Fraud cases in banking up in H1: Report – Times of India

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MUMBAI: The number of frauds in the banking sector during the first half of the current financial year has increased substantially to 14,483 cases, although the amount involved is only 14.9% of the previous year’s amount, according to a RBI report.
The report on Trend and Progress of Banking in India 2022-23, underlined the need to protect the banking system and the payments system from the risks of fraud and data breaches emanating from cyber threats.
As many as 14,483 frauds were reported involving an amount of Rs 2,642 crore in the first half of current financial year, as compared to 5,396 cases (Rs 17,685 crore) in the same period a year ago.
Frauds lead to reputational, operational and business risk for banks and undermine customers’ trust in the banking system, it said.



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