Latest news with #OSR
Time of India
2 days ago
- Business
- Time of India
Hyderabad-based skincare firm OSR hit by Rs 12.7 crore Google Ads cyber fraud
Old School Rituals (OSR), a Hyderabad-based natural skincare and haircare company, has become the victim of a major cyber fraud involving an unauthorised Google Ads expenditure of Rs 12.7 crore. An unidentified offender reportedly gained access to the company's Google Ads account and placed thousands of ads for US-based companies over a 48-hour period. The fraud came to light when ENSO Business Consulting, OSR's digital marketing agency, discovered an unusual advertising campaign that ran on May 17 and 18. The campaign generated more than 2.1 million clicks but resulted in zero conversions, raising immediate red flags. ENSO promptly informed OSR, and the company's management directed the agency to launch a detailed investigation, according to TOI report. Shashanka Kancharla, director of Old School Inspirations Private Limited, which operates OSR, filed a formal complaint with the Telangana Cyber Security Bureau (TGCSB) headquarters on Wednesday. According to the complaint, OSR usually maintains a daily advertising budget of Rs 10,000 to Rs 15,000, making the unauthorised spend nearly 850 times the usual amount. "This was neither authorised by us nor aligned with our marketing strategy," Shashanka stated in his complaint. The company operates from Hyderabad's Financial District and primarily sells its products through its official website and select partner platforms. Shashanka and his wife, singer and actress Smita Valluripalli, serve as directors of the company. ENSO Business Consulting, which has managed OSR's digital marketing for the past 10 months, submitted a detailed incident report on May 21. The report indicated that the breach may have occurred due to a compromise of the Google Ads account or an employee's credentials. ENSO also noted that it did not receive the usual ad placement notifications during the two-day window when the fraudulent activity occurred. "Verify if any hacking or compromise of credentials occurred. Facilitate the recovery or reversal of the fraudulent ad spend. Treat this as a case of cyber crime involving account hacking and significant financial loss," Shashanka stated in his complaint. Following the fraud, a Google Ads bill of Rs 12.7 crore was raised against OSR. Thousands of ads linked to US-based businesses had been placed through OSR's ad account by an unknown individual. The company has since informed Google about the incident and suspected hacking. Based on the complaint, TGCSB's headquarters police station registered a case under Section 318(4) (cheating and dishonestly inducing delivery of property) of the Bharatiya Nyaya Sanhita (BNS), and Sections 43, 66, and 66-C of the Information Technology Act. Investigators are currently analysing the technical evidence and have contacted Google for further details that may help identify the accused. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
3 days ago
- Business
- Yahoo
So now it's official. The ‘graduate premium' is a myth
Have you ever thought about the main reason why school leavers keep choosing to go to university and higher education (HE) participation rates continue rising? Of course there are many reasons; a chance for young adults to get away from their parents, ease of application and acceptance, it looks more fun than going to work, an interest in the subject… But what is the main driver that underpins society's messaging and ends up channelling 18-year-olds into university rather than the workforce? Well, it's the perception that there is a 'graduate premium'; and put simply, the narrative goes like this – 'Don't worry about the debt, you're going to get paid more to make up for it'. And the HE sector well knows the importance of maintaining the societal belief in the graduate premium to drive up their customer numbers. They are relentless in their efforts, issuing constant public comments, articles and self-commissioned reports, often via sympathetic think-tanks, claiming the limitless powers of HE to deliver a graduate premium to all who enrol. But this positive advertising is starting to contrast starkly with increasing evidence, now in plain sight, of graduates' difficulties getting jobs as well as the low pay on offer of not much above minimum wage. There is a growing realisation that we are burdening too many of our young adults with morale-sapping student debt for their whole working life, with little or no corresponding improvement in their career prospects. There are also concerns that we are building up a dangerous stockpile of student loans that won't be repaid, only for the taxpayer to pick up the tab. Meanwhile, money is flowing freely into the bloated HE sector via unwitting students being used as pawns. The Government has announced a White Paper due out this summer regarding Post-16 Education. So given the importance of the notion of a graduate premium, you would assume that the Government has ensured there is robust informative data to inform policy-making. Well, sadly not. There is only one Government report, the annual Graduate Labour Market Statistics, which attempts to quantify the graduate premium; and my research shows that it is fundamentally flawed. Some will say that the IFS Graduate Lifetime Earnings