Every time a bank processes a new loan application, it brings both growth and risk. As digital banking expands, loan fraud is growing just as fast. According to a 2024 TransUnion report, online fraud attempts within financial services increased 17.2% worldwide over the last year. This sharp increase highlights a critical gap – conventional fraud-detection […]
Detecting Mortgage Loan Fraud: Top 7 Red Flags Every Lender Must Know
Mortgage lending has always been a lucrative yet high-risk segment for financial institutions. However, as digitisation increases and fraudulent actors become more sophisticated, mortgage loan fraud is emerging as a pressing concern for lenders. For lenders, early detection of mortgage loan fraud is essential to avoid non-performing assets (NPAs), legal issues, and reputational loss. To […]
Unmasking Financial Fraud: How Finezza Empowers Lenders
The financial fraud scenario in India is becoming more complex with the increasing sophistication of threats. As per RBI, banking frauds shot up 166% in FY24, with over 36,000 cases reported. This represents millions in losses and countless hours spent tracking fraudulent schemes that plague the lending sector. Digital lending has transformed credit access in […]
The Rise of Virtual Credit Card Fraud: What Lenders Need to Know
With 67% of the 2000+ Fintech startups incorporated in the last five years alone, the world of digital payments in India is changing fast. Amidst this boom, virtual credit cards have revolutionised digital transactions with their ease of use. However, this innovation has also paved the way for a concerning rise in virtual credit card […]
The Importance of Bank Statement Analysis Software in Fraud Detection
In terms of numbers, digital lending companies in India witnessed a compound annual growth rate of 39.5 % over the last 10 years. While this is an encouraging statistic, the digital lending industry is also witnessing more cases of fraud. According to a report by the Reserve Bank of India, in the first half of […]
Mobile Banking Frauds: How Can Banks Help Prevent Them?
Mobile banking is revolutionising ways for people to access their accounts, thanks to its ease of use and flexibility. Consumers can deposit cheques, pay bills, transfer funds between accounts, and even send money to persons or businesses anywhere in the world using virtually any device with an internet connection. Unfortunately, this transformation in accessibility and […]