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Bank frauds News

29 Aug 2022

RBI mulls setting up of fraud registry to check banking frauds

Payment system participants will be provided access to this registry for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks. He said, customers should immediately report any fraud related incidence to the bank to minimise his or her risks.

31 Jul 2022

ICICI Bank alerts customers against new banking scam

ICICI Bank spots a new bank frauds and alerts customers to stay safe. Hackers come up with new ways to commit bank frauds on a daily basis. According to ICICI Bank, scammers are increasingly compromising customers' WhatsApp or Facebook accounts.

RBI Annual Report 2021-22

27 May 2022

Bank fraud cases rise in FY22, private banks report most incidents: RBI Data

Private sector banks reported the highest number of cases at 5,334. Foreign banks and small finance banks reported 494 and 155 cases of bank fraud. The data showed that the number of bank fraud cases increased in FY21 than last year.

15 May 2022

PNB, SBI account for most valuable bank frauds among PSBs: RBI

PNB reported the highest amount of frauds at Rs 9,528.95 crore. SBI reported frauds worth Rs 6,932.37 crore.

bank fraud cases

13 Feb 2022

Bank Fraud: Complaint of SBI's DGM, investigation lasted for several months

CBI has registered an FIR in the biggest scam in banking history. This scam is being told of Rs 22842 crore. In the CBI FIR, ABG Shipyard Company of Gujarat and its associate companies have been held responsible for the scam.

07 Aug 2021

Fraudsters using SMS spoofing to dupe people: Here’s how to stay safe

Banks and other financial institutions such as e-wallet companies have regularly warned customers against these frauds. Scammers wait for this moment when someone divulges personal information and that’s when they steal the hard-earned money. SMS spoofing is basically a process where the sender’s information is changed in the SMS text and it lets one impersonate as another identity.

05 Jul 2021

ICICI Mobile Banking Alert! Here’s how to keep your M-Banking safe from fraud

After getting your mobile number, fraudsters obtain your bank account details via phishing or Trojans/Malware. After customer verification, the mobile service provider deactivates the old SIM card and gives a new SIM card to the fraudster. The customer loses the network on the old SIM card and that means he/she will not get any SMS, information such as alerts, OTP, URN etc. on the phone.

03 Jun 2021

HDFC advises customers to keep 'mouth shut', THIS is the reason

HDFC warned that cyber thugs can rob the deposits by fooling customers. Bank frauds in India have surged at a record pace amid the pandemic. HDFC Bank is advising its customers to keep their mount shut.

16 Mar 2020

Rahul Gandhi asks Centre to name 50 wilful defaulters, Anurag Thakur hits back

Minister of State for Finance and Corporate Affairs Anurag Thakur said in a reply, "A list of wilful defaulters is available on the website. There is nothing to hide. All these people took the money and went away during the Congress governance."

26 Jun 2019

Amount involved in bank frauds of above Rs 1 lakh on decline

Banks and select financial institutions reported to RBI that frauds of Rs 1 lakh and above amounting to Rs 25,884 crore occurred during 2016-17 .

12 Jun 2018

RBI Governor Urjit Patel assures steps to strengthen banking system

Sources present at the meeting of the Parliamentary Standing Committee on Finance said the RBI Governor expressed confidence of tiding over the crisis regarding non-performing assets (NPAs).

bank account portability

07 May 2018

Bank Account Portability scheme may be put on the back burner

Bank account portability allows the customer to shift form one bank to the other without having to give up his bank account number or without having to open a new account altogether.

Central Vigilance Commission

02 Jul 2017

CVC monitoring CBI probe in top bank frauds, including Vijay Mallya

The Central Vigilance Commission (CVC) is supervising CBI's probe in 10 top bank fraud cases, including one involving fugitive businessman Vijay Mallya, and says bankers need have no fear if their decisions are bonafide.

Cyber attacks against bank

24 Jul 2016

Bank hacks raise fears of cyber attacks

A series of spectacular cyber attacks against banks, resulting in the theft of tens of millions of dollars, has heightened fears for an industry becoming an increasingly attractive target for hackers.

12 Apr 2016

China's Bank of Tianjin faces $121 million fraud

China's Bank of Tianjin has been defrauded of more than USD 120 million, it said, the third such giant crime against banks in the country this year.

03 Aug 2015

Check misuse of user-id, password: CVC to banks, insurance firms

It was also noticed that the officers were not frequently changing their password. "

28 Jun 2015

Frauds can't be wished away; banks among easy prey: RBI

"More often than not, the frauds lead to tighter regulations. These aim at bringing in both corrective and preventive measures," he said, while adding that banks must follow three KY Principles, Know its Customer, Know its Employee and Know its Partner, to check frauds.

07 Jan 2015

RBI asks coop banks to set up panel for monitoring fraud cases

The Reserve Bank has directed all primary (urban) cooperative banks to set up a special committee for monitoring and following up cases of frauds of Rs 1 crore and above.

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