HomeBusinessHighest Jump In Banking Frauds, 229 Cases Registered Every Day

Highest Jump In Banking Frauds, 229 Cases Registered Every Day

Advertisements
Advertisements

Highest Jump In Banking Frauds Every Day: Knowing how the cases of fraud related to banks are increasing in the country can raise one’s ears. The Reserve Bank of India (RBI) data shows that 83,638 banking fraud cases were registered in the last year alone. That is, on average, 229 frauds happened daily. But the more worrying thing is that the recovery of the amount involved in the scam was almost negligible.

Highest Jump In Banking Frauds Every Day

According to ‘Business Today’, the RBI has given these shocking figures in response to an RTI. According to the data, banking fraud cases have increased by about 16 times in the last three years. It also indicates that this risk has increased the most amid the country’s growing cashless transactions and payment apps.

Fraud increases in three years, recovery is negligible.

In the year 2007-08, only 3,367 banking frauds were reported. On average, the same or slightly more cases were reported every year for the next nine years. A total of 5071 banking fraud cases were registered in 2016-17. But after that, there was a flood of such cases. Within three years, that is, in 2020-21, the annual figure of fraud reached 83,638.

Advertisements

According to the data, from 2008 to 2016, the speed of fraud also stopped, and the recovery of the amount was also more. In 2008, 47.3 per cent of the banking fraud money was seized. At the same time, more than 80 per cent recovery was done in 2015-16. But after this, the fraud increased, not much could be done in the name of Rakwari. According to the data, only 0.7 per cent of the fraud in 2020-21 has been recovered so far.

Online fraud doubled in Corona.

According to the National Crime Records Bureau (NCRB), different from the data of RBI, during the COVID epidemic, frauds related to online banking transactions increased at twice the speed. In the year 2019, 2093 frauds related to online transactions were registered, while within a year, this number reached about 4000.

More than half of these cases were registered in big cities. The maximum number of frauds came to light in Hyderabad and Mumbai. It is also no less shocking that in Hyderabad, where not a single case of online banking fraud was registered in the three years before COVID, 1366 cases were registered in the year 2020.

Advertisements

In 2017, 185 cases were registered in Mumbai, which increased to 289 in 2020. Let us tell you that 85 per cent of online fraud cases have been registered in only five states – Uttar Pradesh, Telangana, Maharashtra, Odisha and Andhra Pradesh.

OM Prakash
OM Prakash
OM Prakash is Our Author at Spot News 18. He Loves to Write Meaningful Content for Our Audience. He Is very Passionated about his Work.

Related News

LATEST NEWS

3300-Year-Old Cave Found In Israel, The View Inside Will Surprise

The 3300-year-old things found in a cave in Israel have surprised everyone. These items include a large number of pottery pieces and bronze artefacts....

Eat Paneer Bhurji In Navratri Fast, Prepare It Like This Without Garlic-Onion

Paneer Bhurji Recipe:  Food is prepared in Navratri without onion-garlic. In such a situation, many people are confused about what to make and eat without...

World’s Fastest Flying Bike Ready, 804 KM Speed, 644 KM Range

When former Swiss military personnel Yves Rossy flew with a jet wingpack, humans could not think they could fly like this. Today you are...

Top 10 Email Signature Generators With Templates

Email is one of the primary modern modes of communication for both professional and personal purposes. In terms of corporate communication, emails play a...

5 Indian Players Scored The Most Runs Against The African Team, One Has Retired

India vs South Africa T20 Series: The Indian team is considered the most dangerous team in the world in T20 cricket. Before the T20...