Latest news with #KnowYourCustomer
Time of India
9 hours ago
- Time of India
Retired civic employee duped of Rs8L in KYC update fraud
Pune: A 65-year-old retired Pune Municipal Corporation (PMC) employee, now living in Baramati, recently filed a complaint with the Baramati city police after losing Rs8 lakh in a KYC (Know Your Customer) update fraud in April. According to an officer from the Pune Rural police, the woman received a call in April from an unknown individual claiming to be her bank representative. "The caller informed her that she needed to complete her KYC immediately to prevent her bank account from being frozen. This fraudulent call ultimately led to her significant financial loss," the officer said. "The man sent the woman a message regarding completing the process. The woman believed him as the message displayed her bank's logo. The woman then shared the details of her two bank account numbers with the man, along with her debit card details," the officer said. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune Within a few minutes, Rs8 lakh was siphoned from her two bank accounts. The woman filed an online complaint and following preliminary investigations, a case was registered with the Baramati City police. tnn
Business Insider
15 hours ago
- Business
- Business Insider
VeraNet Launches Decentralized AI Ecosystem with Community-Controlled Tools and Services
California, USA, July 30th, 2025, Chainwire VeraNet has launched a decentralized artificial intelligence (AI) platform designed to provide users with direct access to AI tools while maintaining control over their data and usage. The platform introduces a hybrid architecture that combines on-chain smart contract execution with off-chain privacy measures, enabling autonomous AI services across a range of use cases. Platform Overview VeraNet functions as an open, customizable AI infrastructure aimed at individual users, developers, and organizations. The ecosystem supports a broad suite of AI agents offering functionality in areas such as: Trading: AI-driven market analysis, price forecasting, and real-time alerts Automation: Intelligent workflow management for repetitive tasks Coaching: AI agents for productivity, wellness, and goal tracking Recommendations: Data-informed decision support tools across sectors All AI logic is executed on-chain via smart contracts, ensuring transparency and security. Sensitive operations, such as personal data handling, are processed off-chain to maintain user privacy. Vera AI Bot Deployment The Vera AI bot, now live on Telegram and Twitter, provides users with voice-enabled interactions, image analysis, and custom AI outputs. Planned feature expansions include video generation and additional use-case modules. The AI bot functions independently of centralized control and is designed to respond to community governance over time. Token Utility and Developer Access The platform's native token, $VERA, facilitates access to tools and services, community governance, and developer monetization. The token can be staked, and is required for deploying and operating custom AI agents. A reported APY of up to 25% is offered to participants engaging in the staking process. VeraNet also provides SDKs for building AI applications across sectors including healthcare, logistics, finance, and education. Presale and Exchange Listings VeraNet's presale is currently in Phase 1, with a reported raise of over $225,000. Three phases are planned, with pricing tiers set at: Phase 1: $0.0045 Phase 2: $0.0065 Phase 3: $0.008 There is no vesting or lock-up period for early participants. The $VERA token is confirmed to list on BitMart, with additional centralized exchange listings anticipated. Security and Compliance The project has completed Know Your Customer (KYC) verification and smart contract auditing, according to the team, to ensure a secure and transparent environment for users. Privacy-Focused Architecture VeraNet emphasizes a privacy-first approach. It does not employ centralized data collection and allows users to retain control of their data. All AI decision logic is verifiable on-chain, while sensitive interactions are handled off-chain to preserve confidentiality. About VeraNet VeraNet is a decentralized AI platform that combines blockchain transparency with privacy-preserving off-chain processing. Designed to give users and developers full control over AI services, VeraNet offers customizable agents, community governance, and verifiable smart contract logic. Its hybrid infrastructure supports applications across trading, automation, coaching, and decision support, while maintaining a user-first approach to data privacy and ownership. Contact
Hindustan Times
a day ago
- Hindustan Times
Frauds scammed US citizens claiming e-commerce accounts were compromised: CBI probe
