Fraud Trends in India: A Shifting Landscape
The event opened with insights from Manish Thakwani, who outlined the latest data on fraud patterns across India. JuicyScore's analytics revealed that:

High-value fraud cases (₹100,000+) have increased fourfold in FY 2023–24, leading to industry losses of ₹177 crore (~$20 million).
India ranks in the global top 3 for fraud-related virtual machine usage, with manipulated connections 50% more frequent than in Southeast Asia.
Identity theft peaks by 5–10% during festive seasons, coinciding with spikes in digital transactions, particularly via UPI (which now handles over 15 billion transactions monthly).
As traditional detection tools struggle to keep up, the need for modern, adaptive fraud prevention has never been greater.

A Multi-Layered Approach to Fraud Detection
In response to emerging fraud techniques, JuicyScore introduced its multi-layered fraud prevention model, combining:

Device Intelligence – identifying risk factors without accessing personal data.
Behavioral Analytics – monitoring unusual activity such as automation, device resets, and browsing anomalies.
Network Security Checks – flagging proxy use, VPNs, and remote access tools.
With a 3% rise in randomization tools over the past three years, fraudsters are becoming harder to catch—highlighting the urgent need for systems that adapt in real time.

Fintech Regulation and Consumer Protection
Aditi Verma of the Fintech Association for Consumer Empowerment (FACE) shared updates on India’s evolving self-regulatory landscape. Key initiatives include:

The crackdown on illegal lending apps.
Improved consumer education and grievance redressal.
Ongoing collaboration with the RBI, Ministry of Home Affairs, and national cyber agencies.
She emphasized the balance between risk management and financial inclusion, and the importance of strengthening compliance across India’s growing fintech ecosystem.

Smartphones, Behavioral Data, and Credit Risk
Sayan Basak of DCB Bank explored how mobile behavior is transforming credit assessment. His research showed that:

Device fingerprinting is key to preventing loan stacking and identity fraud.
App usage patterns reveal hidden indicators of financial health.
Gambling-related searches like “SATTA” are among the top 25 search terms in India—flagging behavioral risks in lending.
He stressed that modern credit models must incorporate real-time mobile data alongside traditional financial metrics.

Insurance Fraud: The Next Frontier
Dr. Pankaj Srivastava highlighted the growing complexity of insurance fraud, including:

₹7–8 crore scams involving falsified hospital claims in Bangalore.
8.5% of insurers’ annual revenue lost to fraud.
86% of insurance fraud occurring in the life insurance segment.
He emphasized the role of AI in helping insurers detect and prevent fraudulent claims before they cause large-scale financial damage.

Key Takeaways: Future-Proofing India’s Fraud Ecosystem
Across all sessions, a clear message emerged: fraud is evolving—and so must detection strategies. Experts highlighted the need for:

AI-driven fraud detection that adapts to complex new patterns.
Regulatory alignment between fintechs and government bodies.
Alternative data sources like device and behavioral signals for risk scoring—without compromising user privacy.
Looking Ahead
JuicyScore’s Mumbai event underscored the urgency of adopting smarter, data-driven approaches to fraud prevention. As India’s digital finance ecosystem continues to grow, scalable, privacy-friendly, and AI-powered tools will play a central role in securing the future of financial services.

Following the event’s success, JuicyScore plans to host more exclusive industry forums to further strengthen India’s fraud prevention community and foster collaboration between fintechs, banks, insurers, and regulators.