Every major fraud typology in this series depends on a downstream layer of mule accounts. This report treats that layer as the subject, not the footnote — moving the unit of analysis from the transaction to the entity and the network around it.
Read ReportThe Changing Digital Fraud Landscape
This is not another typology explainer. It is a quarterly intelligence view — connecting what changed across UPI, cards, lending, merchants and mule networks into one picture of where enterprise fraud risk in India is heading, and what FRM functions should prepare for next.
References for statistics, regulatory developments and ecosystem claims — RBI, NPCI, I4C/MHA and Government of India sources — are kept inside each report's Sources & References section, not on the resource cards. BANKiQ publishes and analyses; it does not aggregate.
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