MUMBAI: The Mumbai unit of the Central Bureau of Investigation (CBI) recently busted a cybercrime racket in which fraudsters extracted money from unsuspecting US citizens by claiming that their accounts with two major e-commerce and consumer electronics platforms had been compromised and used for illegal activities. CBI headquarters. (HT Photo) The entire operation was carried out from an illegal call centre in Pune, with a team of trained callers, CBI officials said. The fraudsters allegedly impersonated customer care executives of the two US firms and informed them that their accounts and social security numbers had been compromised and needed remedial action. Once they had the attention of their potential victims, the fraudsters would allegedly attempt to hustle them by saying their compromised accounts were being used to conduct illegal activities, such as procuring narcotics and psychotropic substances, officials said. 'Once the US citizens fall prey to the scammers' modus operandi, the fraud callers would lure them with an offer to help them avoid legal action, including arrest by US law enforcement agencies, in lieu of service charges in US dollars, ranging from $500 to $3,000,' said a CBI official, requesting anonymity. The victims were then allegedly asked to withdraw money from their bank accounts and purchase gift vouchers. Subsequently, they were asked to share the gift voucher number along with their personal identification number, so that the amount could be redeemed by the scammers. 'In the case of such a payment exceeding $3,000, the victims were asked to buy Bitcoins and subsequently transfer them to the Bitcoin wallets of the scammers,' the official said. Bitcoin is a virtual currency that isn't legal tender in India. The syndicate allegedly generated illegal earnings of around ₹3-4 crore per month this way, officials said. The proceeds of crime were then allegedly laundered via mule accounts, cryptocurrency and hawala routes. The syndicate's operatives allegedly also posed as officials of US government agencies such as the Internal Revenue Service and Citizenship & Immigration Services, along with Indian diplomatic officials at times, to defraud their victims. CBI raids The CBI busted the cybercrime racket after conducting searches last week at seven premises belonging to individuals from the syndicate, which operated from Mumbai and Pune. The agency seized unaccounted cash worth around ₹11.2 lakh from two of the accused persons, around 150 grams of narcotic substances, cryptocurrency worth ₹6.94 lakh, and arrested four people allegedly linked to the syndicate. The agency also booked unidentified public and private sector bank officials who allegedly facilitated the opening and operation of fake bank accounts using forged Know Your Customer (KYC) documents, officials said. The operation also involved the alleged illegal acquisition of contact leads through vendors who operated on encrypted instant messaging platforms, officials added.
Finextra
2 days ago
- Business
- Finextra
Standard Chartered Hong Kong and Know Your Customer team on KYC verifications
Standard Chartered Bank (Hong Kong) Limited ('Standard Chartered Hong Kong') and Know Your Customer Limited ('Know Your Customer') announce the launch of a new collaboration on real-time know-your-customer (KYC) verifications via the Hong Kong Monetary Authority (HKMA)-led Commercial Data Interchange ('CDI') platform. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The partnership will enhance SME account opening and KYC procedures with improved accuracy, speed, and security. By leveraging Know Your Customer's capabilities, Standard Chartered Hong Kong can automate the retrieval of company search data via the application programming interface (API) included in CDI and unravel complex ultimate beneficial owner (UBO) structures to identify the true owners of corporate entities and improve risk assessment accuracy. This solution allows the bank to retrieve information required for account opening by automating data feeds from Know Your Customer and empowers the bank to consolidate company search data via CDI, which significantly streamlines the account opening journey, reduces the application turnaround time and drives substantial operational efficiency gains. Stephen Man, Head of Wealth Management and Retail Banking, Standard Chartered Hong Kong, said, 'The partnership with Know Your Customer is beneficial to the digital transformation and business development of Standard Chartered Hong Kong's SME clients. As an active CDI participant we are simplifying SMEs' loan applications and reviews. This new initiative demonstrates our commitment to offering innovative banking solutions that facilitate better client experiences. By automating KYC via Know Your Customer, we're speeding up SME account opening and enabling non-face-to-face account applications anytime, anywhere. By leveraging alternative data through CDI and pursuing opportunities to collaborate with data partners, we can offer SMEs tailored loan solutions, helping them to enhance their operational efficiency and facilitate growth. This also contributes to the development of Hong Kong's digital economy. Claus Christensen, CEO & Co-Founder at Know Your Customer, said, 'When we founded Know Your Customer in Hong Kong almost a decade ago, I experienced first-hand the challenges that SMEs faced when trying to access financial services protected by manual compliance processes. That personal experience continues to inspire our mission to remove unnecessary friction from onboarding. Through real-time registry integrations and intelligent automation, we are helping to make financial access faster, safer, and more inclusive. I'm proud that our technology plays a part in empowering future entrepreneurs and excited to collaborate with Standard Chartered Hong Kong to support the HKMA's digitalisation agenda.
