A major financial fraud has surfaced in Sri Lanka, where government authorities say funds were stolen during a foreign payment transaction linked to a cyber breach. Investigators have uncovered a racket involving fake airline websites used to trick victims and siphon money. Police have launched a crackdown, raising fresh concerns over online fraud, cybersecurity gaps, and the growing sophistication of digital scams targeting unsuspecting users.


Sri Lanka: Ministry Says Funds Stolen During Foreign Payment 

Financial frauds accounted for over 75 per cent of cyber crimes in the country from January 2020 till June 2023, with nearly 50 per cent cases related to UPI and internet banking, according to a new study by an IIT Kanpur-incubated start-up.

Social media-related crimes such as cheating by impersonation, cyber-bullying, sexting and email phishing accounted for 12 per cent of the online offences during the period, the study showed.

The findings have been mentioned by the Future Crime Research Foundation (FCRF), a non-profit start-up incubated at the Indian Institute of Technology (IIT)-Kanpur, in its latest comprehensive whitepaper 'A Deep Dive into Cybercrime Trends Impacting India'. 
 
ALSO WATCH |&nbsp;Study: Financial fraud top cybercrime in India

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For online financial frauds, which accounted for the maximum 77.41 per cent offences during the period, the FCRF noted that "this category is a dominant concern, covering fraudulent activities related to online financial transactions".

"Subcategories include debit/credit card fraud, business email compromise, internet banking-related fraud, and the alarmingly prevalent UPI (Unified Payments Interface) fraud (47.25 per cent)", it said.

These figures underscore the need for robust cyber security measures to safeguard financial transactions conducted online, the FCRF said.

Social media-related crimes accounted for 12.02 per cent online offences, according to the whitepaper.

"This category encompasses a wide range of crimes associated with online platforms and social media. Subcategories within this domain include cheating by impersonation, cyber-bullying, sexting, email phishing, and more. While cyber-bullying and impersonation accounted for significant percentages, email phishing and provocative speech for unlawful acts had a comparatively lower impact," it noted.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/data-lab-cyber-threats-in-healthcare-digital-india-and-the-need-to-beef-up-cyber-security-601894">Data Lab | Digital India and the need to beef up cyber-security in healthcare</a>

The FCRF stated that "other notable categories" contributed to nine per cent of the online crimes which delve into several other cybercrime categories with smaller but notable percentages, including online cyber-trafficking, online gambling, ransomware, cryptocurrency crime, and cyber terrorism.

Highlighting the diverse methods cybercriminals use to target digital infrastructure, the whitepaper also flagged that 1.57 per cent online crimes pertained to hacking or damage to computer systems such as unauthorised access, data breach, email hacking and website defacement or hacking.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/2146-cyberattacks-target-single-indian-firm-a-week-on-average-report-616768">More than 2,000 cyberattacks target single Indian firm a week on average: Report</a>

"It is crucial for law enforcement agencies, individuals, businesses, and policymakers to understand the changing landscape of cybercrimes in India. This report not only highlights the distribution of cybercrimes but also underscores the need for collaborative efforts to combat these threats," FCRF co-founder Harshvardhan Singh said.

Singh added that "as technology continues to advance, so do the tactics of cybercriminals, making it essential for all stakeholders to stay informed and vigilant". 
 
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Financial frauds accounted for over 75 per cent of cyber crimes in the country from January 2020 till June 2023, with nearly 50 per cent cases related to UPI and internet banking, according to a new study by an IIT Kanpur-incubated start-up.

