Digital banking increased incidents of financial frauds, say PSBs
It said that the banking system is under constant attack by organised gangs. FSR said that cyber attacks are the biggest threat to the Indian banking sector, they said. The panel was also informed that maximum financial frauds are committed by big borrowers who use technical loopholes in the banking system to commit such fraud. In addition, the banks also informed the panel that the number of financial frauds, as well as amounts involved, have gone up.
The landscape of financial transactions in India has been transformed over the last couple of years as the leap from manual to digital system has been made successfully. Image source: Reuters