Romance scams hit six-year high in 2024, Moody’s reports
The rise of these scams poses significant challenges for the financial system, as criminals often use traditional banking channels to launder illicit funds. Financial institutions face increased scrutiny and potential reputational damage if they fail to detect and prevent such activities.
RBI gives fintech SRO status to FACE
Of the remaining two applications, one application has been returned with a provision for resubmission after meeting certain requirements. The third application is under examination, the RBI said.