Dhruv Chawla, Partner, Forensic Services, PwC India
Over the past few years, financial crime has not only grown in its extent and scope, it has also become increasingly specialised with the use of technology. Today, ATM malware attacks, hacking of online accounts, trade-based money laundering and terrorist financing are just some of the many crime trends that financial institutions have to reckon with. Very recently in 2015, a bank based in India suffered huge losses in a cyber security attack. One of the employees colluded with external parties to use information of 100 customers and siphon off funds from their accounts using online banking application and duplicate SIM cards. Approximately Rs 25,00,000 was siphoned off from these accounts.