Latest news with #PankajChaudhary
Mint
a day ago
- Business
- Mint
As UPI usage soars, so do scams — Here's how to stay protected
In May 2025, UPI transactions saw 33 percent jump in the number of transactions year-on-year and 23 percent growth in value terms. Overall, the number of UPI transactions stood at 18.68 billion in May 2025 amounting to ₹ 24.77 lakh crore. What looks like a promising growth of digital transactions in terms of quantity as well as in volume has a flip side too: growing number of cyber frauds. The RBI does not maintain any data with regards to loss due to cyber frauds but the total loss due to frauds under the category of card, internet and digital payments collectively amounted to ₹ 107.21 crore in FY 25 (till Dec 2024). In 2023-24, financial loss on account of online frauds amounted to ₹ 177 crore which stood at ₹ 69.68 crore in 2022-23. Notably, this includes only those transactions wherein amount was bigger than ₹ 1 lakh. Year Number of frauds (more than ₹ one lakh) Loss (in ₹ Crore) 2022-23 6,699 69.68 2023-24 29,082 177.05 2024-25 (till Dec'24) 13,384 107.21 The total loss on account of frauds in the past 10 years amounts to ₹ 733.26 crore, per the information tabled by Pankaj Chaudhary, minister of state in the ministry of finance in the Parliament on March 10. Consequently, digital payment providers tend to follow multiple layers of encryption and security protocols to minimise the occurrence of these frauds. Vijay Khubchandani, Founder and CEO of Seven, which builds smart rings to enable digital payments via UPI, says 'We provide a multi-layered approach to security and keep your data and transactions protected at all times. We ensure that the data is secured using AES-256-bit end-to-end encryption standards. In addition to the multiple layers of encryption and security protocols, we use multi-factor authentication (MFA) with one-time passwords (OTPs) and biometric data.' Tarun Kher, Partner, Risk Advisory Services, BDO India, highlights the collateral damage caused by prevalence of digital payments. 'With growth comes complexity. As digital payments become the norm, they also introduce evolving risks, ranging from cyber fraud to regulatory gaps. Cybercriminals exploit users through advanced phishing, fake payment handles, OTP hijacking, and even AI-driven impersonation. Such frauds increasingly target not just individuals but enterprises and intermediaries.' Being a chartered accountant, Kher emphasises the role of auditors in minimising the occurrence of such frauds. 'Every digital transaction generates data, and every data touchpoint becomes a potential vulnerability. Whether malware-infected devices or weak third-party APIs, payment ecosystems are exposed to constant cyber threats. Auditors need to conduct holistic cybersecurity assessments, spanning application interfaces, networks, and cloud infrastructure,' he adds. Payment service providers often rely on third-party platforms and cloud vendors for critical operations. A breach in one vendor's environment can impact the entire payment chain, explains Kher. Therefore, auditors must evaluate vendor due diligence procedures and assess contractual safeguards for data security, he adds. While explaining the security system, Khubchandani of fintech start-up Seven, says, 'With secure software development practices in place, we build resilience into each layer of security within the wallets. In addition, we use real-time threat monitoring to identify breaches in security to identify any anomalies in data.' 'With secure software development practices in place, we build resilience into each layer of security within the wallets. In addition, we use real-time threat monitoring to identify breaches in security to identify any anomalies in data,' Khubchandani adds. If you are a customer of a digital payment app, it is recommended to follow these tips to minimise the occurrence of fraud. I. Do not download any suspicious link you received on SMS or WhatsApp, regardless of temptation. II. Although digital payments can be done seamlessly with ease, but once the money leaves your account, it will not come back. So, transfer money only when you are sure of the legitimacy of transaction. III. If you lose money to a fraud or cybercrime, make sure you suspend your UPI account and report the incident to your bank immediately. IV, Needless to mention the oft-repeated tip: never share your OTP with anyone, not even with a bank employee. For all personal finance updates, visit here
India Gazette
4 days ago
- Business
- India Gazette
Union Finance Minister inaugurates DRI headquarters building in New Delhi
New Delhi [India], June 3 (ANI): Union Minister for Finance and Corporate Affairs Nirmala Sitharaman and Union Minister of State for Finance Pankaj Chaudhary inaugurated the new state-of-the-art Headquarters Building of the Directorate of Revenue Intelligence (DRI), in New Delhi on Tuesday. FM Sitharaman also praised the record time in which the new building was completed and lauded the DRI's role in national security, safeguarding India's economic frontiers, and commitment to curbing smuggling. According to a release from the Ministry of Finance, Sitharaman called on DRI officers to imbue themselves with the spirit of the clarion call of 'Reform, Perform, and Transform' by Prime Minister Narendra Modi, and embrace three key imperatives as enforcement agencies-Do not view enforcement and facilitation as opposing ends of the spectrum; Investigate holistically, keeping the big picture in focus, not merely chasing isolated infractions; Enforcement operations should be rooted not only in data but also in dharma. Also present on the occasion were Arvind Shrivastava, Secretary, Department of Revenue, Ministry of Finance; Sanjay Kumar