With the advent of technological advancements and financial services landscape shifting online, fraud cases like tax evasion and money laundering, black money being stashed abroad, cyber-crime, debit/credit card fraud, etc. have hampered the operational capacity and growth trajectory of financial institutions, making online Fraud a billion-dollar business which is growing every year. It is obligatory for financial firms to guarantee their customers with the highest level of security. At this juncture, financial institutions need a trusted technology adviser, who can guide them through this process of new technology adoption and digital transformation and help them tackle the risks associated with it.