Bank Fraud Cases Surge in FY 2024
In FY 2024, India experienced a surge in bank fraud cases, rising to 36,066 from 13,537 in 2023. Despite the increase in incidents, the financial impact reduced to ₹13,175 crore, the lowest in a decade. Internet and card frauds dominated, accounting for 85.3% of cases and 44.7% of the total fraud amount. Private banks reported the most cases, while public sector banks faced greater financial losses. The RBI has urged banks to improve customer onboarding, strengthen transaction monitoring, and coordinate with law enforcement. Mule accounts and social engineering were key contributors to fraud, highlighting vulnerabilities in digital banking.
Related Posts
If you like this post, please share your feedback in the comments section below so that we will upload more posts like this.
Responses