1 Dec 2023
The Financial Services Secretary, Vivek Joshi, recently commented that around ₹900 crore of defrauded money has been saved, benefitting 3.5 lakh victims.
On Tuesday, the Department of Financial Services met with several banks and startups like Paytm and Razorpay to gauge their preparedness to battle financial and banking frauds. 70 lakh mobile connections linked to cybercrime reported through digital intelligence platforms have been disconnected.
Over 70% of banking transfer frauds were related to KYC requirements. Fraudsters impersonate bank officials to gather victims’ personal information, coerce them to share OTPs, engage in identity thefts, and conduct smishing by stealing customer data once they click on a link received via SMS.
In October, the Bank of Baroda suspended 60 employees, including 11 Assistant General Managers, area managers, and zonal heads, after investigating the bank’s KYC fraud. It came to light after RBI asked the bank to stop new customer onboarding due to registration irregularities in its digital app, BOB World. This year, till September, Bengaluru alone reported 12,615 cybercrime cases worth ₹470.05 crore.