Fraud Amount in FY25’s First Half Rises 8x to Rs 21,397 Crore
In FY24, banks reported the lowest fraud amount in 10 years. However, FY25 H1 saw an 8x increase, with frauds reaching Rs 21,397 crore.
Fraud Amount in FY25’s First Half Rises 8x to Rs 21,397 Crore
Indian banks recorded the lowest fraud-related monetary losses in a decade during FY24 (April 2023 to March 2024). The average loss per fraud case also dropped to a 16-year low.
However, the first half of FY25 (April 2024 to September 2024) witnessed a sharp increase, with the total fraud amount rising eightfold to Rs 21,397 crore.
In FY24, banks reported 36,066 fraud cases involving Rs 13,175 crore, down from 23,863 cases involving Rs 23,863 crore in FY23. In contrast, the first half of FY25 recorded 18,461 fraud cases, up from 14,480 cases during the same period of FY24.
The monetary value of these frauds also jumped significantly to Rs 21,367 crore, compared to Rs 2,623 crore in April-September 2023.
The reported figures are based on the date of reporting and not the actual occurrence of frauds, which may span multiple years.
In FY24, internet and card-related frauds accounted for 44.7 per cent of the total fraud value and 85.3 per cent of all reported cases. This category of fraud dominated across all bank groups, reflecting vulnerabilities in digital banking channels.
Private sector banks (PVBs) reported 67.1 per cent of all fraud cases in FY24, indicating their larger role in handling digital banking services.
However, public sector banks (PSBs) accounted for the highest share of the total monetary value involved in frauds during the same period.
