Cyberabad hotspot for Cyber Frauds
Introduction
In recent years, the city of Hyderabad/Cyberabad has emerged as a technology hub, a place with the strong presence of multi corporations, Startups, and research institutions, Hyderabad has become a hub of innovations and technological advancement. However, this growing land of cyber opportunities has also become a hub for cybercriminals as well. In this blog post, we shall explore the reasons why professionals are being targeted and the effects of cyber fraud on techies. Through this investigation, we hope to raise awareness about the seriousness of the problem as well as give vital insights and techniques for Cyberabad’s computer workers to defend themselves against cyber theft. We can work together to make Cyberabad’s technology ecosystem safer and more secure.
Defining Cyber Fraud
In today’s age, where everything has an interconnected digital world, cyber fraud cases are increasing daily. Cyber fraud encompasses a wide range of threats and techniques employed by bad actors, such as Phishing, Ransomware, identity theft, online scams, data breaches, and fake websites designed for users. The sophistication of cyber fraud techniques is constantly evolving, making it challenging for individuals and organisations to stay ahead. Cybercriminals use software vulnerabilities, social engineering tactics, and flaws in cybersecurity defences to carry out their harmful operations. Individuals and organisations must grasp these dangers and tactics to protect themselves against cyber fraud.
Impact of Cyber Frauds
The consequences of Falling victim to cyber fraud can be devastating, both personally and professionally. The emotional and financial toll on individuals may be a challenge. Identity theft may lead to damaged credit scores, fraudulent transactions, and years of recovery work to rehabilitate one’s image. Financial fraud can result in depleted bank accounts, unauthorised charges, and substantial monetary losses. Furthermore, being tricked and violated in the digital environment can generate anxiety, tension, and a lack of confidence.
The impact of cyber fraud goes beyond immediate financial losses and can have long-term consequences for individuals’ and organisations’ entire well-being and stability. As the threat environment evolves, it is critical for people and organisations to recognise the gravity of these repercussions and take proactive actions to protect themselves against cyber theft.
Why are Cyberabad Tech Professionals Targeted?
Tech professionals in Cyberabad are particularly vulnerable to cyber due to various factors. Firstly, their expertise and knowledge in technology make them attractive targets for cybercrooks. These professionals possess valuable coding, Software, and administration skills, making them attractive to cybercriminals.
Secondly, the nature of work often involves enormous use of technology, including regular internet contacts, email exchanges, and access to private information. This expanded digital presence exposes them to possible cyber dangers and makes them more vulnerable to fraudsters’ social engineering efforts. Furthermore, the fast-moving nature of the tech industry, with many deadlines and work pressure to deliver, can create a distraction. This can let them click on some malicious links or share sensitive information unknowingly all these factors let the cyber criminals exploit vulnerabilities.
Unveiling the Statistics
According to various reports, 80% of cyber fraud victims in Hyderabad are techies; the rest are the public targeted by cyber crooks. This surprising number emphasises the critical need to address the vulnerabilities and threats this specific segment within the IT community faces.
Going further into the data, we can acquire insights into the many forms of cyber fraud targeting tech workers, the strategies used by cybercriminals, and the impact these occurrences have on individuals and organisations. Examining precise features and patterns within data might give important information for developing successful preventative and protection methods.
Factors Contributing
Several reasons contribute to the elevated risk of cyber fraud among ICT professionals in Cyberabad. Understanding these aspects helps explain why this group is specifically targeted and may be more vulnerable to such assaults.
Technical Expertise: Tech workers frequently have specialised technical knowledge, but this knowledge may only sometimes extend to cybersecurity. Their primary concentration is writing software, designing systems, or implementing technologies, which may result in missing possible vulnerabilities or a lack of overall cybersecurity understanding.
Confidence in Technology: IT workers have a higher level of confidence in technology because of their knowledge and dependence on technology. This trust can sometimes make individuals more vulnerable to sophisticated frauds or social engineering approaches that prey on their faith in the services they utilise.
Time Constraints and Pressure: Tech workers frequently operate under tight deadlines and tremendous pressure to reach project milestones. This may result in hurried decision-making or disregarding possible warning signals of cyber fraud, rendering them more exposed to assaults that prey on time-sensitive circumstances.
