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Recently State Bank of India has cautioned its customers about an a new fraud module where fraudsters posing as Central Bureau of Investigation (CBI) or Income tax Department officials may threaten you and exhort heavy fines in the name of some made up legal action. Assembly Election Results Live Updates Maharashtra Election Results Jharkhand Election Results Bypoll Election Results "Dear SBI Customer, Fraudsters may pose as CBI or IT Dept officials and may threaten legal action or heavy fines to extort money from you. Beware of such frauds,” said the State Bank of India (SBI) to its customers. Read below to find out how the fraud works and what precautions you should take: How the fraud works Vikram Babbar, Partner, EY Forensic & Integrity Services explains how the fraud works: The first act: Initiation of the fake call In this type of fraud, the imposter at first identifies the gullible customer and calls him/her. This usually happens over messenger apps video calling feature. The crucial piece of the fraud is the bait which convinces the customer that the concerned official has some critical information about him. This bait can be literally anything which can be used to trap the customer like KYC number, address, etc. For example: the fraudster may collect information about you which is available on the public domain and present it to you in such a way that you get convinced. 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Now he or she may get this information from property websites where you listed it or from the property broker’s website or even from a data leak in the property registrar’s office. The second act: Initiation of the fear Once the customer is convinced about the imposter being a real agent of CBI, income tax or other government departments, the fraudster narrates a story to the customer. He may say that you have evaded income tax or missed a crucial judicial process, etc and hence you may get arrested. Naturally when you hear the word jail, arrest, legal process a situation of panic will occur in most people. This fear and panic are what the fraudster uses to his advantage. In the panic of the situation, the fraudster further "stage manages" the scene through scrutiny of some documents, in some cases he simulates an actual police interrogation as well. The customer is then asked to share other information like Aadhaar documentation, bank account details, etc. The final act: An escape route from the created problem This staged acting which the fraudster so carefully played may convince some people. Once the customer is convinced that the enquiry process will take time (could be days or months) and only post complete verification, can he/she be considered innocent, the fraudsters offer a way out. The narrative that the fraudster plays is that all your legal, tax and other problems will go away if only you give him or her a bribe. The customer is asked to transfer money to different bank accounts pending inquiry and that the same would be transferred back once the investigation is complete. “This type of scam is commonly known as "phishing" or " social engineering ," where fraudsters pose as legitimate officials to intimidate victims into providing money or personal information,” says Sheetal R Bhardwaj, executive member of Association of Certified Financial Crime Specialists - ACFCS. Bhardwaj highlights that this type of scams including phishing and impersonation fraud have become a significant global issue and not just India specific. “The Federal Trade Commission (FTC) in the United States reports millions of dollars lost to fraud each year. Various studies indicate that billions of dollars are lost annually worldwide due to different types of financial fraud, and the problem is escalating as technology evolves and more people conduct transactions online,” she says. What precautions should you take for this kind of fraud Bhardwaj shares some essential tips which you may follow for safeguarding yourself from this fraud: ● Verify the source: Always verify the identity of the caller or sender. Official organisations typically do not ask for sensitive information over the phone or via SMS or video call. ● Do not share personal information: Never share personal or financial information with someone who contacts you unexpectedly. ● Be sceptical of threats: Be suspicious if someone threatens you with legal action or fines. Legitimate organisations usually communicate through official channels and provide ample time to respond. ● Report suspicious activity: Report any suspicious messages to your bank and local authorities. ● Use security features: Enable two-factor authentication on your bank accounts and use strong, unique passwords for different services. Assembly Election Results Live Updates Maharashtra Poll Results Highlights 2024 Jharkhand Poll Results Highlights 2024by Linda Straker Members of the Upper House of Parliament are scheduled to meet on 10 December 2024. This will be the first regular sitting of the Upper House or Senate since the opening of the third session of the 11th Parliament. Among the items on the agenda will be approving 19 October to be included in the Bank Holiday Act as a permanent holiday in the Grenada calendar. The amendment to the Bank Holiday Act will also see Carnival Tuesday being approved as a holiday. Previously, a half-holiday, a proclamation by the Governor-General declared the second half of Carnival Tuesday, a Bank Holiday. The Senate is also scheduled to approve amendments to 3 pieces of legislation that aim to strengthen money laundering legislation. During the 26 November sitting of the Lower House or House of Representatives, 2 members of the Senate were appointed to the Public Accounts Committee: Senator Roderick St Clair and Senator Salim Rahaman. The other members are Opposition Leader Dr Keith Mitchell as chairman, Kate Lewis and Clarice Modeste. All 5 members are tasked with reviewing the accounts of the Government. Among the papers tabled in the sitting are the: The audit reports follow the Audit Act Cap. 22A of the Laws of Grenada, and Section 82 (4) of the Grenada Constitution Order 1973 which stipulates that every report made by the Director of Audit shall be laid by the House of Representatives.Awarded industry-first design win from a top-four hyperscaler SANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the world's most advanced data storage technologies and services, announced financial results for its third quarter fiscal year 2025 ended November 3, 2024. "Pure Storage has achieved another industry first