Cyberfraud on rise: Fraudsters shift focus towards small business accounts; exploit PANs and fake Udhyam certificates

Financial fraudsters are increasingly targeting small business and current accounts to move illicit funds, a shift from previous reliance on retail and Jan Dhan accounts. Scammers are exploiting easy access to business PANs and fake Udhyam certificates to open these accounts, which are then used as mule accounts to obscure the trail of stolen money.