Try GOLD - Free
HOW BANK SCAMS ARE BEING DIGITALLY ARRESTED
Mint Mumbai
|October 28, 2025
With Indians being looted by scammers every day, the banking ecosystem is finally acting to protect them
Earlier this month, a 72-year-old businessman from Mumbai was defrauded of ₹58 crore in a ‘digital arrest’ con that siphoned the money off into 6,500 bank accounts.
Meanwhile, a state legislator in Andhra Pradesh lost over ₹1 crore to callers posing as cyber-crime officials. Some men have fallen for the promise of attractive returns in share trading. For instance, a 60-year-old man in Thane lost ₹64 lakh and another in Hyderabad lost ₹12.5 lakh to an online share trading scam over WhatsApp calls.
Such incidents have become almost routine today, leading the Supreme Court to ask the Centre and the CBI how they plan to curb such scams.
Reserve Bank of India (RBI) data shows that bank frauds surged to ₹36,014 crore in 2024-25, a 194% increase in value compared to the previous year. Fraud today is faster, more social, and more networked than anything India has seen before. Now, the regulator, banks, payment platforms, technology companies, card companies, cloud services providers and even telecom companies (telcos) are coming together to create a defence system to prevent scams and catch scamsters.
This story is from the October 28, 2025 edition of Mint Mumbai.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Mint Mumbai
Mint Mumbai
Centre weighs loan guarantee for MFIs
Scheme to cover banks' lending risk, support microfinance
3 mins
January 07, 2026
Mint Mumbai
Consulting firms ramp up hiring at top B-schools
Consulting firms are queuing up at top-tier business schools with surprising hiring numbers, especially after AI (artificial intelligence) hit employee figures in some of these very companies, according to the Indian Institutes of Management (IIMs).
2 mins
January 07, 2026
Mint Mumbai
Modest year-end
The purchasing managers' index (PMI) for Indian services in December released on Tuesday mirrors the trend in manufacturing, with the year ending on a note of moderation.
1 min
January 07, 2026
Mint Mumbai
Mid-sized startups ditch unicorn chase to go public earlier
A growing cohort of mid-sized companies is considering a much earlier entry into public markets, unlike the post-pandemic boom of 2021 when Indian startups stayed private as long as possible in pursuit of unicorn valuations.
3 mins
January 07, 2026
Mint Mumbai
Why Indian firms often challenge drug patents
Natco's revocation patent suit against Novo Nordisk intensifies the battle between domestic generic giants and global innovators over affordability. As we look ahead at another year of high-stakes battles, Mint unpacks the legal landscape and who wins in these disputes.
2 mins
January 07, 2026
Mint Mumbai
Bollywood partners Hollywood for reach
Hollywood’s relationship with Bollywood is evolving.
1 mins
January 07, 2026
Mint Mumbai
Let us promote universalism in a world riven by ultra-nationalism
A truly borderless world is a distant dream but we could surely work on strengthening useful supranational organizations
3 mins
January 07, 2026
Mint Mumbai
Domestic steelmakers raise prices after safeguard duty
Steel price increases are expected to support the profitability of Indian steelmakers
2 mins
January 07, 2026
Mint Mumbai
Why we can't innovate our way out of the world's climate crisis
Tackling it is more about being mindful of it than people realize
3 mins
January 07, 2026
Mint Mumbai
NHAI asks DoT to fix mobile network gaps on highways
As India builds highways at a record pace, a critical digital gap is becoming harder to ignore.
1 min
January 07, 2026
Listen
Translate
Change font size