Zawya
3 days ago
- Business
- Zawya
Standard Chartered partners with Know Your Customer Limited to enhance the onboarding process for SME clients and boost financing efficiency
HONG KONG SAR - Media OutReach Newswire - 28 July 2025 - Standard Chartered Bank (Hong Kong) Limited ("Standard Chartered Hong Kong") and Know Your Customer Limited ("Know Your Customer") announce the launch of a new collaboration on real-time know-your-customer (KYC) verifications via the Hong Kong Monetary Authority (HKMA)-led Commercial Data Interchange ("CDI") platform. The partnership will enhance SME account opening and KYC procedures with improved accuracy, speed, and security. By leveraging Know Your Customer's capabilities, Standard Chartered Hong Kong can automate the retrieval of company search data via the application programming interface (API) included in CDI and unravel complex ultimate beneficial owner (UBO) structures to identify the true owners of corporate entities and improve risk assessment accuracy. This solution allows the bank to retrieve information required for account opening by automating data feeds from Know Your Customer and empowers the bank to consolidate company search data via CDI, which significantly streamlines the account opening journey, reduces the application turnaround time and drives substantial operational efficiency gains. Stephen Man, Head of Wealth Management and Retail Banking, Standard Chartered Hong Kong, said, "The partnership with Know Your Customer is beneficial to the digital transformation and business development of Standard Chartered Hong Kong's SME clients. As an active CDI participant we are simplifying SMEs' loan applications and reviews. This new initiative demonstrates our commitment to offering innovative banking solutions that facilitate better client experiences. By automating KYC via Know Your Customer, we're speeding up SME account opening and enabling non-face-to-face account applications anytime, anywhere. By leveraging alternative data through CDI and pursuing opportunities to collaborate with data partners, we can offer SMEs tailored loan solutions, helping them to enhance their operational efficiency and facilitate growth. This also contributes to the development of Hong Kong's digital economy." Claus Christensen, CEO & Co-Founder at Know Your Customer, said, "When we founded Know Your Customer in Hong Kong almost a decade ago, I experienced first-hand the challenges that SMEs faced when trying to access financial services protected by manual compliance processes. That personal experience continues to inspire our mission to remove unnecessary friction from onboarding. Through real-time registry integrations and intelligent automation, we are helping to make financial access faster, safer, and more inclusive. I'm proud that our technology plays a part in empowering future entrepreneurs and excited to collaborate with Standard Chartered Hong Kong to support the HKMA's digitalisation agenda." Hashtag: #StandardChartered #KnowYourCustomer The issuer is solely responsible for the content of this announcement. Standard Chartered We are a leading international banking group, with a presence in 53 of the world's most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges. The history of Standard Chartered in Hong Kong dates back to 1859. It is currently one of the Hong Kong SAR's three note-issuing banks. Standard Chartered incorporated its Hong Kong business on 1 July 2004, and now operates as a licensed bank in Hong Kong under the name of Standard Chartered Bank (Hong Kong) Limited, a wholly owned subsidiary of Standard Chartered PLC. For more stories and expert opinions, please visit Insights at Follow Standard Chartered on X, Instagram, LinkedIn and Facebook. About Know Your Customer Limited Know Your Customer Limited is an award-winning RegTech company specialised in next-generation business verification solutions for financial institutions and regulated organisations worldwide. For teams struggling with inefficient client due diligence and onboarding processes, Know Your Customer offers an intuitive digital compliance workspace that combines unmatched real-time registry data, covering over 140 countries, seamless integrations, and AI-powered smart automation. This streamlined approach transforms the compliance function at its core, allowing clients to customise their solutions by selecting only the functionalities they need, all accessible via a robust REST API. Founded in Hong Kong in 2015, with a local presence in Singapore, Dublin, London, and Shanghai, Know Your Customer has built a global customer base across 11 verticals and 18 jurisdictions. The company also maintains a wide network of technology and data partners, ensuring high-quality entity data and enhanced compliance processes for its clients. For more information visit LinkedIn or X. Know Your Customer
