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MUMBAI: In 2023-24, banks reported the lowest amount involved in frauds in 10 years. The average amount per fraud was the lowest in 16 years. In the first half of FY25, however, there has been an 8x increase in the fraud amount to Rs 21,397 crore.
The fraud numbers are based on the date of reporting. In FY24, the number of frauds stood at 36,066 with a total value of Rs 13,175 crore, down from Rs 23,863 crore a year ago. But there has been a bounceback in the current fiscal,with fraud cases rising to 18,461 cases in the first half compared to 14,480 incidents in the corresponding period of FY24. The amount involved in these frauds in the first half rose to 21,367 crore from Rs 2,623 crore last year.
Based on the date of occurrence of bank frauds, in 2023-24, internet and card frauds’ share in the total stood at 44.7% in terms of amount and 85.3% in terms of the number of cases.
In 2023-24, the number of fraud cases reported by PVBs accounted for 67.1% of the total. In terms of the amount involved, however, PSBs had the highest share. In terms of the number of frauds, the share of card and internet frauds was highest for all bank groups in 2023-24.
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