Frauds

Are IT-trained staff available when regular operators are on leave? Are daily-waged support workers restricted to non-sensitive areas? Banks need to address these questions

At the BFSI Insight Summit 2026, payments leaders called for AI-driven fraud detection, real-time risk scoring and greater industry collaboration to tackle rising digital payment scams

Threats call for stronger systemic safeguards

FBI Director Kash Patel said Bedi, arrested in India in September, is among six suspects captured since the Most Wanted Fraudsters list was launched three months ago

Priti Patel, the British Indian minister who signed off on Nirav Modi's extradition order to India as home secretary in April 2021 after a prima facie case was established in court, has said she is "appalled and horrified" that he is still in the UK. Patel, shadow foreign secretary on the Conservative Opposition benches, told 'The Daily Telegraph' podcast in an episode to be released next week that the Indian authorities were "hugely angry" over Britain's failure to extradite the jeweller wanted for one of the country's biggest banking frauds. 'The Diamond King' four-part podcast series traces the newspaper's discovery of the fugitive diamond merchant hiding out in a luxury London flat leading to his eventual arrest by Scotland Yard in March 2019. "If our system were judicious and doing the right thing, rather than tying itself up in process and excuses, he should not be in this country," Patel is quoted as saying. "I'm actually pretty appalled and horrified that he's still here, a

Gensol Engineering on Tuesday said the company's loan accounts have been declared as 'fraud' by the state-owned finance institution IREDA. The company filed its clarification before stock exchanges following reports that IREDA has declared the loan accounts of Rs 673 crore of Gensol as 'fraud' and reported the matter to the Reserve Bank of India. "The contents of the said reports are factually correct and are based on the aforesaid order issued by IREDA," Gensol Engineering said. Indian Renewable Energy Development Agency Limited (IREDA) is a non-banking financial institution under the Ministry of New and Renewable Energy (MNRE), which has been engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable energy.

Trust crisis in hiring: Survey of 1,161 workers and job seekers found that fear of fraud is changing hiring behaviour, with 14% saying caution caused them to miss genuine opportunities

Cheap, customised AI tools are making deepfake scams harder to detect, exposing banks, fintechs and consumers to rising fraud risks

TransUnion says 7.1 per cent of digital transactions in India were suspected fraud attempts in 2025, with logistics, telecom and insurance sectors facing the highest risk

Cybercriminals are moving beyond email scams and into social media feeds, using tutorial-style videos on TikTok and Instagram to spread malware and steal credentials

A 44-year-old Indian-American man was arrested in California for allegedly defrauding a bank of nearly USD 100 million by manipulating title records of insurance policies. Mahender Makhijani has been living in the US on a Green Card and faces a maximum sentence of 30 years in prison if convicted. "Mahender Makhijani, a lawful permanent resident from India living in Corona del Mar, was arrested this (Wednesday) morning on a federal criminal complaint charging him with defrauding a bank out of nearly USD 100 million," Bilal Essayli, First Assistant US Attorney for the Central District of California, said. As alleged, Makhijani falsified title insurance records, concealed true lien positions, and used a network of shell companies to mislead a federally insured bank out of nearly USD 100 million," said Darren Lian, Acting Special Agent in Charge, IRS Criminal Investigation's Los Angeles Field Office. In a statement on Wednesday, Essayli said the arrest highlighted his office's continue

WhatsApp is reportedly developing a Scam Alert feature that could warn users about suspicious messages from unknown contacts without reading chats or compromising end-to-end encryption

US authorities have shut down an India-based call centre operation that allegedly defrauded hundreds of elderly Americans of millions of dollars through tech support scams, following a years-long investigation that led to the conviction of five "telemarketing fraudsters". In a social media post on Wednesday, the Federal Bureau of Investigation (FBI) Boston said that the probe also resulted in the arrest and conviction of a former employee of the call routing company used by the fraudsters. It said the call centre scam targeted hundreds of elderly victims in the US and abroad and defrauded them of millions of dollars, and two senior executives who operated a business that enabled it have just admitted to turning a blind eye to this widespread fraud. "This comes after an FBI Boston investigation that has resulted in the arrests & convictions of a former employee of their call routing company, and five India-based telemarketing fraudsters," it said. American senior citizens deserve ..

But they seek increase in threshold to ₹25,000; payment industry flags operational issues

The RBI's paper correctly identifies that the nature of fraud has changed. Most frauds today are authorised push payments, or APP frauds

RBI holds repo rate steady The Reserve Bank of India (RBI) kept the repo rate unchanged at 5.25%, maintaining a neutral stance.

RBI proposes a one-hour delay for digital payments above Rs 10,000, alongside safeguards like trusted authentication and account monitoring, as fraud cases surge sharply

Of these, seven such individuals from MP's Indore are accused of cheating the company of approximately ₹5.72 crore

Investigators in Nepal have exposed a fake helicopter rescue racket where trekkers were airlifted without real medical need and insurers were billed huge amounts through false claims

Regulator alleges price manipulation, misleading disclosures and financial irregularities; orders account freeze, forensic audit and probes preferential allotment and promoter share sales