The BoB World App Scam: How $2.2 Million Was Stolen in Digital Banking Fraud
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The BoB World App Scam: How $2.2 Million Was Stolen in Digital Banking Fraud The BoB World app, launched by the Bank of Baroda in September 2021, aimed to consolidate banking services into a single platform. However, it quickly became embroiled in a significant scam that compromised user security and trust, resulting in the theft of over $2.2 million from unsuspecting customers. What Happened? Under pressure to increase user adoption, bank employees manipulated the onboarding process, linking customer accounts to random mobile numbers, including those of bank staff and their relatives. This malpractice led to unauthorized access to accounts, allowing outsiders to drain funds without the customers' knowledge. The Financial Impact The Reserve Bank of India intervened, banning the app from onboarding new customers until security issues were resolved. Over 50 employees were suspended, and the bank pledged to enhance its processes to prevent future fraud. The total amount stolen reach...