Monthly op risk losses: Equifax breach sparks regulatory review

Image of Equifax — Atlanta, Georgia-based Equifax suffered an extensive cyber breach (see ‘In Focus’ box below)

Kris Tripplaar/SIPA USA/PA Images

ORX News
11 Oct 2017

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Combined losses of 49.3 billion rupees ($757 million) from a commercial loan fraud hitting eight Indian banks – State Bank of India, Punjab National Bank, UCO Bank, Bank of India, Bank of Baroda, Central Bank of India, Corporation Bank and Indian Overseas Bank – mark the largest op risk loss event in September.

Indian police announced the losses – part of a reported 60.7 billion rupee loan fraud involving 17 banks in all – on September 25, according to widespread local media reports. They are

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