Most Indian banking leaders report rising fraud losses, BioCatch survey
Business
Indian banks are facing a surge in fraud, with 84% of banking leaders saying losses have gone up this past year.
According to a BioCatch survey covering 25 countries, India stands out as one of the hardest-hit: 90% of local respondents noticed more fraudulent attempts, much higher than the global average.
Indian banks report $10 million+ fraud losses
Nearly half of Indian banks reported losing more than $10 million to fraud annually, and scams are costing customers big too.
Instant payment platforms like UPI are a major target, with 66% blaming them for rising fraud.
Most leaders (93%) agree AI is making scams smarter. BioCatch's CEO suggests banks should focus on analyzing behavior and intent, not just identity, to stay ahead.