Cybercriminals know that technology workers have valuable knowledge, trade secrets, and intellectual property that may be economically profitable. As a result, they are attractive targets for attacks aiming at stealing sensitive data or gaining unauthorised access to critical systems.
The best practices that cyber techies can apply to safeguard their personal and professional data by following these simple tips:
Strong Passwords: create a strong password, using passwords for all your online accounts and changing them regularly. Remember to use unique combinations!
MFA (Multi-Factor Authentication): Enable MFA wherever possible. This provides an extra degree of protection by requiring a second form of verification, such as a code texted to your mobile device and your password.
Use Secured WiFi: Use secure and encrypted Wi-Fi networks, especially while viewing sensitive information. Avoid connecting to public or unprotected networks, as they can be readily exploited. Recognising Red Flags and Staying Ahead
Social Engineering: Be sceptical of unwanted solicitations or offers, both online and offline. Cybercriminals may try to persuade or fool you using social engineering tactics. Before revealing any personal or private information, think critically and confirm the veracity of the request.
Secure Web Browsing: Only browse trustworthy websites with valid SSL certificates (look for “https://” in the URL). Avoid clicking on strange links or downloading files from unknown sources since they may contain malware or ransomware.
Report Suspicious actions: If you encounter any suspicious or fraudulent actions, report them to the relevant authorities, such as the Cyber Crime Police or your organisation’s IT department. Reporting events can assist in avoiding additional harm and aid in identifying and apprehending hackers.
Stay Current on Security Practises: Stay up to speed on the newest cybersecurity risks and best practices. Follow credible sources, participate in cybersecurity forums or seminars, and remain current on new threats and preventative measures.
Conclusion
The rise in cybercrimes and fraud cases among tech experts in Cyberabad is a disturbing trend that requires prompt intervention. We can establish a safer tech cluster that lives on creativity, trust, and resilience by adopting proactive actions, raising awareness, and encouraging cooperation. Let us work together to prevent cybercrime and ensure the future of Cyberabad’s IT ecosystem.
Related Blogs
Introduction
On March 12, the Ministry of Corporate Affairs (MCA) proposed the Bill to curb anti-competitive practices of tech giants through ex-ante regulation. The Draft Digital Competition Bill is to apply to ‘Core Digital Services,’ with the Central Government having the authority to update the list periodically. The proposed list in the Bill encompasses online search engines, online social networking services, video-sharing platforms, interpersonal communications services, operating systems, web browsers, cloud services, advertising services, and online intermediation services.
The primary highlight of the Digital Competition Law Report created by the Committee on Digital Competition Law presented to the Parliament in the 2nd week of March 2024 involves a recommendation to introduce new legislation called the ‘Digital Competition Act,’ intended to strike a balance between certainty and flexibility. The report identified ten anti-competitive practices relevant to digital enterprises in India. These are anti-steering, platform neutrality/self-preferencing, bundling and tying, data usage (use of non-public data), pricing/ deep discounting, exclusive tie-ups, search and ranking preferencing, restricting third-party applications and finally advertising Policies.
Key Take-Aways: Digital Competition Bill, 2024
- Qualitative and quantitative criteria for identifying Systematically Significant Digital Enterprises, if it meets any of the specified thresholds.
- Financial thresholds in each of the immediately preceding three financial years like turnover in India, global turnover, gross merchandise value in India, or global market capitalization.
- User thresholds in each of the immediately preceding 3 financial years in India like the core digital service provided by the enterprise has at least 1 crore end users, or it has at least 10,000 business users.
- The Commission may make the designation based on other factors such as the size and resources of an enterprise, number of business or end users, market structure and size, scale and scope of activities of an enterprise and any other relevant factor.
- A period of 90 days is provided to notify the CCI of qualification as an SSDE. Additionally, the enterprise must also notify the Commission of other enterprises within the group that are directly or indirectly involved in the provision of Core Digital Services, as Associate Digital Enterprises (ADE) and the qualification shall be for 3 years.
