Tag: td commercial banking

How to spot scams in banking: Bankers, they know you’re a fraudster

Banks know how to spot fraud, but only if you pay the right amount for the right thing, a new report by an Indian banking watchdog has said.

A joint investigation by The Hindu and a banking watchdog said the banks have an obligation to ensure their clients are not victims of fraud or theft.

“It is incumbent on the banking industry to act as the gatekeepers for the protection of our citizens, particularly those who are vulnerable to fraud,” said Anupam Chaudhary, director, Anti-Fraud Research, at the National Anti-Corruption Bureau.

The report by the Financial Services Regulatory Authority of India (FSRAI) said fraudsters target the small and medium sized businesses that are dependent on cash to make ends meet.

“In fact, they are targeting the people who rely on banks and have to make a living,” Chaudhuay said.

“These fraudsters are looking for people who have not earned enough and who are not trustworthy or trustworthy in general,” he said.

The watchdog also highlighted how banks are also a source of income for crooks, and that the banks are vulnerable as they operate in a very vulnerable position in the economy.

“The banking sector has an immense potential to become an engine of economic growth,” said FSRAI chief Anand Sharma.

“If the industry is to be a force for good, it needs to address the vulnerabilities that are inherent in the sector.”

The report found that there are over 4,000 banks across India, of which the largest are in the states of Uttar Pradesh, Bihar, Jammu and Kashmir, West Bengal, Assam and Assam.

The FSSI also said there is a huge disparity in the levels of fraud in the banks.

“When we compare the number of fraud cases registered in the banking sector in different states with the number registered in other sectors, we find a gap of around 100 crores per year,” Sharma said.

“This is an alarming situation that cannot be allowed to continue.”