Agarwal, Chairman, Central Board of Indirect Taxes and Customs (CBIC); Shri Mohan Kumar Singh, Member (Compliance Management), CBIC; Abhai Kumar Srivastav, Director General, DRI; and the senior officials of CBIC and other law enforcement agencies, including foreign emphasised that in addition to affecting seizures, the focus should be to dismantle the entire syndicates by reaching the last mile highlighted on the need to enhance inter-agency cooperation as well as improved coordination with international counterparts in the era of transnational economic Union Minister of State for Finance Pankaj Chaudhary commended the speed with which DRI has worked towards incorporating technology and data analytics into its functioning. Shri Chaudhary appreciated that DRI holds a respected position among law enforcement agencies not only in India but also on the global Arvind Shrivastava appreciated the role of DRI in creating a safe and secure economic environment which is the cornerstone of India's march towards Viksit Bharat, and concluded that the building will represent a renewed dedication to take DRI forward with integrity, intelligence and his address on the occasion, Sanjay Kumar Agarwal extended his congratulations to the entire DRI team as well as CPWD and other government departments on the inauguration of the HQ building. Shri Agarwal stated that with the robust indirect tax collections and an increase in the taxpayer base, the role of CBIC in the economic growth of the country is increasing and in order to meet the ever-evolving landscape, it is imperative to focus on infrastructural development and to enhance the institutional in in his welcome address, while describing the distinct features of the new headquarters building, Abhai Kumar Srivastav extended his gratitude to all the stakeholders involved and reiterated DRI's resolve to uphold its core values of integrity, vigilance, and service to the nation. In his vote of thanks, Brij Bhushan Gupta, Principal ADG, DRI HQ, expressed gratitude to all the distinguished guests and also to the team of CPWD involved in the construction of the facility. According to the Finance Ministry's statement, the newly inaugurated building is equipped with modern amenities and technological infrastructure designed to support the evolving needs of the agency in combating complex financial crimes and cross-border illegal trade. The building occupies a plot area of 6,200 square metres, has been meticulously designed to meet the operational requirements of the DRI, while incorporating a range of sustainable and energy-efficient features. These include rainwater harvesting, a sewage treatment plant, solar power panels, and other eco-friendly initiatives aimed at reducing the environmental impact. The design also emphasises inclusivity and staff welfare, with provisions such as barrier-free access, ramps, elevators, and a creche to support working parents, ensuring a modern and accommodating workspace for all. (ANI)
Mint
5 days ago
- Business
- Mint
‘Digital payment frauds not alarming'
New Delhi: Digital payment fraud data revealed in Parliament this year is 'not alarming' and should not be conflated with other types of banking fraud that do not affect the public, a person informed about the finance ministry's record of such cases said on Monday, after an opposition party's social media post. This person cited above said the number of digital payment-related frauds reported in the last 10 years and the amounts involved are not alarming and mixing it up with other types of banking frauds, where public is not the victim, will paint a wrong picture of the safety of the digital payment ecosystem. The total number of 'digital payment frauds' reported in India in the last ten years stands at 63,315 cases. This figure, reported by commercial banks and financial institutions under the specific category 'card/internet and digital payments', takes into account amounts involving at least ₹ 1 lakh, the person said quoting data tabled in Parliament on 10 March. Minister of state for finance Pankaj Chaudhary had on that day informed the Lok Sabha that these cases between FY14 and FY25 up to December involved a total loss to these entities of ₹ 733.26 crore, showed the written answer given to the House. However, the opposition Congress party on Monday cited a larger figure in a social media post. Conflating specific digital payment frauds with the much broader category of total banking frauds will create doubts about the banking system and amounts to creating a sense of alarm, the person said. The finance ministry, the RBI and the National Payments Corporation of India (NPCI) have rolled out several crucial measures to secure digital financial transactions and to combat fraud, the person said. The RBI issued norms on digital payment security controls in February 2021, mandating banks to implement common minimum standards of security controls for various payment channels like internet banking, mobile banking, and card payments, the person said. To proactively identify illicit financial activities, the RBI has also launched an Artificial Intelligence-based tool named 'MuleHunter' for the identification of money mule accounts, the person said. A money mule account is one that is used to illicitly transfer or launder money. A second person, who also spoke on condition of anonymity said that although current fraud rates remain low at roughly one per 114,000 transactions, there has been a rise in the volume and average size of cyber frauds. Hence, measures are being taken to increase public awareness to help prevent such crimes. Queries emailed to the finance ministry and to the Congress party on Monday late evening seeking comments for the story remained unanswered at the time of publishing.