- It prescribes obligations for SSDEs and their ADEs upon designation. The enterprise must comply with certain obligations regarding Core Digital Services, and non-compliance with the same shall result in penalties. Enterprises must not directly or indirectly prevent or restrict business users or end users from raising any issue of non-compliance with the enterprise’s obligations under the Act.
- Avoidance of favouritism in product offerings by SSDE, its related parties, or third parties for the manufacture and sale of products or provision of services over those offered by third-party business users on the Core Digital Service in any manner.
- The Commission will be having the same powers as vested to a civil court under the Code of Civil Procedure, 1908 when trying a suit.
- Penalty for non-compliance without reasonable cause may extend to Rs 1 lakh for each day during which such non-compliance occurs (max. of Rs 10 crore). It may extend to 3 years or with a fine, which may extend to Rs 25 crore or with both. The Commission may also pass an order imposing a penalty on an enterprise (not exceeding 1% of the global turnover) in case it provides incorrect, incomplete, misleading information or fails to provide information.
Suggestions and Recommendations
- The ex-ante model of regulation needs to be examined for the Indian scenario and studies need to be conducted on it has worked previously in different jurisdictions like the EU.
- The Bill should be aimed at prioritising the fostering of fair competition by preventing monopolistic practices in digital markets exclusively. A clear distinction from the already existing Competition Act, 2002 in its functioning needs to be created so that there is no overlap in the regulations and double jeopardy is not created for enterprises.
- Restrictions on tying and bundling and data usage have been shown to negatively impact MSMEs that rely significantly on big tech to reduce operational costs and enhance customer outreach.
- Clear definitions of "dominant position" and "anti-competitive behaviour" are essential for effective enforcement in terms of digital competition need to be defined.
- Encouraging innovation while safeguarding consumer data privacy in consonance with the DPDP Act should be the aim. Promoting interoperability and transparency in algorithms can prevent discriminatory practices.
- Regular reviews and stakeholder consultations will ensure the law adapts to rapidly evolving technologies.
- Collaboration with global antitrust bodies which is aimed at enhancing cross-border regulatory coherence and effectiveness.
Conclusion
The need for a competition law that is focused exclusively on Digital Enterprises is the need of the hour and hence the Committee recommended enacting the Digital Competition Act to enable CCI to selectively regulate large digital enterprises. The proposed legislation should be restricted to regulate only those enterprises that have a significant presence and ability to influence the Indian digital market. The impact of the law needs to be restrictive to digital enterprises and it should not encroach upon matters not influenced by the digital arena. India's proposed Digital Competition Bill aims to promote competition and fairness in the digital market by addressing anti-competitive practices and dominant position abuses prevalent in the digital business space. The Ministry of Corporate Affairs has received 41-page public feedback on the draft which is expected to be tabled next year in front of the Parliament.
References
- https://www.medianama.com/wp-content/uploads/2024/03/DRAFT-DIGITAL-COMPETITION-BILL-2024.pdf
- https://prsindia.org/files/policy/policy_committee_reports/Report_Summary-Digital_Competition_Law.pdf
- https://economictimes.indiatimes.com/tech/startups/meity-meets-india-inc-to-hear-out-digital-competition-law-concerns/articleshow/111091837.cms?from=mdr
- https://www.mca.gov.in/bin/dms/getdocument?mds=gzGtvSkE3zIVhAuBe2pbow%253D%253D&type=open
- https://www.barandbench.com/law-firms/view-point/digital-competition-laws-beginning-of-a-new-era
- https://www.linkedin.com/pulse/policy-explainer-digital-competition-bill-nimisha-srivastava-lhltc/
- https://www.lexology.com/library/detail.aspx?g=5722a078-1839-4ece-aec9-49336ff53b6c
Executive Summary:
A viral online video claims of an attack on Prime Minister Benjamin Netanyahu in the Israeli Senate. However, the CyberPeace Research Team has confirmed that the video is fake, created using video editing tools to manipulate the true essence of the original footage by merging two very different videos as one and making false claims. The original footage has no connection to an attack on Mr. Netanyahu. The claim that endorses the same is therefore false and misleading.
Claims:
A viral video claims an attack on Prime Minister Benjamin Netanyahu in the Israeli Senate.
