PwC India’s analysis predicts a major increase in digital financial suspicious transactions, with volumes rising from 159 billion in FY 2023-24 to 481 billion in FY 2028-29. This sustained growth pattern indicates that the number of transactions in 2025 will be higher than the 159 billion recorded in FY 2023-24. This trend represents a 3x […]
Economic offences in India bear little resemblance to its past avatar. Traditional theft and forgery have given way to sophisticated digital attacks, creating unprecedented challenges for lending institutions. The RBI’s report puts this into perspective—banking frauds cost the sector ₹21,367 crores in the first half of the FY 2024-25, with digital platforms taking the hardest […]
Banks and financial institutions (FIs) play an integral part in keeping the wheels of the economy running smoothly. The Reserve Bank of India (RBI) serves as the central nerve point, as it maintains economic and financial stability by continuously monitoring financial institutions. Occasionally, you may encounter announcements from the RBI regarding changes made in monetary […]
As economic offences get more penetrative and sophisticated, financial institutions across the world face increased threats. One of the methods opted for such offences is the exploitation of money mules. This touches financial institutions, businesses, and governments globally, raises questions from the regulatory side, and brings instability to the financial system. NCRP reported that around […]
The rising incidence of corporate scams has the potential to destabilise Indian businesses and the economy, especially given the high-profile cases, such as the Satyam Computer Services scandal, the PNB fraud, and the IL&FS crisis. For lending institutions, the risks are even higher. The Reserve Bank of India reported frauds totalling ₹30,252 crore in FY […]
The Indian digital lending industry grew at an impressive CAGR of around 132% driven by emerging and convenient digital models, government initiatives, and evolving customer behaviours. With the number of smartphone users expected to surpass 1.55 billion by the end of 2040 in India, the volume of digital lending is also tipped to witness exponential […]
As lenders scale their businesses, they are more vulnerable to exposure to activities such as money laundering. The estimated value of money laundered globally is 2 to 5% of the global GDP, or $800 billion. The real figure, however, may be higher. Therefore, lenders who want to protect their businesses from the consequences of money […]
Technology has taken over the financial ecosystem. Banks, non-banking financial companies (NBFCs), and other financial institutes are upgrading their existing infrastructure by deploying advanced technologies to combat suspicious financial activities, prevent crime, and ensure regulatory compliance. The Finance Ministry revealed that the Financial Intelligence Unit–India has identified an undisclosed income of around a whopping ₹11,000 […]
According to a recent Reserve Bank of India (RBI) report, bank fraud cases increased by 27% year-on-year in FY 2024-25. Between April and September 2024, the Indian police registered 18,461 cases, amounting to INR 21,367 crore, a significant rise from the 14,480 cases. Lending money carries inherent risks, which are amplified by swindlers. Despite stringent […]
In April 2023, the Directorate of Enforcement (ED) uncovered a money laundering scheme linked to the misuse of an app-based token named HPZ. Fraudsters deceived investors with promises of high returns from cryptocurrency mining. During the investigation, ₹91.6 Crore was frozen across multiple bank and payment gateway accounts. Forensic accounting, combined with advanced tools like […]
