That's an increase of 30% compared to the same period in 2020. The situation isn't much better in other parts of the world either. In India, more than 83,000 banking frauds amounting to Rs 1.38 trillion took place during 2020-2021. If banks and other financial institutions want to ...
While many chargebacks are legitimate,chargeback fraudoccurs when a customer disputes a transaction with their payment provider for illegitimate reasons. Chargeback frauds can have serious financial ramifications for FIs and retailers, with unnecessary costs and the enablement of other illegal activities –...
Financial fraud takes on many forms and scammers are always creating new ones, but there are few common scams you should be aware of.
ATOs result in costly disputes for banks, and can have a detrimental impact on the company’s reputation and customer loyalty. They also cause substantial financial losses for consumers. About22% of U.S. adultsare victims of ATOs per year, with average losses of around $12,000. Here’s a...
Here are some of the most common frauds that victimize consumers and tips on how to protect yourself from becoming affected. Key Takeaways Consumer fraud occurs when a person suffers from a financial loss involving the use of deceptive, unfair, or false business practices. ...
Selecting the right lender is crucial to not only stay safe from such frauds in lending but also get the best offer. Axis Bank is a pioneering financial institution that has been the borrower’s choice for all their lending needs. With the highest level of safety standards, attractive t...
Types of Bank Fraud Fraud Prevention in Banks Lesson Summary Frequently Asked Questions What are the different kinds of bank frauds? There are different types of bank fraud. They include: credit card fraud, which involves obtaining and using another person's credit card information fraudulently; ...
Frauds related to credit cards – Breaches related to the data of high profiles, crucial information related to the credit cards, and other financial data are all becoming easily accessible and such fraudulent activities are quite prevalent in the society. People can conveniently come by such data...
Types of Bankruptcy Fraud There can be several types of bankruptcy fraud. However, most of these frauds have one thing in common: the lack of transparency in sharing information with creditors and/or trustees. Following are the some of the most common types of bankruptcy fraud: ...
To maintain the surveillance quality and supervision that the Banks exercise over the NBFCs. This can be done by keeping track of the developments in this sector of the financial system. The Reserve Bank also issued directions to the Companies regarding the acceptance of public deposits, prudential...