Can you trust your bank to protect your money when its own employees or systems are compromised?
From the alleged ₹10.24-crore fraud at Punjab National Bank (PNB) to the ₹590-crore fraud involving IDFC First Bank, recent incidents have exposed serious weaknesses in banking security, internal controls and customer protection.
Data leaks at SBI and AU Small Finance Bank, unauthorised access to customer accounts, shared employee logins and manipulation of banking records raise a troubling question: If money disappears from your account without your knowledge, who is responsible for proving what went wrong?
In this Podcast, Sucheta Dalal examines the growing risks to bank deposits and customer data, including:
- How insiders can misuse employee logins to siphon off customer funds
- Why the PNB fraud remained undetected until a customer updated her passbook
- How IDFC First Bank swiftly refunded government money while ordinary depositors often face prolonged disputes
- The risks posed by data leaks, third-party platforms and unauthorised access to banking systems
- Why digital banking and disappearing paper trails make it harder for customers to challenge fraudulent transactions
- What RBI's customer liability rules mean for depositors
- Why banks must be held accountable when their own employees or systems fail
As banks push customers towards digital transactions, linked accounts and third-party financial services, convenience is increasing—but so are the risks.
Should customers bear the burden of proving fraud when banks control the records, systems and audit trails?
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