Bank frauds from card, net-based transactions rise, shows RBI report

The average amount of fraud —defined as the total amount involved in frauds divided by number of frauds — decreased substantially during 2021-22, data from Reserve Bank of India’s (RBI’s) Trend and Progress Report shows. In terms of the number of frauds, the modus operandi seems to have shifted to card or internet-based transactions. Cash frauds are on the rise as well, the report said.

Even the total amount has gone down during this period and in the first six months of 2022-23, it seems to have decreased further. However, the number of instances of frauds seems to be on the