Unprecedented Jump in Bank Frauds

In a startling revelation, the first half of FY25 has witnessed an eightfold increase in bank frauds, amounting to a staggering Rs 21,397 crore. This marks a significant uptick from the previous year, where the total value of frauds reported was Rs 13,175 crore.

Analysis of Fraud Trends

Delving deeper into the data, internet and card frauds have emerged as the predominant types, accounting for 44.7% in terms of amount and 85.3% in terms of the number of cases in 2023-24. Private sector banks reported the majority of fraud cases, while public sector banks bore the brunt in terms of the amount involved.

Looking Ahead

As the financial sector grapples with these challenges, the need for robust security measures and vigilant monitoring has never been more critical. The industry must come together to fortify defenses against these evolving threats.