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Digital Fraud
Cyber Fraud CyberCrime Cyberhacker Cybersecurity CyberThreat Deepfake Scam Digital Fraud

India’s Escalating Crisis of Fake Institutions and Digital Fraud


 

As fraudulent activities in India continue to evolve and exploit systemic vulnerabilities to deceive unsuspecting individuals, there are counterfeit banks, legal entities that are fraudulent, and sophisticated cyber scams exploiting systemic vulnerabilities. There has been a significant increase in cases of financial fraud in the country during the first half of the current fiscal year, according to recent data from RBI, which indicates that the country's legal and financial frameworks are under the influence of an alarming trend.

It is common practice for scammers to create fake banks that operate under the guise of legitimate financial institutions and to offer attractive products and investment opportunities in exchange for their money. In the same way, sham courts and legal entities are also being set up to manipulate legal proceedings, mislead victims, and extort money from the public. Additionally, cybercriminals are employing advanced digital technologies to orchestrate scams that compromise sensitive financial and personal information as well as compromising the privacy of victims. This is highlighting critical weaknesses in regulatory oversight and enforcement mechanisms that are failing to effectively counter these frauds. 

Even though authorities are continuing to implement measures to curb these threats, it is imperative to develop more robust intervention strategies to combat the rapid growth of deceptive practices. It remains imperative that digital security frameworks are enhanced, public awareness is increased, and strict legal sanctions are implemented against offenders to reduce the impact of this growing financial and legal fraud. Although the Reserve Bank of India (RBI) has implemented significant changes in its policies regarding bank branch licensing, the process of establishing a new bank still requires multiple regulatory approvals, even after these changes have been implemented.

By conducting these rigorous checks, it can be ensured that unauthorized operations do not occur and ensure that the banking system remains intact. As a result of the discovery of a fraudulent State Bank of India (SBI) branch in Chhapora village, Chhattisgarh, in recent months, serious question marks have been raised about the efficiency of the existing oversight mechanisms in place to prevent such occurrences. 

In this elaborate scheme, the perpetrators not only deceived residents into depositing their hard-earned money into a nonexistent banking institution but also exploited the circumstances to create fake jobs. They further exacerbated the financial losses suffered by the victims by claiming the jobs were legitimate. In this case, the fact that such an operation remained undetected for such a long period highlights critical deficiencies in the monitoring and enforcement of financial regulation in this country. 

It is important to note that this is not an isolated case but rather a significant part of an increasingly widespread trend of fraudulent activities in the banking sector. It is evident from such cases that people need to be more vigilant, to have stronger regulatory enforcement, and to become more aware of financial scams to avoid becoming victims. As a means of preventing these deceptive practices and maintaining the credibility of the banking sector, financial institutions, law enforcement agencies, and regulatory bodies must work together to strengthen coordination between them. 

The Growing Threat of Cyber Fraud in India 


Cyber fraud has been on the rise for several years; scammers are employing more and more sophisticated tactics. Fraudulent call centers, primarily located in Gujarat, have been exposed for operating international scams, and operations have been dismantled in Gurugram, Noida, Mumbai and Indore. 

It has been reported that these syndicates mainly target victims living in the United States, the UK, and Canada by luring them with fake cryptocurrency investments, medical supplies, and antivirus software, and their operations have been ongoing for some time now. 

Rising Scams Targeting Indian Citizens 


Indian citizens are also falling prey to several fraudulent schemes, including Parcel Scams – A fictitious delivery notification tricks victims into paying for a package, SIM Deactivation Fraud – An impersonator of a telecom operator steals personal data while impersonating a telecom operator Job Scam – False work-from-home offers require upfront costs Electricity Disconnection Hoaxes – Fraudsters threaten power cuts to gain money from victims. 

There are many international fraud networks linked to these operations, including in Syria, Turkey, Saudi Arabia, Malaysia, and Singapore. Since India has been rapidly shifting to digital transactions, fraudsters are exploiting vulnerabilities in credit cards, UPI wallets, and online banking systems. Several seniors are at high risk of being tricked into transferring money through deceptive calls and messages as a result of fraudsters exploiting vulnerabilities in these systems. 

Fraud Expanding Beyond Finance 


As a result, scams are now extending into various sectors such as real estate, healthcare, education, and employment. In Kanpur, fraudsters made people pay up to 35 crores for bogus oxygen therapy intended to delay aging. At the same time, fake CBI documents and arrest warrants are being used to extort money. 

The Need for Stronger Regulations and Awareness 


As cyber fraud becomes more sophisticated, it warrants tighter enforcement, increased cybersecurity, and greater public awareness to curb its spread. Therefore, strengthening the coordination between law enforcement agencies, financial institutions, and regulatory bodies is crucial to combat this growing problem. 

Expanding Threat of Financial and Health-Related Fraud in India 


Fraud is not just confined to financial deception in India; it is posing increasingly serious risks to public health. Although some counterfeit drug manufacturers have been apprehended over the years, many operate undetected and without attracting much notice. An investigation of certain pharmaceutical companies found that they were willing to print any Maximum Retail Price (MRP) on bulk orders as part of a recent sting operation, which underscores the extent to which the pharmaceutical industry has been mistreated.

By setting up a therapy center called Revival World, a couple named Rajeev Kumar Dubey and Rashmi Dubey orchestrated a large-scale fraud. It was falsely claimed that by using oxygen therapy, a 60-year-old man could become a 25-year-old man, thus reversing the effects of aging. As a result of the 35 crore scam, it has become evident that people are vulnerable to a variety of health-related scams. Wolves are exploiting digital platforms just as they did before, to orchestrate financial deception both domestically and internationally, as they attempted to defraud customers. The problem with India's literacy is that even highly educated people from the United States, Britain, and Canada have been victims of these scams, despite its literacy challenges.

In the past, Gujarat-based call centers have been implicated in schemes involving fake medical supplies, counterfeit antivirus software and cryptocurrency investments, as well as international fraud operations. Gujarat-based call centers have been notorious for running international fraud operations. In recent years, similar operations have been uncovered in Gurugram, Noida, Mumbai, and Indore, but it is unclear the extent to which such activities are being carried out throughout the country. Financial crime in India has increased significantly in recent years.

