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 […]
Financial institutions are witnessing a significant shift towards secured lending products, with Loan Against Security (LAS) emerging as a preferred financing solution. This trend is evident from PolicyBazaar’s recent strategic focus on LAS as one of the key growth areas in their credit marketplace. Its potential expansion is further underscored by increasing financial literacy and […]
India’s financial sector faces mounting challenges as economic offences in lending grow increasingly sophisticated. In the first half of FY 2024-25, bank frauds reached ₹21,367 crore, marking a sharp 27% rise YoY. This surge not only represents escalating fraud amounts but also reflects the evolving complexity of financial deceptions. Beyond immediate financial losses, these crimes […]
The increased complexity of financial fraud necessitates forensic audits. Instances like ₹7,800-crore Satyam scam and the ₹13,000-crore PNB fraud show how traditional audit methodologies fail to detect sophisticated deceptions. RBI data shows that bank frauds aggregated to ₹30,252 crore in FY 2022-23, and roughly ₹28,792 crore involved are loan-related. As businesses grow more sophisticated, so […]
In FY2023-24, banks approved a record-high 944 corporate loans totalling INR 2,90,978 crore, marking a substantial increase from the 547 projects sanctioned in the preceding fiscal year. These numbers show a growing demand for credit as Indian businesses seek expansion opportunities. Securing a loan can be crucial for corporates, but it requires accurate documentation to […]
In June 2024, the Punjab & Bank signed an MOU with the Indian Army to facilitate salary accounts. HDFC Bank is also set to take over 60,000 salary accounts of employees and pensioners of the Southern Railway. The salary account facility banks offer helps businesses simplify employee payroll. Simultaneously, the salary accounts vertical enables businesses […]
Recently, cybercrime authorities froze approximately 450,000 suspected mule bank accounts. The State Bank of India reported nearly 40,000 detected cases, making it a primary target. As digital transactions surge and fraud tactics become increasingly sophisticated, vulnerabilities in how banks verify new accounts are laid bare. This is why lenders need to understand how money mules […]
With the advancement of online banking and globalisation, lenders are exposed to money laundering and financial fraud more than ever. The latest UN findings reveal that criminals launder between $2.22 and $5.54 trillion annually, equivalent to 2% to 5% of the world’s GDP. For Indian banks and financial institutions, the pressure is strongly felt. Both […]
Over the last five years, the fintech industry in India has grown by leaps and bounds. As of September 2024, the combined valuation of all Indian fintech startups was estimated to be $125 billion. However, despite their success story, startups often grapple with a slew of challenges. For instance, the regulations governing fintech startups are […]
