Abstract : The use of social media has revolutionized communication, but it also presents new opportunities for financial fraud, posing significant challenges for banks and financial institutions. This study examines the challenges of financial fraud in Pune, India, and proposes strategies to counter it. It examines fraud types, vulnerabilities exploited by perpetrators, and the impact on banks and customers. The paper also highlights the unique challenges faced by Pune's banking sector and suggests mitigation measures like advanced fraud detection technologies, customer awareness campaigns, and partnerships with law enforcement to strengthen defense against financial fraud and maintain financial system integrity.

Keyword : Banks, Challenges, Customer Awareness, Financial Fraud, Fraud Detection, Mitigation Strategies, Social Media.