Financial Frauds and Precautions to be Taken

Meeting Details

Meeting Date 06 Apr 2024
Meeting Time 18:30:00
Location Poona Club
Meeting Type Regular
Meeting Topic Financial Frauds and Precautions to be Taken
Meeting Agenda
Chief Guest Rtn. Ashish Goyal
Club Members Present 50
Minutes of Meeting Tackling financial fraud “Duped, conned, cheated, tricked, defrauded, swindled, hoodwinked…” Journalists are probably running out of ways to describe the number of financial scams that they report on a daily basis. In light of the growing number of cons, last week’s speaker, RCPC Vice President Rtn. Ashish Goyal’s talk on “Financial Frauds and Precautions to be Taken” was both timely and topical. Rtn. Ashish, a banking and finance expert, pointed out that although India has been a pioneer in developing digital infrastructure with an aim to making the country a cashless society, the innovations have brought with them a slew of new challenges, especially fraud. The problem is so widespread and growing exponentially — 13,530 cases of fraud were reported in 2023 — indicating a rise of 55 percent over previous years. The tactics used include capturing data from magnetic strips, identity theft, crypto scams, romance scams, loan and cheque fraud. The growing number of phishing scams involve fraudsters playing on sentiments and emotion by using emails, SMS messages or phone calls to trick unsuspecting people into revealing sensitive financial information. The problem has reached epidemic proportions, and ironically, Aadhar cards and PAN cards have become enablers for fraudsters. The only way to beat the scamsters and stay safe is to be aware of red flags, stay alert, ensure safe online practices and do not share personal information. As Rtn. Ashish concluded: “Your safety is in your hands.” The meeting was followed by a Happy Hours dinner hosted by Rtn. Madhvi Kshettry. President’s Announcements • In his salute to the Spirit of Giving, President Ajay Chitnis acknowledged generous donations from Rtn. PP Ebe Chaney, Rtn. PP Ravi Kapoor and R’Ann Jyoti Kapoor, R’Ann Kiran Pallod and Rtn. PP Dr. Nasir Kazi. • RCPC member Rtn. PP Ravi Kapoor was invited to address the weekly meeting of Rotary Club of Pune Sports City on the topic ‘CSR the Indian Experience’. The Rotary Club of Baner also participated. Celebrations We offered birthday greetings to R’Ann Tanuja Agarwal, Rtn. Dr. Gururaj Lachyan, Rtn. Nitin Vijaivergia and Rtn. PP Dr. Aruna Umranikar.