Financial frauds accounted for over 75 per cent of cyber crimes in the country from January 2020 till June 2023, with nearly 50 per cent cases related to UPI and internet banking, according to a new study by an IIT Kanpur-incubated start-up. Social media-related crimes such as cheating by impersonation, cyber-bullying, sexting and email phishing accounted for 12 per cent of the online offences during the period, the study showed. The findings have been mentioned by the Future Crime Research Foundation (FCRF), a non-profit start-up incubated at the Indian Institute of Technology (IIT)-Kanpur, in its latest comprehensive whitepaper 'A Deep Dive into Cybercrime Trends Impacting India'. ALSO WATCH | Study: Financial fraud top cybercrime in India For online financial frauds, which accounted for the maximum 77.41 per cent offences during the period, the FCRF noted that "this category is a dominant concern, covering fraudulent activities related to online financial transactions". "Subcategories include debit/credit card fraud, business email compromise, internet banking-related fraud, and the alarmingly prevalent UPI (Unified Payments Interface) fraud (47.25 per cent)", it said. These figures underscore the need for robust cyber security measures to safeguard financial transactions conducted online, the FCRF said. Social media-related crimes accounted for 12.02 per cent online offences, according to the whitepaper. "This category encompasses a wide range of crimes associated with online platforms and social media. Subcategories within this domain include cheating by impersonation, cyber-bullying, sexting, email phishing, and more. While cyber-bullying and impersonation accounted for significant percentages, email phishing and provocative speech for unlawful acts had a comparatively lower impact," it noted. ALSO READ | Data Lab | Digital India and the need to beef up cyber-security in healthcare The FCRF stated that "other notable categories" contributed to nine per cent of the online crimes which delve into several other cybercrime categories with smaller but notable percentages, including online cyber-trafficking, online gambling, ransomware, cryptocurrency crime, and cyber terrorism. Highlighting the diverse methods cybercriminals use to target digital infrastructure, the whitepaper also flagged that 1.57 per cent online crimes pertained to hacking or damage to computer systems such as unauthorised access, data breach, email hacking and website defacement or hacking. ALSO READ | More than 2,000 cyberattacks target single Indian firm a week on average: Report "It is crucial for law enforcement agencies, individuals, businesses, and policymakers to understand the changing landscape of cybercrimes in India. This report not only highlights the distribution of cybercrimes but also underscores the need for collaborative efforts to combat these threats," FCRF co-founder Harshvardhan Singh said. Singh added that "as technology continues to advance, so do the tactics of cybercriminals, making it essential for all stakeholders to stay informed and vigilant". WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Financial frauds accounted for over 75% cyber crimes since 2020: Study

UK and US regulators were aware of and participated in a state-led effort to manipulate interest rates during the 2008 financial crisis. As per a BBC report, newly uncovered evidence suggests that the regulators concealed this information.

The evidence as cited by the BBC report suggests that lenders made a significant cut to their interest rate estimates under pressure from central banks. However, when bankers were later prosecuted for smaller-scale interest rate "rigging", this evidence was not presented in court.&nbsp;

While regulators have previously faced allegations of involvement in interest rate manipulation, this evidence reveals a broader international effort by central banks across the Western world.&nbsp;

Allegedly, central banks, including the Bank of England, Banque de France, European Central Bank, Banca d'Italia, Banco de Espana, and the Federal Reserve Bank of New York, intervened extensively in setting Libor and Euribor rates — benchmark interest rates that track how much it costs banks to borrow from one another — in October 2008.&nbsp;

These actions were apparently aimed at artificially restoring calm to the market during a time when bank lending was nearly held up.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/will-indians-spend-with-rs1000-currency-notes-again-rbi-governor-responds-595187">Will Indians be able to spend using ₹1000 notes again? RBI governor responds</a>

The evidence, which was reportedly disclosed to investigating agencies such as the FBI and UK's Financial Services Authority (FSA) in November 2010, was never made public and has been kept secret from Parliament, Congress, and the public.&nbsp;

This information suggests that Parliament may have been "misled" said Andrew Tyrie, the former chair of the UK Treasury Committee of MPs during the Libor inquiry.

In a conversation with BBC, he said that "the evidence that Mr Verity** has unearthed strongly suggests that the committee's inquiry into the Libor scandal was not told the whole truth."&nbsp;

**Financial Journalist Andy Verity is currently working as BBC News' economic correspondent and is behind the newly uncovered evidence.

"The public rely on Parliament to get to the truth. This case illustrates why Parliament should bolster its information-gathering powers with more effective sanctions against those who provide less than the full picture. Parliament appears to have been misled and, if that's the case, should not let it rest," said Tyrie.

The suppressed evidence that as per Verity's report indicates a potential cover-up is a recording from 2010 of an interview between FBI investigator Mike Kelly and Peter Johnson, a Barclays bank employee responsible for submitting Libor rates.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/the-turnaround-story-of-indias-public-sector-banks-594985">The Turnaround Story of India's Public Sector Banks</a>

In the interview, Johnson reveals that in October 2008, he was instructed by his superiors to report artificially low Libor rates that were significantly below the actual interest rates available in the market. He claims that this instruction came under pressure from both the Bank of England and the UK government.

The recording also indicates that the French banks were similarly pressured by the Banque de France.&nbsp;

In the recording, Kelly can be heard asking Johnson: "Did you have any understanding as to why this pressure was being put upon Barclays?"

To this, Johnson replies: "I'm not sure that it was being put just on Barclays."

