Finmin finds surge in cases of cyber frauds; accnts breached

Around 11,200 STRs have been detected in the finance ministry in this regard

PTI | October 3, 2011



An increasing number of people are falling prey to fraudulent schemes masquerading as 'lotteries' and 'job offers', mostly on the cyber world.

As many as 11,195 Suspicious Transaction Reports (STRs) have been detected by the Financial Intelligence Unit (FIU) in the Finance Ministry, between 2006-10 in this regard.

The Automatic Teller Machines (ATMs) were found to be the most favourite technology tools used by the rogues for instantly encashing the fraudulent transactions, the maiden report said.

The FIU--an elite unit under the Finance Ministry-- has brought out a latest report on emerging trends in STRs, filed to it by various banks, financial institutions and intermediaries in the country.

The FIU found the number of STRs filed under the category of "nature of transactions" surpassed all other categories of doubtful transactions reported to it.

The "nature of transactions" category of STRs monitor those bank accounts who have had doubtful foreign remittances to non-relatives, suspicious use of ATM/credit card to withdraw money, suspicious off-market transactions in demat accounts and cash deposits in a bank account at multiple locations.

"A number of people are being cheated and duped by these fraudulent schemes including through the internet and the records furnished by banks and financial portals reflect it now. Enforcement agencies like Police, I-T department and Economic Offences Wing are regularly writing to us to obtain such STRs in pursuance of such cases registered by them," a senior Finance Ministry official said.

The analysis of these reports led the FIU to report an "emerging trend of use of bank account for lottery fraud or employment fraud."

Comments

 

Other News

Income Tax dept holds Ghatkopar Outreach on new IT Act

The Income Tax Department organised an outreach programme in Ghatkopar, Mumbai, to raise awareness about the key features of the Income Tax Act, 2025, effective April 1, 2026. The initiative is part of a nationwide effort to promote taxpayer awareness, simplify compliance, and strengthen a transparent, eff

Making AI work where governance is closest to people

India’s next governance leap may not solely come from digitisation. It will come from making public systems more intelligent, more adaptive, and more responsive to the dynamics at the grassroots. That opportunity is especially significant at the panchayat level, where governance is not an abstract po

Borrowing troubles: How small loans are quietly trapping youth

A silent crisis is playing out in the pocket of young India, not in stock markets or government treasuries, but in smartphones of college students and first-jobbers who clicked on the Apply Now button without reading the small print.  A decade ago, to take a loan, you had to do some paperwor

A 19th-century pilgrim’s progress

The Travels of a Sadhu in the Himalayas By Jaladhar Sen (Translated by Somdatta Mandal) Speaking Tiger Books, 259 pages, ₹499.00  

India faces critical shortage of skin donors amid rising burn cases

India reports nearly 70 lakh burn injury cases every year, resulting in approximately 1.4 lakh deaths annually. Experts estimate that up to 50% of these lives could be saved with adequate access to skin donations.   A significant concern is that around 70% of burn victims fall wi

Not just politics, let`s discuss policies too

Why public policy matters Most days, India`s loudest debates stop at the ballot box. We can name every major leader and recall every campaign slogan. Still, far fewer of us can explain why a widow`s pension is delayed or how a government school`s budget is actually approved. That


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter