Internet Companies Team Up To Tackle e-Fraud

Seven leading internet companies are banding together to save their consumers from the rising menace of cyber frauds being carried out by duping innocent users, where the money is being siphoned off from their accounts.

The companies taking action include travel majors MakeMyTrip Group and Oyo Hotels & Homes, mobile payments firm Paytm, online food delivery aggregators Swiggy & Zomato, besides ride-hailing giant Uber.

Three people aware of the matter said these companies met the Reserve Bank of India (RBI) last week to make a joint representation on the issue and how to curb these online frauds — engineered via fake toll-free numbers and serial bank account generators, among other methods. About 4,000 SIM card numbers and 350-400 bank account numbers have been shared with the RBI, State Bank of India (SBI) and the telecom companies, whose services are used to fool the unsuspecting consumers.

Source: Economic Times

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