in our journey of data storage innovation with a transformational design win for our DirectFlash technology in a top-four hyperscaler," said Pure Storage Chairman and CEO Charles Giancarlo . "This win is the vanguard for Pure Flash technology to become the standard for all hyperscaler online storage, providing unparalleled performance and scalability while also reducing operating costs and power consumption." Third Quarter Financial Highlights "Our third quarter results exceeded our expectations on revenue and operating income, demonstrating the sustaining strength of our business models," said Kevan Krysler , Pure Storage CFO. "We remain focused on driving both near-term results and long-term value creation through disciplined investments and innovation that position Pure as the leader in transforming the data storage landscape." Third Quarter Company Highlights Industry Recognition and Accolades Fourth Quarter and FY25 Guidance These statements are forward-looking and actual results may differ materially. Refer to the Forward Looking Statements section below for information on the factors that could cause our actual results to differ materially from these statements. Pure has not reconciled its guidance for non-GAAP operating income and non-GAAP operating margin to their most directly comparable GAAP measures because certain items that impact these measures are not within Pure's control and/or cannot be reasonably predicted. Accordingly, reconciliations of these non-GAAP financial measures guidance to the corresponding GAAP measures are not available without unreasonable effort. Conference Call Information Pure will host a teleconference to discuss the third quarter fiscal 2025 results at 2:00 pm PT today, December 3, 2024. A live audio broadcast of the conference call will be available on the Pure Storage Investor Relations website . Pure will also post its earnings presentation and prepared remarks to this website concurrent with this release. A replay will be available following the call on the Pure Storage Investor Relations website or for two weeks at 1-800-770-2030 (or 1-647-362-9199 for international callers) with passcode 5667482. Additionally, Pure is scheduled to participate at the following investor conferences: Wells Fargo 8th Annual TMT Summit Date: Wednesday, December 4, 2024 Time: 1:30 p.m. PT / 4:30 p.m. ET Chief Technology Officer Rob Lee 27th Annual Needham Growth Conference Date: Thursday, January 16, 2025 Time: 9:45 a.m. PT / 12:45 p.m. ET Founder & Chief Visionary Officer John "Co z" Colgrove Chief Financial Officer Kevan Krysler The presentations will be webcast live and archived on Pure's Investor Relations website at investor.purestorage.com . ---- About Pure Storage Pure Storage (NYSE: PSTG) delivers the industry's most advanced data storage platform to store, manage, and protect the world's data at any scale. With Pure Storage, organizations have ultimate simplicity and flexibility, saving time, money, and energy. From AI to archive, Pure Storage delivers a cloud experience with one unified Storage as-a-Service platform across on premises, cloud, and hosted environments. Our platform is built on our Evergreen architecture that evolves with your business – always getting newer and better with zero planned downtime, guaranteed. Our customers are actively increasing their capacity and processing power while significantly reducing their carbon and energy footprint. It's easy to fall in love with Pure Storage, as evidenced by the highest Net Promoter Score in the industry. For more information, visit www.purestorage.com . Connect with Pure Blog LinkedIn Twitter Facebook Pure Storage, the Pure P Logo, Portworx, and the marks on the Pure Storage Trademark List are trademarks or registered trademarks of Pure Storage Inc. in the U.S. and/or other countries. The Trademark List can be found at purestorage.com/trademarks . Other names may be trademarks of their respective owners. Forward Looking Statements This press release contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to our opportunity with hyperscale and AI environments, our ability to meet hyperscalers' performance and price requirements, our ability to meet the needs of hyperscalers for the entire spectrum of their online storage use cases, the timing and magnitude of large orders, including sales to hyperscalers, the timing and amount of revenue from hyperscaler licensing and support services, future period financial and business results, demand for our products and subscription services, including Evergreen//One, the relative sales mix between our subscription and consumption offerings and traditional capital expenditure sales, our technology and product strategy, specifically customer priorities around sustainability, the environmental and energy saving benefits to our customers of using our products, our ability to perform during current macro conditions and expand market share, our sustainability goals and benefits, the impact of inflation, economic or supply chain disruptions, our expectations regarding our product and technology differentiation, new customer acquisition, and other statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investor.purestorage.com and on the SEC website at www.sec.gov . Additional information is also set forth in our Annual Report on Form 10-K for the year ended February 4, 2024. All information provided in this release and in the attachments is as of December 3, 2024, and Pure undertakes no duty to update this information unless required by law. Key Performance Metric Subscription ARR is a key business metric that refers to total annualized contract value of all active subscription agreements on the last day of the quarter, plus on-demand revenue for the quarter multiplied by four. Non-GAAP Financial Measures To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Pure uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses such as stock-based compensation expense, payments to former shareholders of acquired companies, payroll tax expense related to stock-based activities, amortization of debt issuance costs related to debt, and amortization of intangible assets acquired from acquisitions that may not be indicative of our ongoing core business operating results. Pure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies. For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned "Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures" and "Reconciliation from net cash provided by operating activities to free cash flow," included at the end of this release.
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