SFIO developing early warning system to detect frauds

The government´s white collar crime investigation agency Serious Fraud Investigation Office (SFIO) is developing a new system for early detection of corporate frauds and to safeguard gullible investors from fly by night operators.The new system would also trawl social media platforms for leads on any possible fraud in making.The SFIO, which comes under the Corporate Affairs Ministry, floated a tender earlier this month for selection ofa ´managed service provider´ to develop this ´Early Warning System´, calling for bids to be submitted by May 31.

Business Standard New Delhi, 24th May 2017

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RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

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