The rise in the incidence of digital fraud

Over the years, there has been a significant change in the types of frauds affecting the banking industry

Frauds in the banking sector have been one of the key concerns not just for the regulator, but also the government and the banking industry. Today, a fraud incident is no longer viewed in isolation or as a one-off compliance issue. A recent Reserve Bank of India report also alluded to this fact. Addressing fraud risk has become a C-suite issue. Managing fraud has become more important for banks not only because of increased regulatory scrutiny, but also due to increased stakeholder expectations and the detrimental effect of the actual fraud loss incurred. For banks, the economic slowdown has only