A Mumbai-based woman found herself out of Rs 100,000 when she fell victim to a courier delivery scam after ordering lipstick online. Yes, as strange as it sounds, the way this scam works is quite simple. Scammers will contact you, pretending to be delivery agents, and usually present the problem that delivery is not possible, or ask victims for a small cancellation fee, such as 2 or 5 rupees for a package they never ordered. When victims send them money through a malicious link sent by scammers, they suffer huge…

There is a possibility that cyber catastrophe bonds are on the verge of transitioning from private negotiations to becoming publicly traded in the debt markets. So-called kitty loans, which allocate hard-to-insure risks to capital markets investors in exchange for double-digit returns, are typically built around natural disasters like hurricanes. But when the potential fallout from business-stopping cyberattacks grows too large to insure, issuers seize the moment. Beazley Plc, which owns specialist insurance companies across Europe and the US, is exploring a potential $100 million cybercat loan, according to insurance-linked securities…

During the G20 Digital Economy Ministers’ Meeting, Union Minister Ashwini Vaishnaw emphasized the unanimous agreement that cyber security is a global issue necessitating cooperation and measures to foster trust and respect among economies. The minister holding the portfolios of Electronics, IT, Communications and Railways said there was absolute consensus at the G20 meeting on the concept and application of Digital Public Infrastructure (DPI), cyber security and digital technology skills. He said of the cyber security discussions that “very good principles” were reached regarding cyber security. “Everyone clearly agreed and understood…

A Chinese national, along with Gujarat-based perpetrators, created a fraudulent football betting app that collectively conned and used 1,200 people – managing to steal around Rs 1,400 crore in nine days. According to The Times of India, designer Woo Uyanbe, who hails from China’s Shenzhen area, was spotted scamming from Patan and Banaskantha. The Gujarat Police had to form a Special Investigation Team (SIT) to solve the case. Further, the CID was first tipped off about the same when it was found that perpetrators were duping victims – both in…