RBI flags rising digital fraud in BFSI: Why identity controls can no longer be an afterthought
By Abhishek Gupta, GVP – India, SailPoint
In India, some of the biggest digital frauds in recent years didn’t start with a breach. They started with a login. From compromised credentials to over-extended partner access, fraudsters are increasingly operating from inside the system, blending in with normal activity until it’s too late.
This is precisely why the Reserve Bank of India has repeatedly cautioned banks and NBFCs that fraud risk is increasingly tied to identity governance, access hygiene and accountability, not just perimeter security.
Modern financial fraud is identity-led. Excessive access, weak account governance and compromised credentials create silent pathways through critical systems. Since the activity appears authorised, it frequently evades detection until losses have already occurred.
The problem is access, not technology alone
Most banks and financial institutions already spend heavily on cybersecurity. Firewalls, monitoring tools and endpoint protection are now table stakes. Yet fraud continues to rise. The...
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