A recent report from the Reserve Bank of India (RBI) on the Trends and Progress of Indian Banking indicates that 18,461 cases of bank fraud have been reported in the first half of the current fiscal year, resulting in a total loss of money that is eightfold greater than what is reported previously. To combat the rapidly growing landscape of financial crime, there is an urgent need for increased regulatory oversight, stricter enforcement measures, and a greater degree of public awareness. 

Strengthening Regulatory Measures to Curb Financial Fraud


There is an increasing ease with which fraud is being perpetrated in India today, a national concern that requires immediate attention. Addressing the growing issues that have resulted in the fraud epidemic in India requires understanding its magnitude and the wide-reaching implications of the issue. 

India is at risk of becoming a global hotspot for financial fraud unless comprehensive regulatory reforms and stricter enforcement mechanisms occur. Several steps can help mitigate this threat, including strengthening legal frameworks, improving oversight of financial institutions, and utilizing advanced technology to detect fraudulent activities. 

For the economy to remain safe and the public to have trust in the financial system to be restored, regulatory agencies, financial institutions, and law enforcement agencies must work together as a team.
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Phishing scam
Cyber Fraud Google Ads Malicious Campaign PayPal Scam Phishing scam

Scammers Exploit Google and PayPal’s Infrastructure to Steal Users Private Data

 

Cybersecurity experts discovered a sophisticated phishing campaign that used Google Ads and PayPal's infrastructure to defraud users and obtain sensitive personal information. 

The attackers abused vulnerabilities in Google's ad standards and PayPal's "no-code checkout" feature to create fake payment links that appeared authentic, duping victims into communicating with fake customer care agents. 

Malicious actors created fraudulent adverts imitating PayPal. These adverts shown in the top search results on Google, displaying the official PayPal domain to boost user trust. A flaw in Google's landing page regulations allowed these advertisements to send consumers to fraudulent sites hosted on PayPal's legitimate domain.

The URLs used the format paypal.com/ncp/payment/[unique ID], which was designed to allow merchants to securely accept payments without requiring technical knowledge. 

Scammers took advantage of this functionality by customising payment pages with misleading information, such as fake customer service phone numbers labelled as "PayPal Assistance." Victims, particularly those using mobile devices with limited screen area, were more likely to fall for the scam due to the challenges in spotting the fake nature of the links. 

Mobile devices: A key target 

Due to the inherent limitations of smaller screens, mobile users were the campaign's main target. Users of smartphones frequently rely on the top search results without scrolling further, which increases their vulnerability to clicking on malicious ads. Additionally, once they were directed to the phoney payment pages, users would see PayPal's official domain in their browser address bar, which further confirmed the scam's legitimacy. 

Victims who called the fake help numbers were most likely tricked into disclosing sensitive information or making unauthorised payments. According to MalwareBytes Report, this attack highlights how cybercriminals may use trusted platforms such as Google and PayPal to conduct sophisticated scams. Scammers successfully bypassed typical security measures by combining technical flaws with social engineering techniques, preying on people' trust in well-known brands.

The campaign has been reported to Google and PayPal, yet new malicious adverts utilising similar techniques continue to appear. Experts advise people to use caution when interacting with online adverts and to prioritise organic search results above sponsored links when looking for legitimate customer service information. Security technologies such as ad blockers and anti-phishing software can also help to reduce risks by blocking malicious links.
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Trading Bots
AI Trading Blockchain Security Crypto Scam Cyber Fraud Trading Bots

Crypto Scammers Are Targeting AI Trade Bots

 

The blockchain security company CertiK disclosed how a new generation of scammers is changing their tactics to target automated trading bots in the wake of the LIBRA meme currency fiasco, in which insiders were given advanced information of the launch procedures.

Kang Li, the chief security officer at CertiK, told Decrypt last week at Consensus in Hong Kong that some smart contracts are intentionally made to target the snipers.

The observations follow Hayden Davis's description of such ventures as a "zero-sum game" in which only a few have power. Davis is the self-described "launch strategist" for LIBRA and other celebrity meme coins.

Even at the top, all of it is extractive to some degree—none of it has value, Davis stated in an interview with Coffeezilla's Stephen Findeisen last Sunday. He explained how "professional snipers" are involved in meme coin launches, front-running a token and loading up to buy in before a launch is made public.

Smart contract sniping is a technique in which bots watch on-chain activity for newly issued tokens and execute deals before human traders can react. These bots use on-chain technology and are trained to execute trades as soon as liquidity becomes available. According to Li, a new breed of shrewd fraudsters is creating fake tokens with hidden "backdoors" that appear secure to AI-powered trading bots trained to identify security issues. 

Although these artificial intelligence trading bots "are not dumb" and examine tokens "to see if you have any clear rug-proofing function there," Li noted that scammers have exploited this as a bait-and-switch tactic. 

Following the launch of a token, the scammers "immediately promote [this] in all the AI trading community," and "once they have a few buys, they rug pull it," Li added. 

Li refutes the notion that blockchain security is unnecessary for meme coins and pump-and-dump operations, claiming that the actual risks are in who controls the token, price manipulation, and the history of those behind it. These scams are taking place on a "massive scale," potentially resulting in losses of "tens of millions of dollars," according to Li. With no fear of legal repercussions, scammers 'simply keep destroying' trading bots, taking advantage of a victim.
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User Privacy
Cyber Fraud Data Leak Financial Scam Indian Banking MHA User Privacy

Open Access to Critical Data With Bank Staff Leading to Financial Scam

 

A concerning trend has sent shockwaves across cybersecurity authorities, with central cyber and intelligence organisations tracking and documenting large-scale data leaks perpetrated by bank staff and third party contractors. 

According to a senior Indian government official, the issue has been raised to the highest levels of government, prompting an emergency meeting at the Ministry of Home Affairs (MHA) a few weeks ago to develop a resolution. The government agencies have determined that unlimited access to critical banking data, granted to staff and third-party vendors, is directly supporting rampant cyber fraud and significant financial losses among citizens. 

“The exposure of highly sensitive banking data to employees, particularly outsourced staff and third-party vendors, is leading to severe information leaks. Cybercriminals are exploiting this breach to systematically target and defraud citizens," a top government official stated. 

