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Combatting bank frauds by integration of technology: experience of a developing country

Fraud is a worldwide phenomenon that affects all continents and all sectors of the economy. With the rapidly growing banking industry in India, frauds are increasing fast, and fraudsters have started using innovative methods.Shockingly, the banking industry in India dubs rising fraud as an inevitable cost of business. One of the most challenging aspects in the Indian banking sector is to make banking transactions free from electronic crime. There is no “one silver bullet” to stop all frauds forever. By leveraging the power of data analysis software, banks can detect fraud sooner and reduce the negative impact of significant losses owing to fraud.

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