The value of frauds continued to decline in FY23, with banks reporting an overall defrauded figure of Rs 30,252 crore (Rs 302.52 billion) in FY23, compared with 59,819 crore (Rs 598.19 billion) in FY22.
Private sector banks reported the maximum number of frauds in 2022-2023, while the share of public sector banks in terms of the overall amount defrauded continued to top the table in 2022-2023.
Frauds by volume have occurred predominantly in the digital payments space. However, in value terms, they have been reported primarily in loan portfolios (advances category).
The total amount scammed continued to dip during 2022-2023, down 49 per cent over 2021-2022.
While small-value card/internet frauds accounted for most of the frauds reported by private sector banks, those in public sector banks were mainly in loan portfolios.
Feature Presentation: Ashish Narsale/Rediff.com