The financial ecosystem must treat cyber resilience as a core business imperative. This is not just a banking issue-it's a national security concern

JAYA VAIDHYANATHAN - CEO, BCT DIGITAL

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The financial landscape is continuously evolving, and the current market scenario is marked by an increased reliance on technology and data-driven solutions to mitigate risks and prevent fraud. In this context, Jaya Vaidhyanathan, CEO of BCT Digital, a pioneering FinTech, RegTech, and SustainTech company, brings a wealth of experience and expertise to the table.

With a distinguished career spanning over two decades across top firms like HCL, Accenture, and Standard Chartered, Jaya has been instrumental in driving AI-led innovation in fraud prevention and risk management. As a Non-Executive Director on the boards of PwC Global and PwC India, and Independent Director at several prominent companies, Jaya's insights are invaluable. Recently, BCT Digital's rt360 RTMS was recognized by the Reserve Bank of India for its groundbreaking work in proactive fraud detection in public sector banking.

In this exclusive conversation, Jaya shares her perspectives on India's PSU banks' India's PSU banks' adoption of intelligent surveillance and the growing importance of AIfirst risk management as a national imperative.

How has the landscape of financial fraud evolved in recent years, and what new challenges do banks and financial institutions face today?

The financial fraud landscape in India has undergone a significant shift, marked by a sharp rise in both the volume and sophistication of digital scams. As per the RBI's Report on Trend & Progress of Banking in India (Dec 2024), bank fraud cases surged by 27% in the first half of FY2024-25, with the value involved increasing nearly eightfold. Notably, over 85% of these incidents were internet and card-related frauds.