What is more concerning is the potential involvement of high management-level bank executives. Intelligence agencies officials at the meeting stated that despite repeated accusations, both public and private sector institutions had failed to take action against fraudulent activity. “Shockingly, banks are neglecting action on nearly 60-70 percent of fraudulent accounts reported on the National Cybercrime Reporting Portal (NCRP)," a senior official who attended the MHA meeting noted. 

Financial intelligence agencies have also detected severe flaws in banking security. The MHA meeting featured a detailed analysis of cyber fraud trends, mule accounts, and bank reaction times. The statistics show a stunning increase in cybercrime events, demonstrating that current security measures are ineffective. Banks seem reluctant to take corrective action, creating serious concerns about their accountability. 

In line with the most recent Reserve Bank of India (RBI) recommendation, authorities have highlighted the need for swift and strict action due to the rapid evolution of cybercrime. According to officials, unregulated data leaks from banks' own infrastructure will continue to fuel cybercriminal networks, putting millions of clients at risk, unless banks strengthen their internal controls and take decisive action.
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Financial security breaches
Banking data leaks Cyber Fraud Cybercrime in banking Financial security breaches

Massive Banking Data Leaks Under Scrutiny as Cyber Fraud Cases Surge

 

A concerning rise in large-scale data breaches has put cybersecurity agencies on high alert, with central cyber and intelligence bodies actively tracking incidents linked to bank employees and third-party vendors.

According to a senior government official, the matter has escalated to the highest levels, prompting an urgent meeting at the Ministry of Home Affairs (MHA) a few weeks ago to strategize countermeasures. Investigations reveal that unrestricted access to sensitive banking data—provided to employees and third-party vendors—is a major factor fueling cyber fraud and substantial financial losses for citizens.

“The exposure of highly sensitive banking data to employees, particularly outsourced staff and third-party vendors, is leading to severe information leaks. Cybercriminals are exploiting this breach to systematically target and defraud citizens," a top government official told News18, referencing a government report.

What intensifies concerns further is the suspected involvement of senior banking officials. Intelligence agency representatives at the MHA meeting highlighted that both public and private sector banks are failing to take action against fraudulent activities despite repeated complaints. “Shockingly, banks are neglecting action on nearly 60-70 percent of fraudulent accounts reported on the National Cybercrime Reporting Portal (NCRP)," a senior official who attended the meeting stated.

Financial intelligence agencies have also flagged critical lapses in banking security. “A comprehensive analysis of cyber fraud trends, mule accounts, and banks’ response times was presented at the meeting. The findings indicate a staggering increase in cybercrime incidents, proving that existing security measures are failing. Banks appear reluctant to take corrective action, raising serious concerns about their accountability," sources told News18.

With cybercrime evolving at an alarming pace, authorities stress the need for immediate and stringent action in line with the latest Reserve Bank of India (RBI) advisory. Officials caution that unless banks strengthen internal controls and implement decisive measures, unchecked data leaks from within their infrastructure will continue to fuel cybercriminal networks, placing millions of customers at risk.
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Phishing Campaign
Amazon Prime Cyber Fraud Email scam Financial Scam Phishing Campaign

Amazon Prime Phishing Campaign Siphons Login And Payment Info

 

The Cofense Phishing Defence Centre (PDC) has uncovered a new phishing campaign aimed particularly at Amazon Prime members, trying to steal login passwords, security answers, and payment details. The attacker sends out a well-crafted email mimicking Amazon, encouraging users to update their payment details owing to an "expired" or "invalid" payment method.

The Cofense PDC claims that the threat was sent by email that looked like a genuine Amazon Prime warning the victim that their payment method had expired or was no longer acceptable. Phishing attempts are evident when an email with the spoof sender name "Prime Notification" comes from an unrelated domain. 

The email tries to generate a false sense of urgency, which leads people to click on a fake link. When victims click, they are taken to a bogus Amazon security verification screen. "One of the first red flags recipients should look for is the URL, as it reveals that they have been redirected to Google Docs instead of Amazon's legitimate website," the report reads. 

Once the user has passed the false security screen, they are directed to a fraudulent Amazon login page designed to harvest passwords. "Users should always double-check when logging into websites and ensure that additional security measures, such as multi-factor authentication, are enabled," the researchers added.

After submitting their credentials, victims are prompted to provide additional verification information, such as their mother's maiden name, date of birth, and phone number. The phishing attack is not limited to login credentials. Users are also prompted to input their billing address and payment details, which includes credit card information.

"By obtaining the recipient's residential details, threat actors can submit a request to change the victim's address with postal services, redirecting mail and packages to another location," the report further reads.

In a similar vein, hackers can carry out illegal activities using credit card information that has been stolen. Cofense cautions that "threat actors could use the information to initiate and authorise multiple transactions if these details are compromised." If victims believe the card details has been taken, they are advised to get in touch with their banks right away.
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United States
Cyber Fraud Data Breach DOJ Phobos Ransomware United States

Two Russian Hackers Arrested for Large-Scale Ransomware Attacks

 



Authorities in the United States have charged two Russian nationals with carrying out widespread cyberattacks using Phobos ransomware. The suspects, Roman Berezhnoy (33) and Egor Nikolaevich Glebov (39), were arrested in Thailand for allegedly orchestrating more than a thousand attacks worldwide.  

Cybercriminals Behind the Phobos Ransomware Attacks 

According to the U.S. Department of Justice (DoJ), both men were actively involved in cybercrime from 2019 to 2024. They were linked to two hacking groups known as "8Base" and "Affiliate 2803," which were responsible for spreading Phobos ransomware.  

Their method of attack involved infiltrating computer networks, stealing important files, and encrypting them using ransomware. Victims were then left with no access to their own data unless they paid a ransom. If payments were not made, the attackers allegedly threatened to leak sensitive information to the public or to the organizations’ clients and partners.  

Legal Charges and Possible Consequences

The two men now face multiple serious charges, including:  

1. Fraud involving online transactions  

2. Hacking into protected systems  

3. Intentional damage to computer networks  

4. Extortion through cyber threats  

If found guilty, the penalties could be severe. Wire fraud charges alone could lead to a 20-year prison sentence, while hacking-related crimes carry additional penalties of up to 10 years.  

