As technology has advanced, the cases of bank fraud have also increased. After giving good facilities to the customers, the bank used technology but failed to stop the fraud. Well, meanwhile you will be surprised to know that in the first half of this financial year (April-September), there has been a rapid increase in bank fraud cases. During this period, a total of 18,461 incidents of bank fraud (Bank Fraud In 2024:) took place. Which was a total of Rs 21,367 crore. In fact, according to a report by the Reserve Bank of India, this is an increase of about 28 percent in the number of cases (14,480 in April-September of FY24) and more than eight times in the total amount (Rs 2,623 crore) compared to the same period of the previous financial year.
Public sector banks faced the most financial fraud (Bank Fraud In 2024)
Let us tell you that the central bank, giving information in its Trend and Progress of Banking in India report, said that “In FY 2023-24, internet and card frauds accounted for 44.7 percent of the total fraud amount and 85.3 percent of the total cases.” The report further said that “Private sector banks reported 67.1 percent of all fraud (Bank Fraud In 2024) cases, while public sector banks faced the highest financial impact.” The report also states that “card and internet frauds had the highest share in 2023-24. When it comes to enforcement actions, the total fines imposed on banks reached Rs 86.1 crore in 2023-24.
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The amount of fines imposed on cooperative banks decreased during the year
Let us tell you that the RBI report said that “the total penalty amount more than doubled in the year 2023-24. In which public and private sector banks are at the forefront. Meanwhile, the amount of fines imposed on cooperative banks declined during the year, while the number of fines imposed increased.” RBI said that “banks continue to need to strengthen their risk management standards, IT governance arrangements and customer engagement and transaction monitoring systems to curb fraudulent activities, including suspicious and unusual transactions.” Well, meanwhile RBI said that “the central bank is working on a public repository of digital lending apps to help customers verify the legitimacy of these services.”
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