report from 2020 also 'proves' a graduate premium, but my research argues that it is just as flawed. My findings are already supported by the Royal Statistical Society, and the Office for Statistics Regulation (OSR) has also found a case in my favour and agreed that there is a problem with graduate premium data. The OSR has intervened and forced the hand of the Department for Education (DfE), who admitted in their release today that their figures are misleading – and to such an extent that even though this has been a mainstay of graduate outcome reporting since 2007, they have decided to cease publication. The DfE have agreed that a report demonstrating the difference between the career pay outcomes of those with equivalent A-level results is necessary, and they intend to produce it as part of their LEO data e.g. comparing school leavers with three Cs who attended university and those that did not. But the inadequacy of the data doesn't stop there. Using mathematical modelling, I've found that since we surpassed 30 per cent HE participation as long as 20 years ago, the marginal graduates added – increasingly being drawn from school leavers with relatively lower prior academic attainment – haven't earnt any graduate premium at all on average. Yet this phenomenon isn't explored in official Government statistics. When graduates do earn a premium, there is still the age-old statistical issue that correlation does not prove causation. For the majority of graduates, the job they end up doing will have no meaningful connection to the degree subject itself. So you must question why the official Government statistics keep churning out data that implies that studying for a degree was the main causation reason for the higher earnings, whereas in fact it is more likely their pre-existing attributes such as academic ability and ambition. Furthermore, when there is a link between the degree subject and the graduate's career, did they genuinely need to study academically for three whole years at great cost to themselves beforehand? Couldn't the course have been far shorter? And to what extent could it have been cheaper and more effective for them to start work at 18 and learn from colleagues, undergoing job-based formal and informal training in order to progress? You can often learn far more in three weeks of doing the job than you can in three years of theoretical study. The existing statistics don't explore this at all and by implication see their main role as demonstrating what degree is better than another. They act on the assumption that for non-manual work, everybody should get a 3-year degree before entering the workplace, rather than whether a degree is necessary at all. Until now, these inadequate statistics have allowed the sector to hijack the official figures and mislead the public and Government regarding the benefits of higher education, claiming that 'everybody' will be able to benefit from the supposed average premium. What is needed is root and branch reform of graduate statistics. I believe it would provide compelling evidence that surpassing around 25-30 per cent HE participation was a monumental mistake, and we certainly should never have let it reach the existing 50 per cent. The vicious spiral of never-ending increasing participation is condemning ever more of our young adults to pay huge amounts for unnecessary degrees. The Government's ideologically driven policies are led by a misguided false notion of 'opportunity for all'; but in the hands of a commercially-driven sector it has become a gross exercise in mass exploitation. The only way for this to end is for the Government to introduce a sensible, pragmatic cap on student numbers, calculated based on useful data – not the misleading data currently being produced. Paul Wiltshire is a parent campaigner against Mass HE and is the author of 'Why is the average Graduate Premium falling' Broaden your horizons with award-winning British journalism. 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Telegraph
31-05-2025
- Business
- Telegraph
Public has been misled on value of university, says government watchdog
The public are being 'misled' over the value of university education, the Government's statistics watchdog has ruled. Official figures which claim to show that graduates out-earn non-graduates by more than £10,000 a year are flawed, the Office for Statistics Regulation (OSR) has warned. The average gap between what graduates earn compared to those without a degree – known as the annual 'graduate premium' figure – has long been used as one of the biggest justifications for going to university. The Department for Education (DfE) figures claim that average earnings for graduates are consistently above those of non-graduates by around £10,500 a year. However, as thousands of teenagers sit their A-levels with the hope of going to university this year, the OSR says the 'current framing of the graduate premium has limitations' and it could be 'misleading for users'. The review comes in response to a challenge to their veracity by Paul Wiltshire, a father of four and an accountant with a degree in maths and statistics. The ruling from the OSR, which ensures official statistics are trustworthy and valuable, will fuel growing concerns that young people are being oversold the value of university, and that too many are studying 