International Crackdown on Ransomware Operations

In a coordinated effort, Europol and other international agencies have shut down 27 servers used by the 8Base ransomware group. This action has significantly disrupted the cybercriminal network.  

Authorities also revealed that a previous arrest in Italy in 2023 helped law enforcement gather intelligence on Phobos ransomware operations. This intelligence allowed them to prevent over 400 potential cyberattacks and take down key infrastructure used by the hackers.  

What This Means for Cybersecurity

Phobos ransomware has been a major cyber threat since 2018, targeting businesses and organizations worldwide. While these arrests and crackdowns have weakened the group, it is uncertain whether this will fully eliminate their operations.  

This case highlights the growing efforts by global law enforcement agencies to combat cybercrime. Businesses and individuals are urged to remain cautious, implement strong security measures, and stay informed about evolving cyber threats.  


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pharma scam
Alkem Laboratories Cyber Fraud Cyber Security Email scam Financial Fraud Online Scam pharma scam

Alkem Laboratories Falls Victim to Rs 22.31 Crore Cyber Fraud

 

The pharmaceutical industry has been rocked by a major cyber fraud case, with Mumbai-based Alkem Laboratories suffering a financial loss of Rs 22.31 crore due to an elaborate scam. Fraudsters posed as executives from Alkem’s U.S. subsidiary, Ascend Laboratories LLC, to execute the scheme.

According to a Hindustan Times report, the incident began on October 27, 2023, when Alkem’s Mumbai office received an email seemingly from Amit Ghare, the head of international operations at Ascend Laboratories. The email claimed that a recent payment to Alkem would lead to significant tax liabilities. To circumvent these taxes, the company was asked to refund the amount to a different bank account.

On November 17, 2023, another email, allegedly from Mary Smith, Ascend Laboratories' accounting manager, provided details of a U.S.-based bank account for the refund. Acting on these instructions, Alkem’s treasury manager, Manoj Mishra, transferred Rs 51.30 crore to the specified account via a SWIFT transaction.

The fraud came to light on November 15, 2023, when Alkem received another email, supposedly from Ghare, requesting a refund of Rs 90 crore. Growing suspicious, Alkem officials contacted Ghare, who confirmed he had not sent the request. Further investigation revealed that the earlier emails originated from compromised email accounts with subtle alterations in the email addresses.

According to HT, U.S. authorities were able to recover Rs 28.98 crore from the stolen amount, which was returned to Alkem. However, the company still suffered a loss of Rs 22.31 crore.

Alkem Laboratories has reported the incident to the authorities, and an ongoing investigation aims to identify and apprehend the fraudsters while recovering the remaining funds. The company has also implemented enhanced cybersecurity measures to safeguard against similar threats, as reported by The Free Press Journal.
Read more »
phishing
Artificial Intelligence Cyber Fraud FBI Gmail Hack phishing

FBI Alerts Users of Surge in Gmail AI Phishing Attacks

 

Phishing scams have been around for many years, but they are now more sophisticated than ever due to the introduction of artificial intelligence (AI). 

As reported in the Hoxhunt Phishing Trends Report, AI-based phishing attacks have increased dramatically since the beginning of 2022, with a whopping 49% increase in total phishing attempts. These attacks are not only more common, but also more sophisticated, making it challenging for common email filters to detect them. 

Attackers are increasingly using AI to create incredibly convincing phoney websites and email messages that deceive users into disclosing sensitive data. What makes Gmail such an ideal target is its interaction with Google services, which keep massive quantities of personal information. 

Once a Gmail account has been compromised, attackers have access to a wealth of information, making it a tempting target. While users of other email platforms are also vulnerable, Gmail remains the primary target because of its enormous popularity. 

Phishing has never been easier 

The ease with which fraudsters can now carry out phishing attacks was highlighted by Adrianus Warmenhoven, a cybersecurity specialist at Nord Security. According to Warmenhoven, "Phishing is easier than assembling flat-pack furniture," and numerous customers fall for phishing attempts in less than 60 seconds. 

Hackers no longer require coding knowledge to generate convincing replicas of genuine websites due to the widespread availability of AI tools. With only a few clicks, these tools can replicate a website, increasing the frequency and potency of phishing attacks. 

The fact that these attacks are AI-powered has made it easier for cybercriminals to get started, according to Forbes. Convincing emails and websites that steal private information from unwary victims can be simply created by someone with little technological expertise. 

Here's how to stay safe 

  • Employ a password manager: By automatically entering your login information on trustworthy websites, a password manager keeps you from entering it on phishing websites. Before auto-filling private data, verify that your password manager requires URL matching. 
  • Monitor your accounts regularly: Keep an eye out for signs of unauthorised activity on your accounts. Take quick action to safeguard your data if you see anything fishy. 
  • Turn on two-factor authentication: Make sure your Google account is always turned on for two-factor authentication (2FA). Even if hackers are able to get your password, this additional security makes it far more challenging for them to access your account. 
  • Verify requests for private details: Whether via phone calls, texts, or emails, Gmail users should never reply to unsolicited demands for personal information. Always check the request by going directly to your Google account page if you are unsure.
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User Security
Cyber Fraud phishing QR code Quishing User Security

Quishing On The Rise: Strategies to Avert QR Code Phishing

 

QR codes are already ubiquitous: from restaurant menus to public transportation schedules, everyone wants you to scan theirs. This normalisation of scanning random QR codes is being exploited, resulting in a new cybersecurity threat known as Quishing. 

What is Quishing? 

Quishing (QR code phishing) is the process of placing a malicious URL into a QR code. Rather than linking to a legitimate website, the code will load a page that attempts to steal information, infect your device with malware, or execute another malicious act.

It's a goofy name, but it poses a serious threat. While we're all aware that you shouldn't browse suspicious websites or download unfamiliar files, the nature of QR codes makes it impossible to tell what's on the other side. With a scan and a tap, you're whisked away to a website that may contain material you don't want to see, or routed to a malware download. 

It's also possible to be duped into scanning a QR code: many businesses build their QR codes using third-party services and URL shorteners, which means that the embedded links may not always redirect to their actual websites. This makes it challenging to determine whether a QR code has been tampered by someone carrying out a quishing assault.

