Online Banking Frauds: The Silent Threat to India’s Financial Stability

Bank frauds in India: A soaring trend

According to an analysis of frauds recorded across banks, the number of fraud cases filed in FY24 increased by approximately 300 percent from 9,046 in FY22. However, the sum involved has decreased from Rs 45,358 crore to Rs 13,930 crore, according to the central bank’s annual report for fiscal year 24 released on Thursday.

Every year, the amount involved in total frauds reported decreased by 46.7% during fiscal year 24.

The numbers speak

The RBI stated that, while private sector banks reported the most frauds in the recent three years, public sector banks contributed the most to the fraud total. According to the RBI, digital payments (card payments and internet) were the most common source of fraud. 

According to the RBI, digital payments (card payments and internet) were the most common source of fraud. However, in terms of value, the frauds were concentrated in the loan portfolio.

While small value card/internet frauds accounted for the majority of frauds recorded by private sector banks, RBI investigation revealed that fra

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