified. Subsequently, a raid was conducted in Ghaziabad and one accused, 42-year-old Amit Sharma alias Rahul, was arrested. During further investigation, one more accused (account handler), 27-year-old Hari Swargiary, was arrested from Guwahati, Assam. The syndicate impersonated as officials from the Police, CBI, Customs, and other government bodies. They would inform victims that multiple FIRs were registered against them. Initially, they threatened the victims with arrest and severe penalties, but later shifted to a more sympathetic tone, suggesting it could be a case of mistaken identity. To resolve the issue, they instructed the victims to lodge a formal complaint and transfer their savings into specified accounts for 'verification,' falsely promising that the funds would be refunded after the verification process. We have zeroed in on other associates of the accused, and the investigation is going on. (ANI)
India Gazette
16-05-2025
- Business
- India Gazette
Chinese-linked investment fraud syndicate busted; two arrested by Delhi Police
New Delhi [India], May 16 (ANI): The Intelligence Fusion and Strategic Operations (IFSO) Unit of Delhi Police's Special Cell has busted an international investment fraud syndicate operated through mule bank accounts and cryptocurrency payments and arrested two individuals in which one of them linked to Chinese cyber networks. According to Delhi Police release, the syndicate came to light after a Delhi resident, Ashok Kumar, lodged a complaint on April 2, 2025, alleging he was defrauded of Rs 64.75 lakh. The victim was lured into investing in fake IPOs and stock trading via a bogus platform, Business Catalyst Market Ltd. He was manipulated into transferring funds to five different accounts, the Delhi Police said. Following the complaint, a case was registered under Sections 318(4), 319(2), and 61(2) of the Bharatiya Nyaya Sanhita (BNS). Vaddoriya Kewin Mukeshbhai (25), a resident of Surat, Gujarat, a BBA second-year student, was previously arrested in a digital arrest scam in Maharashtra. Abdul Barik (32), a resident of Roorkee, with a prior cybercrime case against him responded to the advertisements offering commissions for providing bank accounts and SIM cards. According to DCP IFSO Dr Hemant Tiwari, IPS, the arrested accused were reportedly receiving commissions in USDT, a stable cryptocurrency, through foreign wallets on Binance, a global crypto exchange. Six mobile phones loaded with Chinese apps and online wallets used for cyber fraud were seized. Police say the investigation is ongoing to identify more linked accounts and collaborators in the country and abroad. On May 15, the Delhi Police IFSO Unit of Special Cell busted a module responsible for providing, handling, and using mule/fake bank accounts in connection with the IVR scam (Digital Arrest scam). The accused were operating mule accounts to siphon off the proceeds of crime abroad. According to a release, Rs 2.2 crores, three mobile phones, SIM cards, and other digital documents were recovered and restored to the victim. According to Delhi Police, on March 15, 2025, a complaint was filed with the Intelligence Fusion & Strategic Operations (IFSO) Unit of the Special Cell by a 92-year-old retired surgeon. The complainant alleged that on March 12, 2025; he received multiple unsolicited calls from various numbers. The callers impersonated themselves as the officials from the Telecom Regulatory Authority of India (TRAI) and the Maharashtra Police, falsely claiming that several First Information Reports (FIRs) had been registered against the victim. (ANI)
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Business Standard
16-05-2025
- Business
- Business Standard
Chinese-linked investment fraud syndicate busted, 2 held by Delhi Police
The Intelligence Fusion and Strategic Operations (IFSO) Unit of Delhi Police's Special Cell has busted an international investment fraud syndicate operated through mule bank accounts and cryptocurrency payments and arrested two individuals in which one of them linked to Chinese cyber networks. According to Delhi Police release, the syndicate came to light after a Delhi resident, Ashok Kumar, lodged a complaint on April 2, 2025, alleging he was defrauded of Rs 64.75 lakh. The victim was lured into investing in fake IPOs and stock trading via a bogus platform, Business Catalyst Market Ltd. He was manipulated into transferring funds to five different accounts, the Delhi Police said. Following the complaint, a case was registered under Sections 318(4), 319(2), and 61(2) of the Bharatiya Nyaya Sanhita (BNS). Vaddoriya Kewin Mukeshbhai (25), a resident of Surat, Gujarat, a BBA second-year student, was previously arrested in a digital arrest scam in Maharashtra. Abdul Barik (32), a resident of Roorkee, with a prior cybercrime case against him responded to the advertisements offering commissions for providing bank accounts and SIM cards. According to DCP IFSO Dr Hemant Tiwari, IPS, the arrested accused were reportedly receiving commissions in USDT, a stable cryptocurrency, through foreign wallets on Binance, a global crypto exchange. Six mobile phones loaded with Chinese apps and online wallets used for cyber fraud were seized. Police say the investigation is ongoing to identify more linked accounts and collaborators in the country and abroad. On May 15, the Delhi Police IFSO Unit of Special Cell busted a module responsible for providing, handling, and using mule/fake bank accounts in connection with the IVR scam (Digital Arrest scam). The accused were operating mule accounts to siphon off the proceeds of crime abroad. According to a release, Rs 2.2 crores, three mobile phones, SIM cards, and other digital documents were recovered and restored to the victim. According to Delhi Police, on March 15, 2025, a complaint was filed with the Intelligence Fusion & Strategic Operations (IFSO) Unit of the Special Cell by a 92-year-old retired surgeon. The complainant alleged that on March 12, 2025; he received multiple unsolicited calls from various numbers. The callers impersonated themselves as the officials from the Telecom Regulatory Authority of India (TRAI) and the Maharashtra Police, falsely claiming that several First Information Reports (FIRs) had been registered against the victim.