Is quishing a real threat? 

Yes. It is already happening and has proven to be beneficial. QR codes for parking meters, restaurant payments and tip systems, and phoney advertisements are being tampered with all across the world to perpetrate quishing frauds, typically by simply sticking a sticker with a bogus QR over an already existing official code.

These trick codes then lead to false login pages and payment sites, where you can either pay the scammer directly or give them your information (which can be used to steal your money later or push further scams). 

Safety tips 

There are a few efficient strategies to safeguard yourself from quishing: 

  • Make use of your device's built-in QR code scanner. App shops' QR scanners have a bad reputation for security and privacy.
  • Avoid clicking on links that employ URL shorteners and make sure the destination a QR code is attempting to direct you to is genuine before clicking on the link. 
  • Avoid paying with QR codes whenever you can, especially if the payment link takes you to an unidentified address. 
  • Additionally, be aware that phoney websites often use names that sound similar to legitimate ones, so double-check your spelling.
Read more »
Phishing scam
AI scam Cyber Cyber Fraud Fraud Gmail Hack Google security Phishing scam

Gmail Confirms AI Hack: 2.5 Billion Users Warned of Phishing Scam

 

  
Gmail has issued a warning to its 2.5 billion users about a sophisticated AI-powered phishing attack. Fraudsters are using caller IDs that seem to originate from Google support, convincing users that their accounts have been compromised. Under the pretense of an account recovery process, they send an email with a recovery code that appears to come from a genuine Gmail address, Forbes reports.

Zach Latta, founder of Hack Club, noticed irregularities during an interaction with a so-called Google support agent. "She sounded like a real engineer, the connection was super clear, and she had an American accent," Latta told Forbes. Despite the convincing approach, the scam's goal is to deceive users into providing their login credentials, allowing cybercriminals to take control of their accounts.

Spencer Starkey, Vice President at SonicWall, emphasized the evolving nature of cyber threats: "Cybercriminals are constantly developing new tactics, techniques, and procedures to exploit vulnerabilities and bypass security controls, and companies must be able to quickly adapt and respond to these threats." He advised businesses to adopt a proactive cybersecurity approach, including regular security assessments and incident response planning.

Users Report Similar Fraud Attempts

According to the New York Post, Y Combinator founder Garry Tan shared his experience on X (formerly Twitter) after receiving phishing emails and phone calls.

"They claim to be checking that you are alive and that they should disregard a death certificate filed that claims a family member is recovering your account," Tan wrote, calling it an elaborate scheme to manipulate users into approving password recovery.

Microsoft solutions consultant Sam Mitrovic also encountered this scam months ago. Initially, he ignored the recovery notification and follow-up call, but when it happened again, he decided to answer.

"It's an American voice, very polite and professional. The number is Australian," Mitrovic recalled. He even verified the number on an official Google support page, making the deception more convincing. 

The caller alleged there was suspicious activity on his account and asked if he had logged in from Germany. When he denied it, the agent claimed someone had been accessing his account for a week and offered to help secure it. Mitrovic realized something was off when he spotted a suspicious email address in the follow-up message and stopped responding.

Forbes advises Gmail users to remain calm and immediately disconnect any call from so-called Google support, as Google does not contact users via phone. Instead, users should verify account activity themselves:
  • Use Google Search to check official security support pages.
  • Log into Gmail and navigate to the bottom right corner to review recent account activity.
  • Avoid sharing recovery codes with anyone over the phone.
With cyber threats evolving rapidly, vigilance is key to safeguarding online accounts.

Read more »
Fraud Calls
Bengaluru call scams Cyber Fraud Cyber Scam Financial Fraud Financial Scam Fraud Calls

Bengaluru Woman Loses ₹2 Lakh to Sophisticated IVR-Based Cyber Scam

 

Cyber fraud continues to evolve, with scammers using increasingly sophisticated techniques to deceive victims. In a recent case from Bengaluru, a woman lost ₹2 lakh after receiving a fraudulent automated call that mimicked her bank’s Interactive Voice Response (IVR) system. The incident underscores the growing risk of technology-driven scams that exploit human vulnerability in moments of urgency. 

The fraud occurred on January 20 when the woman received a call from a number that closely resembled that of a nationalized bank. The caller ID displayed “SBI,” making it appear as though the call was from her actual bank. The pre-recorded message on the IVR system informed her that ₹2 lakh was being transferred from her account and asked her to confirm or dispute the transaction by pressing a designated key. Startled by the alert, she followed the instructions and selected the option to deny the transfer, believing it would stop the transaction. 

However, moments after the call ended, she received a notification that ₹2 lakh had been debited from her account. Realizing she had been scammed, she rushed to her bank for assistance. The bank officials advised her to report the fraud immediately to the cybercrime helpline at 1930 and file a police complaint. Authorities registered a case under the Information Technology Act and IPC Section 318 for cheating. 

Cybercrime investigators believe this scam is more sophisticated than traditional IVR fraud. Typically, such scams involve tricking victims into providing sensitive banking details like PINs or OTPs. However, in this case, the woman did not explicitly share any credentials, making it unclear how the fraudsters managed to access her funds. 

A senior police officer suggested two possible explanations. First, the victim may have unknowingly provided critical information that enabled the scammers to complete the transaction. Second, cybercriminals may have developed a new technique capable of bypassing standard banking security measures. Investigators are now exploring whether this scam represents an emerging threat involving advanced IVR manipulation. This case serves as a stark reminder of the need for heightened awareness about cyber fraud. 

Experts warn the public to be wary of automated calls requesting banking actions, even if they appear legitimate. Banks generally do not ask customers to confirm transactions via phone calls. Customers are advised to verify any suspicious activity directly through their bank’s official app, website, or customer service helpline. 

If someone encounters a suspected scam, immediate action is crucial. Victims should contact their bank, report the fraud to cybercrime authorities, and avoid responding to similar calls in the future. By staying informed and cautious, individuals can better protect themselves from falling prey to such evolving cyber threats.
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Pune
Cyber Fraud Cyber Scammers GST Insurance Policy Pune

Pune Retired Banker Falls Victim to Insurance Fraud, Loses Rs 2.22 Crore

 

A 62-year-old retired bank manager from Pune became the victim of a massive cyber fraud, losing ₹2.22 crore over several months. Scammers posing as government officials tricked the individual into purchasing multiple insurance policies by promising high returns.  


