Instances of financial frauds is falling in the banking system as institutions have become more aware of the cyber threats, said the RBI report. According to data shared by the regulator, the quantum of frauds fell 46% to Rs 19,485 crore between April to September 2022. Frauds reported were at Rs 36,316 crore during the same period a year ago.
“Based on the date of occurrence of frauds, advances-related frauds formed the biggest category prior to 2019-2020,” the RBI said. “In terms of number of frauds, the modus operandi shifted to card or internet based transactions. Additionally, cash frauds are also on the rise.”
Source:
Economic Times
