As Cases of E-Wallet Fraud Increase in India, Here's How You Can Protect Yourself From Online Scams

How can one protect oneself from online scams as cases of e-wallet fraud increase. WhatsApp rolls-out self-destructing 'Delete Message' feature. Twitter to delete inactive accounts. Union Cabinet extends term of 15th Finance Commission.

 

POLICY

RBI Deputy Governor warns about rising bad loans under Mudra loan scheme.

The Loan Ranger: RBI Deputy Governor MK Jain has warned bankers about the growing stress in Mudra loans.

 

Pradhan Mantri Mudra Yojana (PMMY) is a government programme that provides loans up to INR10L to SMEs. As of March 2019, total disbursements under this scheme were INR3,11,811cr.

 

Gross NPAs under Mudra rose by 68.7% to INR16,480.87cr in the FY ending March 2019 from INR9,769cr a year ago.

 

While such a massive push would have lifted many beneficiaries out of poverty, there has been some concerns at the growing level of non-performing assets among these borrowers,” Jain said. He added that banks need to focus on the repayment capacity at the appraisal stage itself and monitor loans through the life cycle of the account much more closely.

 

In July, the government had said that total NPA ratio in the Mudra scheme was at at 2.68% in 2018-19, up from 2.52%Y-o-Y. Indian Express

Union Cabinet extends term of 15th Finance Commission.

2020 Vision: The Union Cabinet has approved the extension (for the second time) of the term of the 15th Finance Commission to submit its report. The 30 November 2019 deadline has been pushed to 30 October 2020. More details here.

 

REGULATIONS

New laws to regulate state tech surveillance needed, says Justice BN Srikrishna.

Privacy Matters: Justice BN Srikrishna, who led a panel that finalised a draft data protection Bill, has said that the government should frame new laws to regulate the monitoring of its citizens by state agencies that may use technology tools.

 

Pointing to the need for a separate legislation that governs the terms under which the government can resort to surveillance, Srikrishna said there should be clarity on "under what circumstances, who can do it, and what is the procedure" for such actions by the state.

 

"There is no law today which protects our privacy and nothing prevents an officer from taking away a citizen's data," he said.

 

Read his interview with ET Tech here.

 

India's legal sector's fee income rises by over 62% in two years.

 

India's legal sector's fee income rises by over 62% in two years.

Lawyering Up: The law business is one sector that has managed to evade a slowdown, thanks to a slew of new IBC- and GST-related cases and robust dealmaking by India Inc.

 

India's legal sector has increased its fee income by more than 62% in two years. The estimated value of the corporate legal market was worth $2.1bn in FY19, up from $1.3bn in FY17.

 

About two-thirds of the legal sector’s earnings in FY19 came from Indian corporate clients, with about $700mn from foreign companies doing business in the country. ET Consultancy

 

PAYMENTS

As cases of e-wallet fraud increase in India, here's what you can do to ensure that you are not duped.

Following the launch of Digital India and the increasing infiltration of internet on the back of cheap data prices, incidents of e-wallet fraud are increasingly becoming commonplace. 

 

Here's what you need to know if you are defrauded on an e-wallet platform:

 

  • In January 2019, the RBI mandated that users of mobile wallets be provided the same safety as offered to regular credit or debit card holders
  • It also asked e-wallet companies to set up 24x7 customer care helplines to report fraud or any loss or theft, to ensure that customers are assisted and given full refund if a case of fraud occurred due to the negligence or deficiency on the part of the wallet provider
  • However, the customer will bear the entire loss in cases where the loss had occured due to his/her negligence

 

Here are some things one can do to avoid being defrauded.

 

Living the Digital Life: Nearly 68% consumers making financial transactions online are willing to save their personal bank details on websites they trust, revealed a recent survey by NortonLifeLock, which covered over 1,500 city-dwelling Indian adults. Now while 83% of the respondents agree that fraud and data theft are the biggest threats to online banking, an alarming 80% of the respondents think online payments made on apps and websites are always safe.

 

As per the survey, consumers make the maximum online financial transactions for shopping (91%) closely followed by bill payments (88%). City-based millennials engage in more financial transactions online (98%) than any other generation surveyed, closely followed by Gen X (97%) and Gen Z (94%).

 

Here are some useful suggestions by NortonLifeLock to make your online transactions safer. 

 

TECH

WhatsApp rolls-out self-destructing 'Delete Message' feature in latest android beta version.

WhatsAppening?: Facebook-owned messaging platform WhatsApp is gradually rolling out a self-destructing message feature for its Android Beta version.

 

Disappearing Act: The update will automatically delete a message after a particular period of time as set by the user. Unlike the 'Delete for Everyone' feature that already exists on the popular messaging app, this feature will automatically delete or in fact make the messages "disappear" in a way that would seem like the message never existed.

 

Reportedly, WhatsApp has renamed the feature's name from 'Disappearing Messages' to 'Delete Messages' before the official roll out. It will be initially available for group chats and can be enabled by the group's administrators. Once enabled, the feature can be toggled in Contact Info or Group Settings. Livemint

Twitter to delete inactive accounts.

Back From the Dead?: Social-media platform Twitter has always encouraged users to log in and tweet every six months. Now it’s taking the added measure of reaching out to inactive users, prompting them to log in prior to December 11 or risk being deleted. 

 

A large scale removal of inactive accounts would mean that usernames, previously unavailable, may start coming up for grabs. TechCrunch

 

Brownie Points: "Once Silicon Valley’s highest-flying darlings, companies from WeWork to Uber have collectively lost about $100bn in value this year". As investors grow more cautious about spending, startup executives have been prompted to talk up profitability over growth. Read more here.

 

AVIATION

Govt considering plan to cut Air India's debt by half. 

We've Got a Plan: In a renewed plan to revive debt-laden Air India, the government plans to ask prospective investors to take over INR30,000cr of the airline’s debt, which is backed by the carrier's assets.

 

The government may call for the expression of interest as early as December 15.

 

The airline is sitting on a debt pile of around INR58,000cr, besides huge accumulated losses running into thousands of crores. Hindu BusinessLine

Resuming MAX flights will become more complicated and time-consuming as per FAA guidelines.

Adding to the hurdles confronting the aircraft manuacturer, the Federal Aviation Administration (FAA) has stripped Boeing of longstanding authority to perform routine, pre-delivery safety checks and signoffs of MAX planes on its own.

 

The federal regulators now intend to inspect and sign off on every jet individually before delivery to airlines. WSJ

FIN.

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