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LOAN KYC FRAUD
From finance to leadership: How technology is shaping smarter decisionsArtificial intelligence is transforming finance and leadership. AI tools now help analyse risks, detect fraud, and automate tasks. Leaders ...- Born out of microfinance, Bandhan Bank now bets big on AI and digital bankingAs Bandhan Bank accelerates its transition from a microfinance-led institution into a universal bank, Executive Director & COO Ratan Kumar ...
- A loan you never took; How PAN fraud is wrecking credit scores in India and what you should do to protect yourselfIndians are facing a new threat: PAN-based loan fraud. Criminals are using stolen PAN details to take out loans without consent. This is da...
- Banks step up checks on deposit accounts to thwart mulesBanks are grappling with a surge in fraud linked to deposit accounts, surpassing loan accounts in risk. The rise of mule accounts used for ...
- Banks seek common insurance repository, shared customer data access to curb policy-backed loan fraudBanks are advocating for a unified insurance repository and shared access to customer data to combat loan fraud involving life insurance po...
- Nirmala Sitharaman's humorous take on AAP's Raghav Chadha raising conditions of banksUnion Finance Minister Nirmala Sitharaman responded humorously to Raghav Chadha's banking concerns, urging him to leverage his western expo...
- M&M Finance defers its Q4 results after unearthing Rs 150-crore fraudAccording to the company, the fraud involved the forgery of KYC (know your customer) documents to embezzle company funds.
- Mahindra Finance detects about Rs 150 cr fraud in retail vehicle loan portfolioMahindra Finance reported a fraud of approximately Rs 150 crore in its retail vehicle loan portfolio at one of its branches in the northeas...
- Mahindra Finance to delay Q4 results due to detected retail vehicle loan financial fraudMahindra Finance Q4 results: A financial fraud has been detected at the North East branch of Mahindra & Mahindra Financial Services during ...
- Paytm Fallout: RBI's new KYC drill impacting ARC dealsEarlier, asset reconstruction companies (ARCs) would ask creditors selling bad loans for central KYC records, but now the RBI is insisting ...
- Borrowers are getting fake employment certificates for Rs 20,000: Report on loan KYC fraudA report has been released by IDfy on KYC risks in lending. The report has talked about how borrowers try to fraud the lenders by providing...
- RBI slaps Rs 6.77-crore penalty on M&M Fin Services over interest rate disclosure normsA fine of Rs 55 lakh has been imposed on Indian Bank for contravention of certain Know Your Customer norms. Muthoot Money fined by Rs 10.50...
- RBI imposes penalties on Axis Bank, IDBI BankRBI, however, said the penalties are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of a...
- Transactions above this amount cannot be done in Post Office accounts if mobile number, PAN not updatedThe decision has come in order to minimise the instances of fraud in the Post Office. Further, only after the updation of the mobile number...
- Validate ID of bank loan seekers via UIDAI, Income tax dept: Economic SurveyThe Economic Survey 2019-20 suggests the creation of GSTN like entity called PSB Network, use of Machine Learning and Artificial Intelligen...
- Mehul Choksi says not related to firm involved in PNB fraud, claims innocenceIn a statement issued by his lawyers, the raids against him were on the basis of "an old and dated 'Know Your Customer' (KYC) document" sub...
- Borrowers play fraud on SBI; misuse Rs 3.3 crore car loan for producing Tamil filmThe fraud was done with the connivance of an auto loan counsellor who allegedly hacked the bank's computers to facilitate the loan sanction...
- Not KYC, 'know your employee' too to check frauds: CVC to banksThe bank should deal firmly with any fraud, which should enable staff to escalate their concerns and insights on potential frauds to the to...
- Submit KYC documents just once for all account openingSoon, completing KYC requirements with one bank will be good enough for opening an account.
- Beware! Your KYC papers may be misusedBanks have discovered cases of identity theft where fraudsters have created a new third-party identity using misappropriated KYC documents.
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