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Highest Jump In Banking Frauds, 229 Cases Registered Every Day

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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.

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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.

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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.

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

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