With the news of harassment of customers by digital lenders becoming frequent – in some cases the harassed borrowers even committing suicide – the Reserve Bank of India (RBI) has decided to issue stringent guidelines to put an end to Read More …
Tag: Fraud Risk
RBI steps in to end harassment of borrowers, prohibits digital lenders from accessing smartphone data
Fraud risks grow as cost of living soars
The legacy of the Covid-19 pandemic, a global lack of goods and materials, and Russia’s war in Ukraine have each combined to produce a cocktail of economic woes that is proving hard to swallow. Add to this underlying anxiety regarding Read More …
Hacker steals ₹7.3 crore from payment gateway company Razorpay in Bengaluru
The hacker stole ₹7.3 crore over three months by manipulating the authorisation process of the payment gateway company to authenticate 831 failed transactions The South East cyber crime police are trying to track down a hacker who stole ₹7.3 crore Read More …
4 ways banks can use data to manage fraud risk
Money laundering, automated clearing house fraud and wire transfer scams are running rampant in the banking industry. U.S. financial institutions spent more than $4.5 billion on fraud detection systems in 2021 as continuous threats around real-time payments emerged in the Read More …
How Credit Unions Can Work to Identify and Eliminate Fraud Risks
Credit unions (CUs) have been known historically for their member-first mentality and intimate face-to-face banking model. This business structure has worked in their favor, but it also has left some CUs less prepared for the pandemic-driven shift to digital-first banking Read More …