How the Fraud Took Place

The scam began in late 2023 and continued for several months. The victim received calls from individuals claiming to be officials from reputed financial and government institutions, including the Ministry of Finance, the Insurance Regulatory and Development Authority of India (IRDAI), and the National Payments Corporation of India (NPCI).  

To appear trustworthy, the fraudsters used the names of well-known personalities and fake designations. They convinced the victim that these insurance policies would offer significant maturity benefits, leading them to invest large sums of money.  


Endless Requests for Additional Payments  

After the initial investment, the scammers demanded additional payments under various pretexts, including:  

  • Taxes such as GST and TDS  
  • Processing and transaction fees
  • Verification and No Objection Certificate (NOC) charges

Every time the victim transferred money, the fraudsters came up with new reasons to demand more, making it seem necessary to complete the investment process.  


Deception Tactics

To maintain the illusion, the criminals operated under at least 19 different identities. Later, they told the victim that previous payments had been diverted to fraudulent accounts and persuaded them to send even more money to recover the lost funds.  

By the time the fraud was uncovered, the victim had lost ₹2.22 crore in total.  


How to Avoid Falling for Similar Scams

Cases like this highlight the need for extra caution when dealing with financial offers. Here are some ways to stay safe:  

1. Verify the caller’s identity: If someone claims to be a government or financial official, check their details on official websites before engaging.  

2. Never share sensitive financial details: Avoid disclosing your bank account number, OTPs, or policy details over the phone or via messages.  

3. Be cautious of guaranteed high returns: Legitimate investments do not promise unrealistic profits. If an offer sounds too good to be true, it probably is.  

4. Confirm payment requests with official sources: Before paying any additional fees, directly contact the relevant institution using official contact details.  


Investigation Underway

Authorities are currently investigating the case to trace the culprits. With the rise in financial scams, it is crucial to remain cautious and skeptical of unsolicited investment opportunities. Being informed and vigilant can prevent such devastating losses.

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Tax Season
Cyber Fraud Identity Protection IRS PIN personal data safety secure tax filing Tax Fraud Tax Scams Tax Season

Protect Your Tax Return from Fraud: Here's What You Need to Know

 


Tax Season 2025: Protect Yourself from Fraud with an Identity Protection PIN

A new year marks the start of another tax season, bringing with it the usual challenges of navigating the complex US tax code and avoiding scams. One particularly concerning scam involves fraudsters filing a tax return in your name to claim a refund. Many victims only realize they've been targeted when they attempt to file their own return, uncovering a complicated issue that can take weeks or even months to resolve.

The risk of tax-related identity theft is elevated this year due to a series of high-profile data breaches in 2024. Personal information, including Social Security numbers, has become more accessible on the dark web, providing fraudsters with the tools they need to exploit unsuspecting taxpayers. As tax season progresses, this vulnerability becomes a significant concern for individuals and businesses alike.

How the IRS’s Identity Protection PIN Can Help

To combat this type of fraud, the IRS offers a proactive solution: the Identity Protection PIN (IP PIN). This six-digit PIN acts as a layer of authentication to ensure that only your legitimate tax return is accepted. If a return is filed without the correct IP PIN, it will be rejected, preventing unauthorized filings in your name.

Initially, the IP PIN program was limited to victims of identity theft or those flagged by the IRS as high-risk individuals. However, the program has now been expanded to all taxpayers who wish to voluntarily enroll. The process is straightforward and can be completed in three ways:

  • Online: Use the government’s ID.me service to verify your identity. This option typically takes 15–20 minutes.
  • By Mail: Submit a paper application to the IRS.
  • In-Person: Schedule an appointment at an IRS office for identity verification.

Once enrolled, your IP PIN is valid for one year and cannot be reused. Each year, you can opt to receive a new PIN, providing an added layer of security. This feature prevents fraudsters from exploiting a stolen PIN even after its use in a prior tax season.

Best Practices for Taxpayers

For most taxpayers, opting for an annually renewed IP PIN is the ideal choice. This ensures you have updated protection each year without the need to manage multiple PINs simultaneously. If you ever misplace your PIN, you can retrieve it by logging into your IRS account using your ID.me credentials. To streamline this process, consider using a password manager to securely store your account credentials, including a strong, unique password for your government account.

By adopting these best practices, you can reduce the stress of tax season and protect yourself against fraud. For more information, visit the IRS’s FAQ page on the Identity Protection PIN program. This simple yet effective system offers much-needed peace of mind during the often overwhelming task of filing your US tax return.

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Malicious Apps
Cyber Fraud FBI Financial Scam Malicious Apps

FBI Warning: Avoid Installing Malicious Apps to Safeguard Your Financial Data

 

FBI Warns Smartphone Users About Malicious Apps

Smartphone users are being urged to exercise caution when downloading apps as some may be designed to steal personal data and send it to fraudsters, leading to potential scams. This alert applies to both Android and iPhone users. Malicious apps often disguise themselves as legitimate but, once installed, request permissions that grant access to sensitive information, making users vulnerable to cybercrimes.

On January 18, the FBI issued a public warning, highlighting that these apps have already compromised numerous bank accounts. Despite ongoing efforts by Google and Apple to strengthen app regulations, scammers continue to exploit vulnerabilities. The FBI has labeled this threat as the "Phantom Hacker," underscoring the sophisticated techniques fraudsters use to infiltrate devices through deceptive applications.

Once malicious apps gain access to customer data, scammers often pose as bank officials, warning users of a fake security breach on their accounts. In the panic that follows, users may be coerced into transferring funds to a so-called "secure" account, falling prey to the scam. Additionally, fraudsters sometimes impersonate technical support representatives, tricking users into revealing even more personal information.

To protect yourself, always verify the authenticity of an app before downloading it. Research the developer thoroughly, read customer reviews, and scrutinize app ratings. For banking and financial apps, ensure you download only from official sources, such as scanning the QR code provided on your financial institution's website. Scammers frequently submit counterfeit apps to the Google Play Store and Apple App Store, which unsuspecting users might download, unknowingly exposing private data to hackers.

