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Fear mainly results in cyber frauds: State Bank of India's Nitin Chugh

Small-value frauds are the traditional phishing-based scams where people willingly give away their credentials or an account takeover

Nitin Chugh, deputy managing director and head of digital banking and transformation at State Bank of India (SBI) | photo: KAMLESH PEDNEKAR
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Nitin Chugh, deputy managing director and head of digital banking and transformation at State Bank of India (SBI) | photo: KAMLESH PEDNEKAR

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Fear has replaced greed as the predominant factor, which makes people vulnerable to cyber frauds, said Nitin Chugh, deputy managing director and head of digital banking and transformation at State Bank of India (SBI), during a fireside chat with Business Standard Consulting Editor Tamal Bandyopadhyay at the Business Standard BFSI Insight Summit 2024 in November. Edited Excerpts:
 
Every day we hear about new cybercrimes. Can you tell us what is going on?
 
We're just seeing new variations of how fear is now being used more than greed.  In the earlier years, the predominant theme of financial scams was greed. What

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