Fraud cases reported by banks decline to 6-year low in 2022-23: RBI report

Frauds reported by banks declined to a six-year low during 2022-23, while the average amount involved in frauds was the lowest in a decade, according to the report on the trend and progress of banking in India released by the Reserve Bank of India on December 27.

In the first half of the year 2023-24, the number of frauds reported rose over the corresponding period a year ago and the amount involved was only 14.9 percent of the previous year’s amount based on the date of the occurrence of frauds, said the report.

The RBI report added that the average amount involved in the cases declined during 2022-23 with a majority of cases being card-related transactions or internet-related frauds. The number of fraud cases reported by private banks accounted for 66.2 percent of the cumulative total figures

"Private banks accounted for a majority of card/internet and cash-related cases,"said the report.