As per a report, as of March 31, 2023, 2,623 borrowers were classified as wilful defaulters in India and owed Rs 1,96,049 crore to the banks in India. This highlights the inherent risks lenders face. Therefore, financial institutions (FIs) need robust credit risk management to minimise risk and boost returns and productivity. An early warning […]
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 […]
Top 4 Mobile Banking Risks and How to Mitigate Them
Shrinking sizes and expanding prowess, mobiles promise a great deal: calling, dating, job-hunting, working, and…banking. As a result, these portable powerhouses have irrevocably changed lives, corporations, and consumer behaviour. A greater demand for easy, all-around access to products and services has steered technological and communicative developments. So, a significant result has been the advent of […]
Beware of the Fraudsters: How to Detect Document and Identity Fraud
In a world of biometrics, smart cards and digital security, is identity theft a setback? Lost passport, Online Shopping Fraud, Debit Card Theft, sound familiar, doesn’t it? With the onset of the digital paradigm, is technology holding us back or taking us forward? This is a question that has left all of us bewildered, for […]
Rising Concerns Around Data Privacy with Growth of Digital Lending
The digital lending landscape has witnessed a tremendous boost, especially during the Covid, which has shifted borrowers online searching for viable loan products online. Fifty-seven per cent of consumers prefer internet banking, according to the latest World Retail Banking Report. That’s nearly half the world’s commercially active population reaching out to online banking channels. So, […]