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By:

Sayli Gadakh

11 November 2025 at 8:23:14 pm

Digital Banking Fraud: Why Awareness Matters

Digital banking offers convenience, but protecting our money requires the awareness to recognise fraud before it strikes. Bharath, a 32-year-old businessman, received a message on his phone asking him to update his bank KYC details immediately. The message warned that his account would be blocked if he failed to act. Without thinking much, he clicked the link and entered his banking details. A few minutes later, he received alerts about transactions he had never made. His hard-earned money...

Digital Banking Fraud: Why Awareness Matters

Digital banking offers convenience, but protecting our money requires the awareness to recognise fraud before it strikes. Bharath, a 32-year-old businessman, received a message on his phone asking him to update his bank KYC details immediately. The message warned that his account would be blocked if he failed to act. Without thinking much, he clicked the link and entered his banking details. A few minutes later, he received alerts about transactions he had never made. His hard-earned money was suddenly at risk. Bharath's situation may sound like an isolated incident, but it reflects a growing concern in India's digital economy. While technology has made banking faster and more convenient, it has also created new opportunities for financial fraud. This raises an important question: Are we becoming digitally advanced without becoming financially aware? Such incidents highlight the need to look beyond the convenience of digital transactions and understand the risks that accompany them. Additionally, one must have the ability to recognise and respond to potential threats. Digital Banking Risk India's banking sector has changed significantly over the past decade. UPI, mobile banking and internet banking have made it possible to transfer money within seconds. Small businesses can collect payments digitally, and customers no longer need to visit a bank for every transaction. However, convenience comes with responsibility. Fraudsters use fake customer-care numbers, suspicious links, impersonation calls and fraudulent investment offers to deceive people. Often, they do not need sophisticated technology; they simply exploit fear, greed or a lack of awareness. The real problem is not digital banking itself but the failure to recognise potential risks before taking action. Many people understand how to use banking applications but are unfamiliar with basic security practices. Some share OTPs over the phone, click unknown links or trust messages that appear to come from their banks. A few simple habits can make a significant difference. Customers should never share their PINs, passwords or OTPs with unknown individuals. They should verify suspicious messages through official bank channels and regularly check their account statements. If a fraudulent transaction occurs, immediate action is essential. Victims should contact their bank and report the incident through India's National Cyber Crime Reporting Portal or helpline 1930. Quick reporting may help authorities take timely action, although recovery of the money is not guaranteed. While individual vigilance is essential, building a safer digital banking environment requires more than personal precautions. Preventing fraud also requires financial professionals to help people recognise risks before they become victims. As Chartered Accountants, our responsibility goes beyond preparing financial statements, filing tax returns and ensuring regulatory compliance. We also have an opportunity to help people make better financial decisions. For businesses, digital fraud can disrupt working capital, delay supplier payments and create unexpected financial losses. Regular bank reconciliations, proper payment authorisation and independent verification of significant transactions can reduce these risks. For individuals, financial guidance should include awareness of fraudulent investment schemes, suspicious banking requests and unsafe digital transactions. Financial literacy should not be limited to teaching people how to earn, save and invest money. It should also teach them how to protect what they have earned. Building Financial Awareness Banks, educational institutions, employers and financial professionals must work together to improve financial awareness. Practical training on digital payments, banking security and investment risks should reach people across different age groups and income levels. At the same time, banks must continue strengthening their security systems and making customer grievance procedures accessible. Technology can make financial services available to everyone, but awareness helps people use these services safely. Bharath's experience reminds us that financial security can sometimes depend on a simple decision: whether we verify a message before trusting it. India's digital progress is an achievement worth celebrating, but progress must be supported by responsible financial behaviour. As Chartered Accountants, we can contribute to this change by making financial knowledge practical, accessible and relevant to everyday life. After all, financial success is not just about earning and growing money; it is also about protecting it through informed decisions. (The writer is a Chartered Accountant based in Thane. Views personal.)

Sacred Attire

Jan 29, 2025
2 min read

Updated: Jan 30, 2025

The Siddhivinayak Temple Trust’s recent decision to implement a dress code prohibiting short skirts, torn jeans and other revealing attire is a necessary move to uphold the sanctity of religious spaces. Temples are spiritual spaces where devotees seek solace, offer prayers, and connect with the divine. Temples are not mere tourist attractions but sacred sanctuaries. The least that visitors can do is dress accordingly.


The Jagannath temple in Puri, Odisha, and the Banke Bihari temple in Vrindavan have already implemented similar rules, reflecting a growing recognition that religious spaces require a modicum of decorum. In the case of Siddhivinayak, the temple attracts thousands of devotees daily, many of whom have expressed discomfort over attire that they feel clashes with the temple’s spiritual ambience.


Few would question the need for decorum in a courtroom, a government office, or even an upscale restaurant. Yet, when religious institutions enforce dress codes to preserve their sanctity, a chorus of indignation often rises in the name of personal freedom, with such ‘critics’ arguing that such rules reflect moral policing or an imposition of traditionalist values.

But this argument confuses religious sanctity with public space liberalism. No one is being compelled to enter the temple, and those who do should respect the customs that govern it. Even in non-Hindu religious spaces, dress codes are the norm. One does not enter a gurdwara without covering their head, nor a mosque or church dressed in attire deemed unsuitable for prayer. The sanctity of a religious institution should not be sacrificed at the altar of modern whims.


To dismiss this as an encroachment on personal liberties is to misunderstand the nature of such spaces. Religious sites operate under different expectations than public thoroughfares or commercial hubs. They are designed for reflection, devotion, and ritual. While Indian society has rightly evolved towards greater personal freedom in many spheres, faith-based institutions must be allowed to maintain traditions that are integral to their identity. The temple trust has made it clear that its goal is not to impose regressive restrictions but to ensure that all visitors feel comfortable and that the sanctity of the temple is upheld.


Moreover, the argument that religious sites must remain entirely open-ended in their dress codes simply does not hold water. Many of the people who object to these restrictions would scarcely question the need for appropriate attire at a formal event or while meeting a dignitary. The principle is the same -respect for the setting dictates the mode of dress. Those who seek to frame this as a battle between liberalism and conservatism fail to grasp that such measures are about propriety, not repression.


In an era where the lines between cultural expression and decorum are increasingly blurred, it is worth remembering that not every rule is an infringement on liberty. If people can abide by dress codes in secular spaces, they should extend the same courtesy to places of worship.

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