Cybersecurity experts emphasize the importance of vigilance when interacting with unfamiliar apps or unsolicited communications. Being aware of potential risks and taking proactive steps can help smartphone users avoid falling victim to these increasingly sophisticated scams.

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synthetic identity theft
credit freeze Cyber Fraud Frankenstein fraud Identity Protection Phishing Scams stolen Social Security numbers synthetic identity theft

Synthetic Identity Fraud: A Growing Concern for Vulnerable Individuals

 

Criminals creating identities by piecing together stolen data sounds like a plot from a horror film. Unfortunately, "Frankenstein fraud," a form of synthetic identity theft, is an alarming reality. This crime involves using a Social Security number (SSN) and merging it with other stolen or fabricated details like names, addresses, or birth dates to form a new identity.

Synthetic identity theft, often termed Frankenstein fraud, involves crafting entirely new identities by blending real and fictitious information. 

According to fraud expert Frank McKenna, this practice affects up to 15 million consumers in the U.S., many of whom remain unaware. Vulnerable groups, such as children, the elderly, and the homeless, are prime targets due to their limited credit activity.

This crime costs billions annually — FiVerity reports $20 billion in losses in 2020 alone. Criminals meticulously construct fake identities using stolen SSNs, often purchased on the dark web, obtained through data breaches, or extracted via phishing scams. These fabricated profiles initially face credit denials but eventually become recognized by credit bureaus. Over time, fraudsters build creditworthiness using these false identities, only to abandon them after maxing out loans and credit lines.

The aftermath of this crime can be devastating. Victims — often unaware of the fraud — may face financial liabilities and damaged credit. Fraudsters’ actions leave lenders and real SSN owners to bear the consequences.

Protect Yourself Against Synthetic Identity Fraud

1. Freeze Credit Reports
Implementing a credit freeze with major bureaus prevents unauthorized access to your reports, safeguarding against new credit accounts. Consider freezing children’s and elderly relatives' credit as well.

2. Monitor Credit Regularly
Use tools like Capital One's CreditWise or AnnualCreditReport.com to detect suspicious activity or data breaches.

3. Avoid Phishing Scams
Stay vigilant against fraudulent messages from entities claiming to represent banks or government agencies. Verify the source directly.

4. Secure SSN Documents
Shred unnecessary documents containing your SSN, and secure digital copies.

4. Check Social Security Statements
Regularly review Social Security statements to detect unauthorized use of your SSN.

Moreover, synthetic identity fraud is a complex and evolving threat, but staying informed and taking proactive steps can significantly reduce your risk. By safeguarding your information and monitoring your credit, you can help protect yourself and your loved ones from becoming victims of this alarming crime.
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User Privacy
Cyber Fraud India Online Scam TRAI User Privacy

TRAI Calling: Fraudsters Are Now Employing Novel Strategy to Target Mobile Users

 

As the government intensifies efforts to raise awareness about digital arrests and online financial fraud, fraudsters have shifted their strategies to stay ahead. A concerning trend has emerged where these individuals pose as representatives of the Telecom Regulatory Authority of India (TRAI). Exploiting the credibility associated with the regulatory body, they attempt to deceive unsuspecting users.

These fraudsters often initiate contact by mimicking official government alert messages that warn the public about scams. The tone and language of their communication are crafted to appear authoritative and urgent, persuading recipients to trust the information. In many cases, the messages aim to extract sensitive data, such as personal identification numbers, bank account details, or login credentials, under the guise of preventing fraud.

Such scams highlight the need for individuals to remain vigilant and verify the authenticity of any unsolicited messages or calls claiming to be from regulatory authorities. It is essential to cross-check the source of the communication, avoid sharing sensitive information over the phone or through unverified links, and report suspicious activities to the appropriate authorities.

By staying informed and adopting proactive measures, users can protect themselves from becoming victims of these evolving schemes, contributing to a safer digital environment for all.


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Telegram
Crypto scams Cyber Fraud Encryption malware scams phishing tactics Telegram

Report: Telegram Crypto Scammers Adopt More Sophisticated Tactics

 

Telegram, a popular communications app known for encrypted messaging and calls, has become a prime target for sophisticated malware scams, according to the Web3-focused Scam Sniffer account on X. Sharing data on the platform, Scam Sniffer revealed that scammers on Telegram are now deploying malware instead of traditional phishing tactics.

The app, often considered an alternative to WhatsApp and Signal, offers privacy through encryption, making it attractive for both legitimate users and scammers. Previously, cryptocurrency scams on Telegram relied heavily on phishing techniques involving spoofed web pages and social engineering to extract sensitive information or access to crypto wallets.

However, the latest scam wave employs deceptive tools like fake verification bots, scam trading groups, and so-called “exclusive alpha groups,” as noted by Scam Sniffer. Victims are tricked into installing malware disguised as verification tools. Once installed, the malware can access passwords, wallets, clipboard data, and even browser information, leaving victims highly vulnerable.

Scammers have shifted to malware schemes partly because users are now more aware of traditional phishing tactics. Scam Sniffer pointed out that these new approaches make it harder to trace the source of the scams. The rise in cryptocurrency scams has been dramatic, with data showing over 2000% growth in dedicated scam groups. Bitcoin's soaring value, surpassing $100,000, has made cryptocurrency users more frequent targets.

Telegram has actively banned accounts involved in these scams, but managing the volume of malicious actors remains challenging. The website “Web3 is Going Great,” which tracks Web3-related scams, reports $7.84 million in losses from scams and hacks so far this year.
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job Frauds
Bengaluru Courier Scam Cyber Fraud Fake Investment job Frauds

AI-Led Cyber Fraud on a Rise in Bengaluru, Rs 1,788 Crore Stolen During Major Scam

 



Bengaluru emerges as the leading tech-enabled city for scams: Cyber fraud has been on an upward spiral during the period 2021 through September 2024, reports the police while citing the cumulative loss to this city as an amount of Rs 2,270 crore during the period and six major types of scams where the loss involved nearly Rs 1,788 crore.


Important Fraud Categories

The figures point to considerable losses in the following fraud types: 

Investment Frauds: Unrealistic returns promised by fraudsters led to a loss of ₹1,187.2 crore. 

