More Stories

Informist, Friday, Sept. 11, 2026

 

MUMBAI – State Bank of India Managing Director Ravi Ranjan Friday pitched for banking sector-wide fraud prevention standards, especially for fraudulent transactions through digital banking services. Speaking at the Global Fintech Fest 2026 here, Ranjan said banks, telecommunication operators, and other infrastructure providers must take shared responsibility to prevent fraudulent transactions and ensure customer protection. 

 

Currently, each bank has localised systems that flag fraudulent activities based on their respective standards. The industry must share this experience across the spectrum and create a comprehensive data set that flags risks across the system, he said. 

 

Ranjan suggested a few risk-flagging measures, including automating a system that will always ring a bell when an outlier transaction happens. He explained that this automation system will raise a ticket when an abnormal volume of transaction is carried out for a particular account. The system will also raise a ticket when an account linked to a particular IP in a certain geography is seen transacting in an entirely different geography, he said. 

 

He also said banks often see a pattern during fraudulent transactions, which includes a high credit inflow into an account followed by subsequent debit requests. In most cases, these are fraud transactions that can be stopped at the bank level, he said. 

 

According to him, ensuring customers receive support when a fraud activity has happened is also a key aspect of promoting digital financial services in India. Eventually, if trust is eroded, it will be a huge blow to digital banking, he said.  End

 

Reported by Priyasmita Dutta 

Edited by Avishek Dutta

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.