Kolkata: Bengal and Kolkata have emerged as hotspots for fraudulent transactions, with a higher concentration compared to other regions. This was disclosed by Gaurav Gupta, group head of financial crime intelligence at Axis Bank. He was in the city along with Sameer Shetty, group head of digital business, transformation and strategic programmes, and Reynold D'Souza, group head of branch banking, to discuss the bank's initiatives on safe banking.
Hotspots and Mule Accounts
According to Gupta, the bank enhances vigilance in these hotspots. He noted that mule accounts, typically used by fraudsters to deceive people and siphon money, are mainly concentrated in these areas. For Axis Bank, 80% of mule accounts are concentrated in 700 branches out of a total of 6,200 branches. Elaborating on Bengal, he said that districts bordering Bangladesh, Bihar, and Jharkhand have more mule accounts. Other hotspots include Rajasthan, Madhya Pradesh, Haryana, and the outskirts of Chennai. These mule accounts are generally operated by syndicates, and most are bought from young individuals with idle accounts.
Measures to Reduce Digital Fraud
Sameer Shetty added that the bank has adopted a series of measures to reduce digital fraud. These include sending OTPs through the in-house app for financial transactions instead of via SMS, and implementing face authentication for financial transactions, similar to Digi Yatra. The bank has also introduced features like locking fixed deposits so they cannot be liquidated for senior citizens. Shetty claimed there has been a 4.5 times increase in digital fraud prevention in 2025-26 compared to the previous fiscal year, thanks to AI-led monitoring.
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