Kelly: "OK? Who else did you think, was being pressured?"

Johnson: "We understood that the French banks had been told to get their rates down[...]"

Kelly: "What entity was pressuring them?"

Johnson: "We believe it was the Banque du France."

Published data on Euribor submissions during that period support these claims, showing "record falls in banks' estimates of the cost of borrowing euros by French banks - moves only explicable as having been co-ordinated at a national level," writes Verity.

Senior Conservative MP David Davis has called for a fresh investigation, expressing concerns that Parliament may have been misled.&nbsp;

The MP said that the evidence points to "a case to believe that state agencies coerced individuals into perjury that led to false convictions".&nbsp;

The US Department of Justice and the UK's Serious Fraud Office have prosecuted 37 traders for Libor manipulation. However, the prosecutions were done in the absence of this evidence.

The regulators involved have either declined to comment, rebutted the claims, or stated that they followed disclosure rules. The Bank of England labelled the allegations "unsubstantiated," while the European Central Bank "strongly rebut" the assertions which it said "misrepresent the role of a central bank in implementing monetary policy". Responding to the allegations, Italian bank Intesa Sanpaolo has reportedly emphasised that it has always acted independently and in full compliance with rate-setting rules. As per Verity, the FBI and the Commodity Future Trading Commission (CFTC) have declined to comment.

(With inputs from agencies)

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UK and US regulators were aware of and participated in a state-led effort to manipulate interest rates during the 2008 financial crisis. As per a BBC report, newly uncovered evidence suggests that the regulators concealed this information.

UK and US regulators were aware of and participated in a state-led effort to manipulate interest rates during the 2008 financial crisis. As per a BBC report, newly uncovered evidence suggests that the regulators concealed this information. The evidence as cited by the BBC report suggests that lenders made a significant cut to their interest rate estimates under pressure from central banks. However, when bankers were later prosecuted for smaller-scale interest rate "rigging", this evidence was not presented in court. While regulators have previously faced allegations of involvement in interest rate manipulation, this evidence reveals a broader international effort by central banks across the Western world. Allegedly, central banks, including the Bank of England, Banque de France, European Central Bank, Banca d'Italia, Banco de Espana, and the Federal Reserve Bank of New York, intervened extensively in setting Libor and Euribor rates — benchmark interest rates that track how much it costs banks to borrow from one another — in October 2008. These actions were apparently aimed at artificially restoring calm to the market during a time when bank lending was nearly held up. Also read | Will Indians be able to spend using ₹1000 notes again? RBI governor responds The evidence, which was reportedly disclosed to investigating agencies such as the FBI and UK's Financial Services Authority (FSA) in November 2010, was never made public and has been kept secret from Parliament, Congress, and the public. This information suggests that Parliament may have been "misled" said Andrew Tyrie, the former chair of the UK Treasury Committee of MPs during the Libor inquiry. In a conversation with BBC, he said that "the evidence that Mr Verity** has unearthed strongly suggests that the committee's inquiry into the Libor scandal was not told the whole truth." **Financial Journalist Andy Verity is currently working as BBC News' economic correspondent and is behind the newly uncovered evidence. "The public rely on Parliament to get to the truth. This case illustrates why Parliament should bolster its information-gathering powers with more effective sanctions against those who provide less than the full picture. Parliament appears to have been misled and, if that's the case, should not let it rest," said Tyrie. The suppressed evidence that as per Verity's report indicates a potential cover-up is a recording from 2010 of an interview between FBI investigator Mike Kelly and Peter Johnson, a Barclays bank employee responsible for submitting Libor rates. Also read | The Turnaround Story of India's Public Sector Banks In the interview, Johnson reveals that in October 2008, he was instructed by his superiors to report artificially low Libor rates that were significantly below the actual interest rates available in the market. He claims that this instruction came under pressure from both the Bank of England and the UK government. The recording also indicates that the French banks were similarly pressured by the Banque de France. In the recording, Kelly can be heard asking Johnson: "Did you have any understanding as to why this pressure was being put upon Barclays?" To this, Johnson replies: "I'm not sure that it was being put just on Barclays." Kelly: "OK? Who else did you think, was being pressured?" Johnson: "We understood that the French banks had been told to get their rates down[...]" Kelly: "What entity was pressuring them?" Johnson: "We believe it was the Banque du France." Published data on Euribor submissions during that period support these claims, showing "record falls in banks' estimates of the cost of borrowing euros by French banks - moves only explicable as having been co-ordinated at a national level," writes Verity. Senior Conservative MP David Davis has called for a fresh investigation, expressing concerns that Parliament may have been misled. The MP said that the evidence points to "a case to believe that state agencies coerced individuals into perjury that led to false convictions". The US Department of Justice and the UK's Serious Fraud Office have prosecuted 37 traders for Libor manipulation. However, the prosecutions were done in the absence of this evidence. The regulators involved have either declined to comment, rebutted the claims, or stated that they followed disclosure rules. The Bank of England labelled the allegations "unsubstantiated," while the European Central Bank "strongly rebut" the assertions which it said "misrepresent the role of a central bank in implementing monetary policy". Responding to the allegations, Italian bank Intesa Sanpaolo has reportedly emphasised that it has always acted independently and in full compliance with rate-setting rules. As per Verity, the FBI and the Commodity Future Trading Commission (CFTC) have declined to comment. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UK, US banking regulators were instructed to 'rig' interest rates during 2008 financial crisis: Report

