Hyderabad Police’s crackdown on cyber fraud has led to a high-level meeting urging the RBI to plug systemic banking gaps that enable digital financial crimes. The police cite around Rs 400 crore in annual losses and push for coordinated action against mule accounts, faster response systems, and wider adoption of RBI’s MuleHunter.AI by banks.
Flipkart, in partnership with Axis Bank and PayU, has launched biometric authentication for Axis card payments using Face ID or fingerprint on Android and iOS devices. The move replaces SMS OTP checks, aiming to speed approvals and reduce failed attempts and fraud risks like SIM-swap, using device binding and issuer-side biometric verification.
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The Reserve Bank of India is tightening customer protection through new rules aimed at stopping mis-selling of financial products and curbing coercive loan recovery practices. The RBI is also proposing a compensation framework for small value fraudulent digital transactions, seeking to make the financial system safer and more accountable for consumers nationwide.
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