From Savings to Scams: How Mule Accounts Turned Deposits into BFSI’s New Operational Risk
For years, Indian banks treated deposit operations as relatively “safe” compared to the messy world of loan books. That comfort is gone. A surge in mule accounts, legitimate bank accounts commandeered or rented to launder proceeds of cybercrime has shifted operational risk from loans to deposits. Senior bankers are tightening KYC and continuous due diligence…