Special Advisory – Bank Frauds And Preventive Measures

In recent years, India has witnessed a surge in fraudulent activities within the banking sector, with digital payment platforms emerging as a primary target for illicit transactions. According to the Reserve Bank of India’s (RBI) Annual Report for the fiscal year 2022-23, 13,530 instances of bank fraud, amounting to INR 30,252 crore were reported. Alarmingly, nearly half of these cases- 6,659, were attributed to digital payments facilitated through cards or the internet. This underscores the growing vulnerability of digital platforms to fraudulent activities, posing a significant challenge for both financial institutions and consumers alike.