Banking Fraud

A bank account is classified as inoperative when there are no customer-initiated transactions for over two years

This represents a more than 10 fold increase over the four year period, underscoring the growing sophistication of fraudsters and exposing vulnerabilities within the financial system

89.2 per cent of the frauds reported in 2023-24 by value occurred in previous financial years

In respect of retail vehicle loans disbursed by Mahindra Finance, the fraud involved forgery of KYC documents leading to embezzlement of company funds

The finance ministry proposes an enhanced KYC procedure and extensive due diligence by banks and financial institutions for onboarding merchants to safeguard customers against cyber risks

Chandigarh, Delhi, Haryana, Rajasthan, and Gujarat emerged as the top contributors to ombudsman complaints

The total cost of handling complaints across ORBIO's offices in India, including those in Ahmedabad and Raipur, amounted to Rs 143.56 crore

The number of frauds in the banking sector went up to 13,530 in 2022-23 year-on-year, but the amount involved nearly halved at Rs 30,252 crore, showed a Reserve Bank data released on Tuesday. Frauds occurred predominantly in the category of digital payments (card/internet), in terms of number, said Reserve Bank's Annual Report 2022-23. However, in terms of value, frauds have been reported primarily in the loan portfolio (advances category). A total of 9,097 frauds had taken place in 2021-22 involving Rs 59,819 crore. In 2020-21, the number of frauds was 7,338 and amount involved was Rs 1,32,389 crore. "An assessment of bank group-wise fraud cases over the last three years indicates that while private sector banks reported maximum number of frauds, public sector banks continued to contribute maximum to the fraud amount during 2022-23," the report said. Data are in respect of frauds of Rs 1 lakh and above reported during the three years. The report said there was a 55 per cent decl

Worried over rise in cyber crimes in Odisha, with fraudsters impersonating senior officers online to raise funds, state govt has asked Netizens to exercise caution during all financial transactions

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The central bank observed that despite the financial literacy drive it undertook, cases of frauds continue to rise

It adds that banks could be hiding some of the fraud cases, masking these as bad debt