Protectors and their Practices

Ravi Lalwani: Given the massive shift towards mobile banking what kinds of cyber frauds have increased the most?

- Ravi Lalwani

Rajesh Katouch: Mobile banking has resulted in a sharp increase in phishing, SIM swapping, and mobile malware. attacks. These cyber frauds involve stealing sensitive financial information, allowing hackers to steal funds, and identities, or even disrupting mobile banking services. As mobile banking grows, financial institutions and users have to be on their guard and implement robust security measures to prevent these cyber frauds.

Kunal Varma: Digitization of banking services has indeed opened doors for several types of cyber fraud. Mobile banking fraud has become particularly prevalent, with criminals gaining unauthorized access to banking applications to steal sensitive information and make fraudulent transactions. Card-not-present (CNP) fraud has also seen a substantial rise, particularly on e-commerce platforms where physical cards aren't required for transactions. We have also observed a surge in synthetic identity fraud, where criminals create fake identities using a mix of real and fabricated data to open bank accounts and apply for credit cards through digital services.