BFSI Summit: Fear in people main factor behind cyberfraud, says SBI’s Chugh

Fear has replaced greed as the dominant factor that makes people vulnerable to cyber frauds, said Nitin Chugh, head of digital banking and transformation at State Bank of India (SBI), at Business Standard BFSI Insight Summit 2024.

“We see people being threatened. People are told something wrong has happened. And they, in a state of panic, don’t apply their mind and give in.”