IDFC First Bank branch hit by ₹590cr fraud
Business
IDFC First Bank's Haryana branch is in hot water after a massive ₹590 crore fraud was uncovered.
Over several months, insiders and outsiders used manual cheques to siphon money from state government accounts.
The government first noticed glitches and asked for statements, and when, about a month ago, it requested to transfer its funds to another bank, the bank found the accounts were not reconciling.
Bank is now stepping up security
The bank is now stepping up security, planning AI-based checks for big transactions and working with investigators to recover the lost funds.
They're also promising better safeguards so something like this doesn't happen again—and hoping to win back trust after such a huge breach.