Core Viewpoint - A nationwide bank strike in India, led by the United Forum of Bank Unions (UFBU), is expected to disrupt operations of public sector banks on January 27, following a series of bank holidays, impacting customer services significantly [1][2][3]. Group 1: Impact on Banking Operations - Public sector banks, including State Bank of India (SBI) and Punjab National Bank (PNB), will likely experience closures and service disruptions due to the strike [1][9]. - Services such as cash deposits, withdrawals, cheque clearances, and administrative work at branches of public sector banks are expected to be significantly affected [6][9]. - Digital banking services, including UPI and internet banking, will remain operational despite the strike, ensuring some continuity for customers [6][9]. Group 2: Reasons for the Strike - The strike is primarily driven by employee unions' demands for the implementation of a five-day work week and the declaration of all Saturdays as holidays [7][8]. - A conciliation meeting held on January 23 with the chief labour commissioner did not yield a positive outcome, prompting the unions to proceed with the strike [7]. Group 3: Affected and Unaffected Banks - Private sector banks such as HDFC Bank, ICICI Bank, IDFC First Bank, and Axis Bank are expected to operate normally, as their employees are not part of the unions participating in the strike [5].

Core Insights - Payment fraud in the European Economic Area (EEA) reached €4.2 billion ($4.9 billion) in 2024, an increase from €3.5 billion in 2023, highlighting the growing threat of fraud in the region [1][2] - The introduction of Strong Customer Authentication (SCA) in 2020 has contributed to a reduction in overall fraud levels, but new types of fraud are emerging that require continuous adaptation of security measures [2][5] - The report provides a detailed analysis of payment fraud, including breakdowns by payment method and country-specific data, emphasizing the need for ongoing vigilance [3][5] Payment Fraud Trends - The report indicates that credit transfers accounted for €2.2 billion in losses in 2024, marking a 16% year-on-year increase, while card payments with EU/EEA issued cards reached €1.329 billion, a 29% increase [6] - Transactions authenticated with SCA were found to be less susceptible to fraud, particularly in card payments, although the effect was less pronounced for credit transfers [4][5] - The distribution of fraud losses varied significantly by payment instrument and across different countries in the EEA [5] Future Monitoring and Policy Implications - The EBA and ECB will continue to monitor and publish payment fraud data to inform policy decisions and supervisory actions aimed at combating payment fraud [7]