Job Frauds: Losses due to fake job offers stood at ₹601.23 crore. 

Courier Scams: Well developed courier-related schemes accounted for ₹165.57 crore. 

Card Scams: Stolen card details used for fraudulent transactions resulted in losses of ₹116 crore.

Phishing Attacks: Emails and messages designed to steal personal data caused ₹96.98 crore in damages.  

Loan App Frauds: Fraudulent lending platforms resulted in ₹32.25 crore in losses.  


Challenges in Recovery

Recovery of stolen funds is still a challenge for the investigators. Police have identified two major hurdles:

Delayed Reporting: Victims mostly delay reporting frauds, and thus miss the most crucial "golden hour," when funds can be frozen.  

Lag in Banks' Response: Banks used to take up to eight days to provide account details, which adversely affected recovery operations. This is now reduced to 4-5 days, post meetings with RBI, but there is more to be achieved.


AI in Cybercrime

AI has been a gambler for scamsters in Bengaluru. Advanced technologies are being made use of to devise highly believable frauds: 

  • Voice Cloning: AI produced voice replicas make the victim believe he is communicating with his trusted contact.  
  • Improved Courier Scams: AI assists scammers to fabricate more convincing courier fraud scenarios.  
  • Fake Investment Platforms: AI interfaces mimic authentic apps, to look incredibly real.  


Proposed Solutions

To counter these emergent threats, the authorities have stressed the requirement of public education and systemic reformation. The CEN wing has suggested that: 

1. There should be a campaign for citizen education about prevailing scams. 

2. There should be better coordination among banks, the police, and regulatory bodies so that the responses are faster. 

3. A specific cybercrime wing with special resources should be developed, as already announced by the government.


Although measures to improve response times and raise awareness have shown promise, experts stress that more robust systems are needed to tackle the growing paradigm of cybercriminals. With AI reshaping the way scams operate, staying informed and cautious is now more crucial than ever.



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Indian Cybercrimes
Cyber Fraud Cyber Security awareness cybercriminal arrests Fraud Indian cyber crimes Indian Cybercrimes

Rajasthan Police Arrest 30 in ₹30 Crore Cyber Fraud Under 'Operation Cyber Shield'

 


In a significant crackdown on cybercrime, Rajasthan Police arrested 30 individuals involved in cyber fraud on Saturday, January 11, 2025. The arrests were the result of coordinated raids conducted across 40 locations in five police station areas in Jaipur. The accused, linked to eight separate gangs, are suspected of fraudulent activities amounting to ₹30 crore. Additionally, two minors connected to these cybercrime operations were also detained. 

According to Deputy Commissioner of Police (Jaipur West), Amit Kumar, the arrested individuals were not only actively engaged in cyber fraud but were also training others in sophisticated techniques to deceive victims. The gangs employed various deceptive strategies, including impersonating monks and astrologers to exploit vulnerable individuals by offering rituals to solve personal problems. A notable suspect, a 25-year-old from the Tonk district, had reportedly received specialized cybercrime training in Sri Lanka. This international connection highlights the organized and transnational nature of these criminal operations, reflecting a growing trend in cyber-enabled economic crimes. 
 
‘Operation Cyber Shield’: A Targeted Response to Rising Cybercrime 

 Launched on January 2, 2025, the month-long ‘Operation Cyber Shield’ is a dedicated campaign aimed at combating the surge in cybercrime across Rajasthan. This initiative focuses on dismantling the infrastructure supporting organized cyber-enabled financial fraud, addressing public complaints, and raising cybersecurity awareness among citizens. Key achievements of the operation's initial phase include:
  • Blocked Bank Accounts: 135 bank accounts linked to fraudulent transactions were blocked.
  • Unified Payments Interfaces (UPIs): 64 UPIs were frozen to disrupt the flow of illicit funds.
  • ATM Seizures: 20 ATMs used in the scams were deactivated.
These proactive measures aim to cut off financial channels used by cybercriminals and prevent further victimization. 
 
Seized Items and Ongoing Investigations During the raids, authorities seized a significant amount of equipment used in fraudulent operations. The recovered items include:
  • Laptops and mobile phones for executing and managing scams.
  • ATM cards and WiFi routers to facilitate transactions and maintain anonymity.
  • CCTV cameras and HDMI cables potentially used for surveillance and monitoring.
  • Bank passbooks, cheque books, and passports indicating attempts at identity fraud and money laundering.
Six criminal cases have been registered under the Bhartiya Nyaya Sanhita and the Information Technology Act at Kardhani, Kalwar, Harmada, Karni Vihar, and Bindayaka police stations. These cases are currently under detailed investigation. 
 
The alarming rise in cybercrime across Rajasthan — especially in digital arrest scams, online betting frauds, and financial scams — has led authorities to prioritize immediate action. Many victims of these frauds are elderly individuals and women, who are often targeted due to their perceived vulnerability. To counter this, the Cyber Crime Branch has initiated “hotspot mapping” to identify and monitor regions with a high frequency of cybercriminal activity. This strategic approach aids in disrupting criminal networks and preventing future offenses. 

Beyond enforcement, ‘Operation Cyber Shield’ emphasizes public education on cybersecurity. The campaign aims to:
  • Raise Awareness: Inform citizens about common cyber fraud tactics to prevent victimization.
  • Address Complaints Promptly: Ensure that public grievances related to cybercrime are effectively resolved.
  • Prevent Cybercrime: Equip individuals with knowledge and tools to recognize and report suspicious activities.
By combining stringent law enforcement with widespread awareness efforts, Rajasthan Police seeks to curb the growing menace of cyber fraud and build a more secure digital environment for its citizens. 
  
The success of this operation underscores Rajasthan Police's commitment to dismantling cybercrime networks and protecting citizens from digital threats. ‘Operation Cyber Shield’ not only aims to bring offenders to justice but also empowers the public to stay vigilant against cybercriminal tactics. As the campaign progresses, authorities continue to urge citizens to report suspicious online activities and adopt safe digital practices. Through proactive measures and community involvement, Rajasthan moves closer to safeguarding its people from the ever-evolving challenges of cybercrime.
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