Massive Banking Data Leaks Under Scrutiny as Cyber Fraud Cases Surge

A concerning rise in large-scale data breaches has put cybersecurity agencies on high alert, with central cyber and intelligence bodies actively tracking incidents linked to bank employees and third-party vendors.

According to a senior government official, the matter has escalated to the highest levels, prompting an urgent meeting at the Ministry of Home Affairs (MHA) a few weeks ago to strategize countermeasures. Investigations reveal that unrestricted access to sensitive banking data—provided to employees and third-party vendors—is a major factor fueling cyber fraud and substantial financial losses for citizens.

“The exposure of highly sensitive banking data to employees, particularly outsourced staff and third-party vendors, is leading to severe information leaks. Cybercriminals are exploiting this breach to systematically target and defraud citizens,” a top government official told News18, referencing a government report.

What intensifies concerns further is the suspected involvement of senior banking officials. Intelligence agency representatives at the MHA meeting highlighted that both public and private sector banks are failing to take action against fraudulent activities despite repeated complaints. “Shockingly, banks are neglecting action on nearly 60-70 percent of f

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