'Mickey Mouse' degrees that offer no solid prospect of high-flying careers. Reacting to the review, critics called university a 'rip-off' and warned that teenagers are being sold a 'pipedream based on flawed government statistics'. Prompted by concerns that thousands of students every year were graduating with massive debts but could only find low-paid jobs, he carried out a six-month analysis of graduate outcome statistics. Mr Wiltshire's research – 'Why is the average Graduate Premium falling?' – blows a hole in the claim that the overall premium is £10,500 a year. In it, he shows that as university participation began to rise above 30 per cent of the young-adult population around two decades ago, the graduate premium disappeared to an average of zero for the extra graduates in the higher education system. Official figures show that five years after leaving university, graduates with four As at A-level have a salary range of £33,900 to £61,000, with the median at £47,100. Those with three Bs earn between £25,600 and £43,100. However, for those with three Cs or below, future earnings fall to a range of £21,500 to £34,700. Mr Wiltshire's analysis shows that around 160,000 of the UK's 2024 student intake of 495,000 will earn around the same as or less than non-graduates, but will be saddled with an average student debt of £45,000. The 58-year-old sent his analysis to the OSR earlier this year, prompting the body to review the statistics. The findings of that review say the statistics are flawed and could be giving young people a false impression of the value of their degrees. The OSR says that as the data set used to compile graduate premium statistics does not take into account prior attainment (A-level results and their equivalents), they are of limited use. Mr Wiltshire claimed that the flawed graduate premium statistics were selling young people a lie. 'There are multiple reasons why teenagers are choosing the university route as opposed to going into work but the main one is the societal perception that there is a healthy graduate premium,' he told The Telegraph. 'Because of the graduate premium, students are told 'don't worry about the debt, it will be worth your while'. But the case I brought to the OSR and its verdict show that this is a false promise. 'You would have thought that given the importance of the graduate premium statistics in young people's choices, the DfE would have worked harder to ensure they are valid, but they are clearly not. The way they are calculated is fundamentally wrong.' He added that the concern was not just about so-called Mickey Mouse degrees, but about the supply of 'good degrees' that take no account of the available jobs. For instance, Law Society data show that around 30,000 law graduates each year are chasing just 5,000 traineeships. 'Milking students' Ed Humpherson, head of the OSR, said he now expects the DfE to make changes to the publication of the data to 'reflect that the statistics should not be used to compare the outcomes of graduates and non-graduates in isolation from prior academic attainment'. The body also said it 'expects a more comprehensive and accurate definition' of the graduate premium to be used in any future official statistics publications which make use of the term. Liz Emerson, chief executive of the Intergenerational Foundation, said: 'For too long governments have dangled the promise of a graduate premium to justify milking students with sky-high interest rates, decades of repayments and high repayment rates. 'At the very least the Government should lower the current nine per cent taken from young graduates' pay packets. This research has important implications over the setting of the repayment threshold.' Ms Emerson added students on a plan-five student loan have to start repaying their loans once earning over £25,000, which 'we believe is far too low', especially given the rise in the minimum wage. Chris McGovern, chairman of the Campaign for Real Education, said: 'Micky Mouse degrees enrich universities but impoverish debt-laden students. 'Paul Wiltshire has done a huge service for young people by exposing the great university rip-off. It is a rip-off that was aided and abetted by Tony Blair's misguided determination to drive more and more school leavers on to dead-end degree courses.' John O'Connell, chief executive of the TaxPayers' Alliance, said: 'It's heartbreaking to see that so many young people have been sold a pipedream based on flawed government statistics. 'There are far too many youngsters going to university, too many courses that aren't worth the time or expense, and a taxpayer-underwritten debt mountain piling up, leaving graduates with long-term financial headaches. 'The Government must make sure its statistics reflect the reality of obtaining a university education, which often sees young people with jobs that don't require a degree while saddled with crippling debt.' A DfE spokesman said: 'We will continue to back our world-class universities as engines of growth and opportunity, however it is vital that students can be confident the significant investment they make in higher education delivers real value for money. 'Our statistics publications are regularly reviewed for accuracy and relevance of content, and we have made clear how the graduate premium statistic should be interpreted.'
