Financial frauds in India jump 3x in last one year, RBI data shows

The central bank of India has released data regarding the financial frauds carried out in the country in the last fiscal year FY24. The data is being compared to that of FY22 and FY23.

It can be assessed from the data that the FY24 saw a decline of 46.7% in amount involved, as compared to that of FY23. In simpler words, while in FY23 Rs. 26,127 were involved in scams, whereas for FY24, only Rs. 13,930 were involved.


It must also be noted that while the amount was reduced to almost half, the number of scams have been almost tripled. 36,075 frauds were reported in FY24, while FY23 witnessed 13,564 of those.

The data over the scams carried also displays the different areas of operations, where scams are the most common or highest. It has included Advances, Off Balance Sheet, Forex Transactions, Card/Internet, Deposits, Inter Branch Accounts, Cash, Cheques/DD, and Clearing Accounts.

The majority of scams have been reported by private sector banks in the last three years. However, public sector banks have contributed the most when it comes to amounts involved in the scams, in last three years.

It is advisable to the readers to have extra caution while making card transactions, as both FY23 and FY24 have witnessed highest number of scams related to card or internet transaction. While the previous year accounted for 49.4%, the current year accounted for 80.6%, indicating a rise in the number of online scams.

These online scams surely get a bit too innovative, as any social media user would vouch for it that they have come across a new online scam every alternate week.

Meanwhile, the majority amount involved in scams is being contributed by Advances category. While the number of scams have remained pretty low in the category, the amount are going off the charts.