After Nirav Modi and Mehul Choksi, the CBI has registered a case against a Delhi-based diamond jewellery exporter for an alleged bank loan fraud to the tune of Rs 389.85 crore towards Oriental Bank of Commerce.

Also read: <a href="http://www.wionews.com/india-news/opinion-after-nirab-modi-frauds-pnb-are-we-to-pay-for-our-theft-ourselves-33797">After Nirav Modi frauds PNB, are we to pay for our theft ourselves?</a>

The CBI has booked Dwarka Das Seth International Pvt Ltd for the alleged fraud.

Also read: <a href="http://www.wionews.com/india-news/pnb-fraud-enforcement-directorate-freezes-nirav-modis-assets-worth-rs-4386-crore-33805">Enforcement Directorate freezes Nirav Modi&#39;s assets worth Rs 43.86 crore</a>

Six months after the public sector bank filed a complaint with the CBI, the agency booked the company, and Sabhya Seth, Reeta Seth, Krishna Kumar Singh, Ravi Singh - all directors of the firm - and another company named Dwarka Das Seth SEZ Incorporation.

Also read: <a href="http://www.wionews.com/india-news/post-scam-pnb-transfers-nearly-18000-employees-after-cvc-rap-33622">Post-scam, PNB transfers nearly 18,000 employees after CVC rap</a>

The company has availed various credit facilities from OBC between 2007-12, which swelled to Rs 389 crore during the period.

It was found by the bank that the company was using Letters of Credit (LoCs) to pay off other creditors against the purchae of gold and other precious stone and transfer gold and funds outside the country using fictitious transactions, the bank complaint, now part of the CBI FIR, alleged.

The company was also engaging in business transactions with non existent entities, it said.&nbsp;

The CBI has booked Dwarka Das Seth International Pvt Ltd for the alleged fraud.

After Nirav Modi and Mehul Choksi, the CBI has registered a case against a Delhi-based diamond jewellery exporter for an alleged bank loan fraud to the tune of Rs 389.85 crore towards Oriental Bank of Commerce. Also read: After Nirav Modi frauds PNB, are we to pay for our theft ourselves? The CBI has booked Dwarka Das Seth International Pvt Ltd for the alleged fraud. Also read: Enforcement Directorate freezes Nirav Modi's assets worth Rs 43.86 crore Six months after the public sector bank filed a complaint with the CBI, the agency booked the company, and Sabhya Seth, Reeta Seth, Krishna Kumar Singh, Ravi Singh - all directors of the firm - and another company named Dwarka Das Seth SEZ Incorporation. Also read: Post-scam, PNB transfers nearly 18,000 employees after CVC rap The company has availed various credit facilities from OBC between 2007-12, which swelled to Rs 389 crore during the period. It was found by the bank that the company was using Letters of Credit (LoCs) to pay off other creditors against the purchae of gold and other precious stone and transfer gold and funds outside the country using fictitious transactions, the bank complaint, now part of the CBI FIR, alleged. The company was also engaging in business transactions with non existent entities, it said.

After Nirav Modi, Delhi-based diamond exporter booked for Rs 389-cr OBC loan fraud

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Sri Lanka: Ministry Says Funds Stolen During Foreign Payment

Financial frauds accounted for over 75% cyber crimes since 2020: Study

UK, US banking regulators were instructed to 'rig' interest rates during 2008 financial crisis: Report

After Nirav Modi, Delhi-based diamond exporter booked for Rs 389-cr OBC loan fraud