Rachna Kumari & Soumya Sharma, KIIT School of Law
ABSTRACT
“Banks need to be agile to respond to threats and embrace new approaches and technologies to predict and prevent fraud.1”
Advancement “has had and will continue to have an impact on practically every facet of globe in the future years”. Customer’s money is misused by exploiting different flaws and loopholes in our financial system? How various attempted frauds and fraud cases in banking institutions give rise to both internal and external fraud schemes3”. Banks are the engines that propel financial market operations, the advent of a broad variety of financial services, and the competitive environment in the current banking system as well as to strengthen economic prosperity of our nation. The unprecedented growth of all the sectors in our nation and its dependency on financial market around the globe is accompanied by societal
orders' powerlessness in the face of rising crimes and fraud.
This paper attempts to closely scrutinize “Bank Loan Fraud In India2.” India's banking sector has experienced remarkable expansion over the years”. The financial sector is crucial to India's socio - economic development”. With India's rapidly rising banking sectors, various financial scandals and scams have plagued the Indian banking industry and fraudsters have begun to employ novel techniques. Advance technologies have begun to exploit financial market’s shortcomings in order to acquire a competitive advantage and influence over rivals and scams”. This paper sets the platform to banter about the holistic techniques as to how Funds, and Mobile payments, the goal of this paper is to examine how to Due to the rapid development of services such as E-banking, Mortgage, Crediting detect and address systemic disparities in the financial sector with the rise in fraud related to a dramatic increase in personal loans for consumption? Lastly how the perpetrators are to blame for the financial system's vulnerability?
Keywords: Bank fraud, E-banking, Mortgage, Crediting Funds, and Mobile
