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India suffered over ₹11,000 crore in losses to cybercrime in 2024. Stock trading frauds alone accounted for ₹4,636 crore. Tamil Nadu specifically reported losses over this period of ₹1,116 crore. For financial health, traditional audits have long been the norm, but forensic audits are a better choice when legal conflicts or fraud suspicions surface. In […]
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 […]
India’s flourishing economy hinges on the success of its ~40 million Micro, Small, and Medium Enterprises (MSMEs), which contribute nearly 30% to the country’s GDP and about 45% to its exports. However, a few persistent roadblocks, including access to timely credit, continue to hinder MSMEs’ potential growth and scalability. For lenders, evaluating the creditworthiness of […]
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 […]
