48 percent of the country’s banks are affected by digital fraud, incurring a loss of Rs 830 crore every year.

48 Percent Indian Banks Affected By Digital Fraud: Global security organization Biocatch has released its important report after conducting a detailed study in 25 countries. According to this latest report, the Indian banking sector is currently going through a serious crisis of the biggest digital fraud. About 48 percent of Indian banks in the country are deeply affected by this dangerous cyber fraud and fraud. The increasing trend of UI and UPI has led to a huge and unprecedented increase in cyber fraud cases in India.

During this study, security experts have had in-depth conversations with more than 14 thousand people. According to the survey, Indian banks are facing a huge loss of more than Rs 830 crore annually due to cyber fraud. Along with this, common customers are also facing personal loss of more than Rs 41 crore due to fraud every year. About 58 percent of bank officials also admitted that their customers are continuously facing this huge personal loss.

UPI became the main source of fraud

The tremendous success of UPI, the instant money transfer platform in India, is opening a new path for fraudsters. In the survey, 66 percent of Indian banking leaders agreed that the main source of increase in fraud is the instant payment system i.e. UPI. This rate is much higher than the global average of 59 percent for the rest of the world, which is very worrying. Due to easy and instant transfer of money, cyber fraudsters are making UPI their easiest target.

AI technology has increased many problems

93 percent of the Indians surveyed admitted that due to AI, the methods of scamming have become more complex. It has now become very difficult to easily catch these new and technical methods of fraudsters. 9 out of 10 people said that in the coming time it will be difficult to differentiate between AI related work and wrong activities. At the same time, 95 percent of bank officials are very worried about the fast speed with which money disappears within seconds through digital means.

Huge increase in cases of financial loss

According to the report, about 84 percent of Indian banking giants admitted that their financial loss due to fraud has increased significantly. This huge figure is much higher than the global average of 76 percent, which is a matter of concern for the entire system. Let us tell you that last year this shocking number was recorded only 57 percent in India. Along with this, 90 percent of bank officials also said that there have been more fraud attempts in their institutions than before.

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Strict warnings and suggestions from experts

This time the situation is worse compared to the global average of 81 percent and India’s figure of 70 percent last year. Gadi Mazor, Head of BioCatch, has expressed his very serious concern over this rapidly increasing digital fraud. He said that as digital interactions are becoming based on AI agents, new threats of fraud are also increasing. The industry will have to focus on understanding these threats in depth to effectively deal with them in the future.