Scams, mules, and the next phase of financial crime in India FICO

A wake-up call for banks and financial institutions in India, highlighting how legitimate customers unwittingly becoming unintentional agents attacking vulnerabilities throughout their banking journey.

As RBI place more emphasis on shared fraud liabilities, and early intervention rather than just transaction monitoring, financial institutions must fundamentally re-evaluate their strategies for safeguarding customers from cognitive compromise. 

1. US$2.75 billion in losses
   Estimated cyberfraud losses reported in India in 2024. Many scams go unreported and others are fragmented into smaller flows - delaying detection.
2. From access gateways to full banking journeys
   The role of the customer has shifted dramatically – from merely giving access to becoming unintentional agents underpinned by systematic exploitation of customer decision-making at scale.
3. Evolution of scam incidents to industrial infrastructure 
   The Guardian documented industrial-scale scam operations across our neighbors – exploiting cultural familiarities and cross borders fintech developments.
4. What does the bank of tomorrow look like
   A 5-year roadmap that outlines 12 / 36 / 60 months strategic approaches, insights into behavioral inflection points, and key perspectives from FICO domain experts and frontlines in Asia.  
5. Inaction becomes the riskiest choice
   Discussions on shared responsibility frameworks and regional alliances are heating up in this region. Financial institutions can expect heightened scrutiny on whether reasonable steps were taken earlier in the customer journey.