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User Privacy
Banglore Cyber Security Data Privacy Investment fraud Law Enforcement Phising Attacks Scam User Privacy

Bengaluru Police Bust Rs 854 Crore Cyber Fraud

The Bengaluru Police have made significant progress in uncovering a sophisticated cyber investment fraud that involved an astonishing amount of Rs 854 crore. The study clarifies the complex network of mule accounts that was essential to carrying out this financial crime.

The cyber investment fraud, as reported by various news sources, involved the arrest of six individuals allegedly orchestrating the massive scam. The criminals exploited unsuspecting victims through promises of lucrative investment opportunities, ultimately siphoning off a colossal sum of money.

Mule accounts, a term less known to the general public, have emerged as a linchpin in cybercrime operations. These accounts act as intermediaries, facilitating the movement of illicit funds while providing a layer of anonymity for the perpetrators. The Bengaluru Police, in their diligent investigation, uncovered the intricate network of mule accounts that were instrumental in the success of this cyber investment fraud.

The criminals behind the fraud reportedly used a combination of advanced technology and social engineering tactics to lure victims into their scheme. Once hooked, the victims were persuaded to invest significant sums of money, which were then funneled through a complex web of mule accounts to conceal the illicit transactions. The scale and sophistication of this operation highlight the evolving nature of cybercrime and the challenges faced by law enforcement agencies in tackling such crimes.

The timely intervention of the Bengaluru Police showcases the importance of proactive measures in combating cybercrime. The investigation not only led to the arrest of the alleged perpetrators but also served as a wake-up call for individuals to exercise caution and due diligence in their online financial activities.

As the digital landscape continues to evolve, the need for cybersecurity awareness becomes more critical than ever. The Bengaluru case underscores the necessity for individuals, businesses, and law enforcement agencies to collaborate in developing robust cybersecurity measures. Education about the tactics employed by cybercriminals, such as the utilization of mule accounts, is crucial for staying one step ahead in the ongoing battle against online fraud.



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US Firms
Banglore COVID-19 Technology US Firms

Workings of US Firms Disturbed Due to Covid Surge in Banglore

 

To say that Bengaluru’s epidemic is huge is an understatement. Bengaluru has more than 65 percent of all active cases recorded in Karnataka in a virulent second wave where the test positivity rate in the State is touching new highs. On May 7, Bengaluru recorded 346 deaths due to COVID-19, according to a bulletin released by the Karnataka government. 

Health experts have warned that the situation could be more threatening in the coming weeks, with one model predicting as many as 1,018,879 deaths by the end of July, quadrupling from the current official count of 230,168. A model prepared by government advisers suggests the wave could peak in the coming days, but the group's projections have been changing and were wrong last month. 

As a result, US firms like Goldman Sachs Group Inc. and UBS Group AG have come under intense strain. These firms played critical roles in everything from risk management to customer service and compliance. A growing number of employees are either sick or scrambling to find critical medical supplies such as oxygen for relatives or friends.

An employee at UBS said their bank has nearly 8,000 workers but due to Covid-19, many are absent. As a result, work is being shipped to centers such as Poland. The Swiss bank's workers in India handle trade settlement, transaction reporting, investment banking support, and wealth management. Many of the tasks require same-day or next-day turnarounds.

Standard Chartered Plc issued a statement last week that nearly 800 of its 20,000 employees in India were infected. As many as 25% of employees in some teams at UBS are absent, said an executive at the firm who spoke on condition of anonymity for fear of losing his job.

For now, back-office units are managing part-time workers or asking employees to perform multiple roles and re-assigning staff to make up for those who are absent. They are scheduling overtime, deferring low-priority projects, and conducting pandemic continuity planning exercises for multiple locations should the virus wave intensify. 

Similarly, thousands of Goldman employees are working from home, doing high-end business tasks such as risk modeling, accounting compliance, and app building. A representative for the bank said workflows can be absorbed by the wider team if needed and there's been no material impact so far.
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