 "digital fraud, digital scam")
The digital revolution in financial services has reshaped customer interactions, offering unmatched convenience, speed and accessibility. However, this progress has also fuelled a sharp rise in financial fraud, making it imperative for banks and financial institutions to proactively adopt cutting-edge risk mitigation techniques.
The Reserve Bank of India’s (RBI’s) annual report for 2023–24 shows a worrying increase in fraud, with 36,075 cases reported, involving losses of ₹13,930 crore. Deloitte India’s ‘India Banking Fraud Survey 2021’ reveals that nearly 40 per cent of fraud cases are linked to digital- and cyber-related issues. Similar trends have been observed globally, with financial regulators
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