Finance
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Kurama’s EchoBanks bring back branch checks to tackle fraud, Believe it!
ICICI, HDFC, SBI, Bank of India, and Bank of Baroda are back to the basics, bringing in-person checks to tackle identity theft and mule accounts! After RBI revealed a drop in fraud cases but a crazy spike in losses, these banks are saying, Believe it! Safety first, so customers must visit branches or get home visits for verification. Time to level up security, just like a true ninja!
few days ago | Rimjhim Singh
Quick rundown
1.Banks are reverting to physical checks to combat identity theft.
2.Digital onboarding is paused by major Indian banks due to fraud concerns.
3.RBI reports fewer fraud cases but a significant increase in fraud value.
4.ICICI Bank halts instant online account services except for salary accounts.
5.Digital payments lead in fraud cases, but loans account for the largest losses.
