If you’ve ever been part of a financial forensic audits, you know how long and tiring it can be. These audits are essential for spotting fraud, checking creditworthiness, and ensuring compliance. But traditional audits move at a snail’s pace. According to the International Journal of Innovative Science and Research Technology, AI can now perform real-time […]
Designed for high-value, real-time transfers, RTGS transactions are irreversible. Once money leaves an account, recovery is difficult. This means RTGS transactions are a prime target for fraudsters. For instance, in October 2025, a major scam happened in Mumbai. A victim was duped of Rs 58 crore via RTGS into various accounts under the pretext of […]
APIs (Application Programming Interfaces) now drive innovation and operational efficiency across fast-evolving technology domains. API integration enables lenders to automate bank statement analysis, replacing manual reviews with data-driven insights. This approach accelerates and standardises the process for extracting and analysing customer financial data. All lenders, including fintechs, banks, and NBFCs (Non-Banking Finance Companies), process thousands […]
Financial fraud detection is a complex and challenging task, whether you are a lender, forensic auditor, or compliance officer. Despite staying vigilant, fraudsters often find ways to circumvent systems and defraud the financial system. The Reserve Bank of India (RBI) reports a decrease in fraud cases, dropping to 23,953 in 2024-25 from 36,060 the previous […]
21st-century financial fraud leaves, not just one, but numerous digital footprints across multiple banks, wallets, and payment platforms. Today, investigators face suspects who split transactions across 5 to 20 different accounts to obscure money trails. What once involved tracking cheques and cash deposits now requires analysing UPI transactions, NEFT transfers, and cryptocurrency movements all at […]
Even with digital adoption, loan approvals in India still take considerable time. A major part of this delay comes from manual bank statement verification and financial assessment. Analysing one application traditionally takes 30 to 45 days. For a lending institution processing 100 applications monthly, that’s 3,000 to 4,500 days of cumulative work. As a result, […]
Detecting missing transaction months might sound like a boring bookkeeping job. But fraudsters love to exploit gaps in your paperwork. Modern tools like Precisa make it possible to spot these gaps automatically, so risky omissions don’t slip past busy reviewers. When you, as a lender, accountant, or compliance officer, review bank statements, you depend on […]
The role of chartered accountants has changed significantly over the past ten years. They are now expected to provide more insightful analysis, manage compliance, and offer strategic counsel in addition to keeping the books organised. However, one task still requires a significant amount of time: manually sorting through financial transactions. S͏t͏ud͏i͏͏e͏s show͏ ͏͏that ͏fi͏na͏n͏ce pr͏of͏e͏ssi͏ona͏͏ls […]
You have a competent forensic team that excels in financial investigations. However, when money laundering transactions involve multiple bank accounts and thousands of transactions, does FIFO analysis still take weeks? These delays could leave your institution vulnerable and also pose a threat to a country’s financial system, its integrity, and sovereignty. So what is the […]
When lenders think of adopting technology, they mainly focus on customer-facing platforms, speed of disbursal, or digital onboarding. But there’s a less visible process that actually carries massive consequences for portfolio health: bank statement analysis. The way NBFCs and DSAs handle this step can make or break the way they detect risky borrowers early. According […]
