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While the average amount of money involved in a banking fraud has declined sharply, overall incidents of fraud are on the rise.
A total of 5,406 fraud cases were reported in the first half of FY23, as opposed to 4,069 such cases reported in the first half of FY22, according to the Reserve Bank of India’s Trends and Progress in Indian Banking report.
The cases pertained to Rs 19,485 crore worth of fraudulent activity in first half of FY23, which is markedly lower than the Rs 36,616 crore worth of fraud in first half of FY22.
“In terms of number of frauds, the modus operandi [has] shifted to card or internet-based transactions. Additionally, cash frauds are also on the rise,” the report said.
The number of fraud cases reported by private sector banks outnumbered the cases reported by public sector lenders, the report said.
With respect to the amount involved in the frauds, the share of public sector banks was 66.7% in FY22, compared to 59.4% in the previous financial year.
During FY22, the average amount involved in a fraud also reduced substantially, the report highlighted.
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