Banking Fraud

How inoperative bank accounts are misused for scams: Experts explain

A bank account is classified as inoperative when there are no customer-initiated transactions for over two years

Mushrooming mule accounts fuel rise in financial frauds, says official

This represents a more than 10 fold increase over the four year period, underscoring the growing sophistication of fraudsters and exposing vulnerabilities within the financial system

Number of frauds in banking sector on the rise, but amount declines

89.2 per cent of the frauds reported in 2023-24 by value occurred in previous financial years

Mahindra Finance detects Rs 150 cr loan fraud: What we know so far

In respect of retail vehicle loans disbursed by Mahindra Finance, the fraud involved forgery of KYC documents leading to embezzlement of company funds

BoB World app scam: How FinMin plans to deal with financial frauds

The finance ministry proposes an enhanced KYC procedure and extensive due diligence by banks and financial institutions for onboarding merchants to safeguard customers against cyber risks

68% spike in complaints against banks, mobile banking biggest concern

Chandigarh, Delhi, Haryana, Rajasthan, and Gujarat emerged as the top contributors to ombudsman complaints

Handling complaints costs RBI Rs 144 cr: Here's state-wise breakdown

The total cost of handling complaints across ORBIO's offices in India, including those in Ahmedabad and Raipur, amounted to Rs 143.56 crore

Banking fraud cases grow to 13,530 in FY23, amount halved to Rs 30,252 cr

The number of frauds in the banking sector went up to 13,530 in 2022-23 year-on-year, but the amount involved nearly halved at Rs 30,252 crore, showed a Reserve Bank data released on Tuesday. Frauds occurred predominantly in the category of digital payments (card/internet), in terms of number, said Reserve Bank's Annual Report 2022-23. However, in terms of value, frauds have been reported primarily in the loan portfolio (advances category). A total of 9,097 frauds had taken place in 2021-22 involving Rs 59,819 crore. In 2020-21, the number of frauds was 7,338 and amount involved was Rs 1,32,389 crore. "An assessment of bank group-wise fraud cases over the last three years indicates that while private sector banks reported maximum number of frauds, public sector banks continued to contribute maximum to the fraud amount during 2022-23," the report said. Data are in respect of frauds of Rs 1 lakh and above reported during the three years. The report said there was a 55 per cent decl

As cybercrime cases rise in Odisha, govt alerts people against cyber fraud

Worried over rise in cyber crimes in Odisha, with fraudsters impersonating senior officers online to raise funds, state govt has asked Netizens to exercise caution during all financial transactions

These new risk-mitigation tools will protect you from banking frauds

Using these new tools, switch off usages you don't require and set limits on others

RBI asks banks, NBFCs to increase awareness campaigns against frauds

The central bank observed that despite the financial literacy drive it undertook, cases of frauds continue to rise

Alarming rise in banking frauds, warns RBI

It adds that banks could be hiding some of the fraud cases, masking these as bad debt