Time of India
30-05-2025
- Business
- Time of India
City skincare firm conned by cyber fraudster, gets Rs 12 crore ad bill
Hyderabad: Old School Rituals (OSR), a city-based natural skincare and haircare company, fell victim to a cyber fraud incident resulting in an unauthorised Google Ads spend of 12.7 crore. An unknown offender has reportedly accessed the company's Google Ad account and placed thousands of ads pertaining to US-based companies in a span of 48 hours. The incident came to light when the company's digital marketing agency, ENSO Business Consulting, discovered an unauthorised advertising campaign that ran over two days, May 17 and 18. The campaign generated over 2.1 million clicks, but zero conversions, raising immediate red flags. ENSO Business Consulting immediately alerted OSR about the abnormal ad spending, and the latter's management asked ENSO to conduct a probe. Shashanka Kancharla, director of Old School Inspirations Private Limited, operating OSR, filed a formal complaint with the Telangana Cyber Security Bureau (TGCSB) headquarters on Wednesday. According to the complaint, the company typically maintains daily advertising budgets between 10,000 and 15,000, making the unauthorised spend approximately 850 times their usual daily budget. "This was neither authorised by us nor aligned with our marketing strategy," stated Shashanka in his complaint. The company operates from the Financial District and primarily sells its products through its official website and selected partner channels. Shashanka and his wife, Smita Valluripalli, a singer and actress, are directors of the company. ENSO Business Consulting, which managed OSR's digital marketing for the past 10 months, submitted a detailed incident report on May 21 suggesting their Google Ads account or an employee's credentials might have been compromised. Also, the firm claimed that every time they place an advertisement, they get a notification. However, they did not any get notifications during the two-day period. "Verify if any hacking or compromise of credentials occurred. Facilitate the recovery or reversal of the fraudulent ad spend. Treat this as a case of cyber crime involving account hacking and significant financial loss," Shashanka stated in his complaint. Following the fraud, a Google Ads bill of 12.7 crore was raised against OSR as thousands of ads pertaining to US-based companies were placed through OSR's Google Ad account by an unknown person. It is learnt that the company informed Google Ads about the hacking. Based on the complaint, the TGCSB's headquarters police station registered a case under the Section 318(4) (cheating and dishonestly inducing delivery of property) of the BNS, and Sections 43 read with 66, 66-C of the Information Technology Act on Wednesday. Investigators were analysing the evidence to trace the source of the breach, and they have also written to Google seeking technical details to identify the accused.
Los Angeles Times
22-05-2025
- Business
- Los Angeles Times
Angeles Equity Partners' Portfolio Company OSR Acquires Starkweather
O'Hara's Son Roofing (OSR) has announced the acquisition of Starkweather Roofing, a provider of commercial roofing services in Arizona. The transaction marks OSR's first strategic acquisition since it was acquired by an affiliate of Angeles Equity Partners, LLC, a Los Angeles-based private investment firm focused on value creation through operational transformation. OSR has provided new commercial roof construction, commercial roof replacement, commercial leak repair service and preventative maintenance for commercial roofs. Today, OSR ranks among the top 20 roofing contractors in the country and is licensed and registered in 48 states. This strategic acquisition of Starkweather marks a significant milestone for OSR as it continues to expand its national footprint and deepen its presence in the Southwestern U.S. market. The move combines Starkweather Roofing's local market knowledge and longstanding customer relationships with OSR's national scale, resources and operational excellence. 'Starkweather Roofing has built a tremendous legacy over the past 29 years, with a particular strength in re-roofing, service and repair – areas that are critical to long-term customer satisfaction and asset protection,' said Luke Coleman, CEO of O'Hara's Son Roofing. 'We are excited to welcome the Starkweather team into our organization and expand our capabilities in these essential services while continuing to deliver what we view as exceptional value to our clients across the region.' Founded in 1996, Starkweather Roofing has grown to become a leader in commercial roofing in the Southwest, offering services including new construction, re-roofing, maintenance and emergency repairs. The company brings with it a team of seasoned professionals and a portfolio of projects spanning education, healthcare, municipal and industrial sectors. Following the acquisition, Starkweather Roofing will continue to operate under its existing name. 'Joining forces with O'Hara's Son Roofing allows us to scale our operations, while maintaining the core values that have defined our business,' said Jeff Starkweather Sr., founder of Starkweather Roofing, along with his wife Diane Starkweather. 'We look forward to leveraging OSR's national capabilities and infrastructure to better serve our clients and accelerate growth.' With this acquisition, O'Hara's Son Roofing strengthens its ability to serve both regional and national clients with enhanced capabilities, broader geographic reach and a reinforced commitment to quality, safety and innovation. Massumi + Consoli LLP served as legal counsel to Angeles. Strategic Business Brokers Group served as financial advisor to Starkweather. The terms of the transaction were not disclosed. Information was sourced from Businesswire. To learn more, contact info@
