IDFC First Bank to introduce alert system after ₹590cr fraud
IDFC First Bank is stepping up its security game for big transactions, after finding some issues in Haryana government accounts.
The bank will introduce a control so that for high-value, branch-based transactions exceeding a predefined threshold, you'll get a mobile app alert and need to confirm it before your money moves—just an extra layer to keep things safe.
KPMG is conducting a forensic audit
To figure out what went wrong, the bank has brought in KPMG for a forensic audit, with results expected in about a month.
Early signs suggest the problem is limited to certain staff—not top management.
The amount involved has grown from ₹490 crore to ₹590 crore after an internal review.
The bank says they're committed to being transparent and fixing things so this doesn't happen again.