
The data from a Reserve Bank of India (RBI) report reveals a notable decrease in both the total number of reported bank frauds and the average amount involved in frauds, reaching a six-year low and the lowest in a decade, respectively.
However, the number of reported bank frauds has surged from 7,263 in 2020-21 to 13,576 in 2022-23. Despite this increase, the total amount implicated in these frauds has significantly dropped from Rs 1,18,417 crore to Rs 26,632 crore over the same period.
In the first half of the financial year 2024 (H1FY24), the reported number of frauds experienced a nearly threefold increase compared to H1FY23. Interestingly, the monetary value associated with these frauds decreased by almost 85 percent during this timeframe.
The prevalent areas targeted by these fraudulent activities encompassed advances, forex transactions, deposits, as well as operations involving card or internet transactions.
In numerical terms, credit and internet-related transactions emerged as the most frequent types of frauds during H1FY24. Banks reported 12,069 instances of credit or internet-related frauds during this period, nearly doubling the total reported for the entire year of 2022-2023, which stood at 6,699 instances.
In contrast, H1FY23 recorded a significantly lower total of these frauds, amounting to 2,321 instances.