Bank fraud cases skyrocket: RBI flags Rs 21,367 cr in losses in 6 months

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Bank fraud cases skyrocket: RBI flags Rs 21,367 cr in losses in 6 months - Business Standard

Quick Summary:

Fraudsters often use social engineering tactics to trick individuals, and the use of mule accounts-bank accounts that are used to facilitate fraudulent transactions-has also surged.

Public and private sector banks were the main contributors to this increase, while co-operative banks saw a decline in penalty amounts.

It further said frauds present multiple challenges for the financial system in the form of reputational risk, operational risk, business risk and erosion of customer confidence with financial stability implications.