RBI Report on Bank Fraud: Bank fraud cases in the country have increased three times. Private banks are becoming the biggest victims of bank fraud. These figures have been revealed by the report released by the Reserve Bank of India (RBI). However, it is a matter of relief that despite the increase in fraud cases, the amount involved in them has decreased.
14,483 cases of fraud were reported
According to RBI, the number of bank fraud cases increased to 14,483 in the first half of the current financial year. But, the amount involved in these frauds has been only 14.9 percent compared to last year. The report on ‘Trend and Progress of Banking in India 2022-23’ was released by RBI on Wednesday. It has been said that it is very important to protect the banking and payment system from the risks of cyber fraud and data breach.
Fraud worth Rs 17,685 crore was committed in 5,396 cases.
According to the report, a total of 14,483 cases of fraud worth Rs 2,642 crore were reported in the first half (April-September) of the current financial year. During the same period a year ago, 5,396 cases of fraud were reported. Of these, there was manipulation of Rs 17,685 crore.
Banks’ reputation deteriorates due to fraud
According to the report of the Reserve Bank, fraud has a negative impact on the reputation and functioning of banks. This also reduces customer confidence in the banking system. The credibility of banks falls among customers. In the financial year 2022-23, the total cases of fraud in banks have come down to a six-year low. Besides, the average amount involved in fraud is also the lowest in a decade.
Internet fraud cases are increasing rapidly
The report says that card and internet frauds have increased in the last financial year. With the advent of new technology, the risk of cyber attacks, data tampering and business disruption has also increased. Banks will have to make changes to better identify new technologies and cyber frauds to address potential threats. These threats can be protected only by making the banking system strong and secure.
Banks are being stopped by increasing the use of AI fraud
Banks are also taking advantage of Artificial Intelligence (AI). Banks have also deployed chatbots or ‘virtual assistants’ to improve customer experience. It is expected in the report that there will be major changes in the AI system. This will change the financial services sector.
read this also