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Business Standard
29-05-2025
- Business
- Business Standard
Fake ₹500 notes at six-year high in FY25, ₹2000 counterfeits fall: RBI
Counterfeit notes of ₹500 denomination (excluding specified banknotes) detected in the banking system rose 37.35 per cent year-on-year (YoY) to 1,17,722 in 2024–25 from 85,711 in 2023–24, the highest level in six years (since FY20), the Reserve Bank of India's (RBI's) annual report showed. The number of counterfeit notes below ₹200 denomination also rose by 13.9 per cent YoY to 32,600 pieces. On the other hand, detection of fake ₹100 denomination notes declined nearly 23 per cent YoY to 51,069 pieces. Fake ₹2000 denomination notes saw a steep 86.5 per cent drop to 3,508 pieces in FY25 from a five-year high of 26,035 in FY24. Last year's spike had been attributed to the withdrawal of ₹2000 notes from circulation and the large-scale processing of these notes by banks. The RBI had announced the withdrawal of ₹2000 banknotes from circulation on 19 May 2023. The total value of these notes, which stood at ₹3.56 trillion as of the close of business on 19 May 2023, declined to ₹6,266 crore by 30 April 2025. Thus, 98.24 per cent of the ₹2000 banknotes in circulation at the time of the announcement have since been returned, the RBI said in a press release. During the Lok Sabha session in November 2024, Minister of State for Finance Pankaj Chaudhary stated that counterfeit ₹500 notes from the Mahatma Gandhi (new) series had increased to 85,711 pieces in 2023–24, up from 21,865 in 2018–19. Detection of fake ₹2000 denomination notes had risen to 26,035 from 21,847 over the same period. Despite the spike in ₹500 fakes, the overall number of counterfeit notes detected fell to 2,17,396 pieces in FY25, compared to 2,22,638 in FY24. The RBI report highlighted a continuing downward trend in the detection of counterfeit currency over recent years.
Time of India
24-05-2025
- Business
- Time of India
GST council to meet soon to discuss rate rationalisation, compensation cess future
New Delhi: The GST Council is likely to meet soon to discuss rate simplification and rationalisation and the future of compensation cess , according to a source. "There are three or four different aspects relating to making GST simpler. We will take up the issue of compensation cess, rate rationalisation and simplification," the source said. The GST Council, chaired by Union Finance Minister and comprising state counterparts, in its meeting in December last year, did not take up the GoM reports on rate rationalisation and rate reduction in health and life insurance . The two GoMs, which recommended a reduction in rates and providing exemption to certain categories, are yet to submit their final report to the GST council. The GoM on Compensation Cess, headed by Minister of State for Finance Pankaj Chaudhary, is looking into the future of compensation cess beyond March 2026. As of now, the cess is being levied on luxury and sin goods but is being utilised only for paying back loans taken during the COVID to make good the loss to states in GST revenues. Live Events GoM is now studying how to retain the revenue from cess in some other form and how it is to be shared between the Centre and the states. Economic Times WhatsApp channel )
