Spandana Sphoorty Financial reports ₹7.8cr stolen in cyber fraud
Business
Spandana Sphoorty Financial, a big name in Indian microfinance, just reported a cyber fraud where about ₹7.8 crore was stolen through unauthorized bank transfers.
The breach was caught on November 1, and the company quickly suspended affected services and asked its bank to freeze beneficiary accounts and reverse the transactions.
Files complaint with National Cybercrime Portal
Spandana has filed a formal complaint with the National Cyber Crime Reporting Portal.
This isn't an isolated case: recent incidents at other banks show that cyber threats are on the rise in India's financial sector, highlighting why stronger digital security is more important than ever.