FINANCIAL FRAUDS IN THE CURRENT TIMES

India is powerful in banking. How India has shaped herself is interesting as it wasn't the case earlier. Now that people have more access to the internet, getting information is not much of a problem, not just that we have to think about economic growth which has a key factor as well. People have become more money hungry and have this need to make themselves in a higher position.  

                     Many reports have come across regarding the condition of the banking sector in India. What we can understand from them is that as the years pass banking fraud is getting higher. the newest version of fraud is through apps. Recently Block Inc company ( which is a fintech company that gives access to mobile payment solutions) came into the light, the problems that it has caused. After the execution of Hindenburg's report which gave a lot of interest in block inc's cash app( the users can send, receive and invest money in it as it works as a mobile payment application). The report said that the app used fake accounts and duplicate accounts and didn't show how many users were using the cash app. the report also said that the app became a source for sex trafficking especially the minors and other criminal activities. It was also said that these types of users were just blacklisted but not banned or reported for what they have done. 

                      We know that India has many lending apps and among them, many are actually under supervision. the Governor of RBI Shakthi Kanta Das has said that some new money-lending apps do not intend to go by the rules saying that they will have additional expenses if they undergo an upgradation on their system. It is important to upgrade systems frequently because the customers need efficiency and trust. if that is broken then they will move on to other apps. 

What we must understand is that, any fraud, doesn't matter whoever it is executed by, will be brought out one way or the other because these days things are getting looked after quickly and effectively.