Fact Check:
Upon receiving the viral posts, we conducted a Reverse Image search on the keyframes of the video. The search led us to various legitimate sources featuring an attack on an ethnic Turkish leader of Bulgaria but not on the Prime Minister Benjamin Netanyahu, none of which included any attacks on him.
We used AI detection tools, such as TrueMedia.org, to analyze the video. The analysis confirmed with 68.0% confidence that the video was an editing. The tools identified "substantial evidence of manipulation," particularly in the change of graphics quality of the footage and the breakage of the flow in footage with the change in overall background environment.
Additionally, an extensive review of official statements from the Knesset revealed no mention of any such incident taking place. No credible reports were found linking the Israeli PM to the same, further confirming the video’s inauthenticity.
Conclusion:
The viral video claiming of an attack on Prime Minister Netanyahu is an old video that has been edited. The research using various AI detection tools confirms that the video is manipulated using edited footage. Additionally, there is no information in any official sources. Thus, the CyberPeace Research Team confirms that the video was manipulated using video editing technology, making the claim false and misleading.
- Claim: Attack on the Prime Minister Netanyahu Israeli Senate
- Claimed on: Facebook, Instagram and X(Formerly Twitter)
- Fact Check: False & Misleading
Executive Summary:
A misleading video has been widely shared online, falsely portraying Pandit Jawaharlal Nehru stating that he was not involved in the Indian independence struggle and he even opposed it. The video is a manipulated excerpt from Pandit Nehru’s final major interview in 1964 with American TV host Arnold Mich. The original footage available on India’s state broadcaster Prasar Bharati’s YouTube channel shows Pandit Nehru discussing about Muhammad Ali Jinnah, stating that Jinnah did not participate in the independence movement and opposed it. The viral video falsely edits Pandit Nehru’s comments to create a false narrative, which has been debunked upon reviewing the full, unedited interview.
Claims:
In the viral video, Pandit Jawaharlal Nehru states that he was not involved in the fight for Indian independence and even opposed it.
Fact check:
Upon receiving the posts, we thoroughly checked the video and then we divided the video into keyframes using the inVid tool. We reverse-searched one of the frames of the video. We found a video uploaded by Prasar Bharati Archives official YouTube channel on 14 May 2019.
The description of the video reads, “Full video recording of what was perhaps Pandit Jawaharlal Nehru's last significant interview to American TV Host Arnold Mich Jawaharlal Nehru's last TV Interview - May 1964e his death. Another book by Chandrika Prasad provides a date of 18th May 1964 when the interview was aired in New York, this is barely a few days before the death of Pandit Nehru on 27th May 1964.”
On reviewing the full video, we found that the viral clip of Pandit Nehru runs from 14:50 to 15:45. In this portion, Pandit Nehru is speaking about Muhammad Ali Jinnah, a key leader of the Muslim League.
At the timestamp 14:34, the American TV interviewer Arnold Mich says, “You and Mr. Gandhi and Mr. Jinnah, you were all involved at that point of Independence and then partition in the fight for Independence of India from the British domination.” Pandit Nehru replied, “Mr. Jinnah was not involved in the fight for independence at all. In fact, he opposed it. Muslim League was started in about 1911 I think. It was started really by the British encouraged by them so as to create factions, they did succeed to some extent. And ultimately there came the partition.”
Upon thoroughly analyzing we found that the viral video is an edited version of the real video to misrepresent the actual context of the video.
We also found the same interview uploaded on a Facebook page named Nehru Centre for Social Research on 1 December 2021.
Hence, the viral claim video is misleading and fake.
Hence, the viral video is fake and misleading and netizens must be careful while believing in such an edited video.
Conclusion:
In conclusion, the viral video claiming that Pandit Jawaharlal Nehru stated that he was not involved in the Indian independence struggle is found to be falsely edited. The original footage reveals that Pandit Nehru was referring to Muhammad Ali Jinnah's participation in the struggle, not his own. This explanation debunks the false story conveyed by the manipulated video.
- Claim: Pandit Jawaharlal Nehru stated that he was not involved in the struggle for Indian independence and even he opposed it.
- Claimed on: YouTube, LinkedIn, Facebook, X (Formerly known as Twitter)
- Fact Check: Fake & Misleading
