Banking Frauds
After ₹646 crore fraud, IDFC First Bank CEO prioritised accountability
Chief executive V. Vaidyanathan flew to Chandigarh after the fraud surfaced, assured officials of the bank’s commitment to doing the right thing and moved to tighten controls.
3 min read9 Aug 2026Phone lost? Here's your step-by-step guide to protecting your money and personal data
The loss or theft of your smartphone can expose your bank accounts, UPI applications, and personal data to fraud. Check out the five essential steps to secure your SIM, banking applications, email and digital identity immediately after your phone is lost or stolen, helping minimise financial risk.
2 min read17 Jul 2026KPMG forensic review says IDFC First Bank Chandigarh fraud an isolated incident
The KPMG forensic review found collusion among IDFC First Bank's branch staff, customer representatives and third parties, while confirming the ₹646 crore loss previously disclosed by the lender.
1 min read6 Jun 2026Mint Explainer: Why SC allowed banks to tag fraud without oral hearings and what it means
The Supreme Court ruled that banks can classify accounts as fraud using written submissions instead of oral hearings, provided they share forensic audit reports with borrowers to ensure a fair and efficient process.
4 min read9 Apr 2026Mint Explainer | Will RBI’s two-factor authentication rule curb digital fraud?
Mandatory dual authentication from 1 April aims to plug gaps in PIN- and OTP-based systems as digital frauds surge.
2 min read31 Mar 2026RBI governor Malhotra urges banks to collaborate to curb rising digital frauds
Governor Sanjay Malhotra has called for shared analytics and AI tools to detect mule accounts, as the central bank pushes for near real-time supervision and lighter penalties.
2 min read9 Jan 2026₹52,976,00,00,000 lost to cyber frauds in India in 6 years, says report – shocking numbers explained
A staggering ₹52,976 crore has been lost to cyber frauds in India over the past six years. The Indian Cyber Crime Coordination Centre reports a surge in financial crimes, with investment traps and online scams leading the way. Discover the alarming trends and state-by-state breakdown of losses.
2 min read3 Jan 2026India Inc steps up defences as sophisticated corporate frauds surge
White-collar crimes are surging across corporate India, from spoofed CEO emails to KYC scams. As fraud gets smarter, companies are lawyering up, tightening controls, and turning to AI to stay one step ahead.
4 min read15 Jul 2025ATM Fraud: SBI to give customer ‘full refund’ and 10% interest after Delhi consumer forum order
State Bank of India has been ordered to pay a ‘full refund’ and 10% interest per annum to one of its customers in an 11-year-long consumer forum case. The customer will also receive the dues along with the penalties and legal charges.
2 min read9 Jul 2025Banking on trust, losing billions: India’s bank fraud epidemic needs urgent answers
The total value of bank frauds tripled last year even as the number of cases fell—signalling bigger, bolder scams. The problem runs deeper than regulation: it’s about broken governance, eroding public trust, and the urgent need for tech-enabled vigilance.
3 min read3 Jun 2025Wait for it…
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