RBI Flags Sharp Rise in Digital Fraud Since July, Warns Banks on Tech Overhaul Needs

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New Delhi: Reserve Bank of India Deputy Governor T Rabi Sankar has said that digital fraud cases have been climbing steadily since July, reversing the downward trend seen earlier in the year. Speaking at an event hosted by State Bank of India in Mumbai, he noted that the regulator is examining whether the rise is linked to cyclical patterns or seasonal factors.

Sankar explained that when fraud cases are measured against the total number of transactions, the incidence had been falling significantly from the start of the year until July. The upward movement since then has prompted closer scrutiny. Although he

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