RBI has for the first time released some statistics of frauds in the Indian Banks. (Details here) : (Press Release)
According to the figures released Cyber Frauds in 2012 were about Rs 52.7 crores as against Rs 40.5 cores in 2010. The number of frauds in 2012 is reported to be 8322 as against 15018 in 2010.
The reported value of frauds appear to be far less than what the market had otherwise estimated. It represents the actual frauds reported by Banks and absorbed by them.
According to the PIB release the data excludes frauds which have been treated as NPA. Perhaps it may not also include frauds in which customers have been forced one way or the other to absorb the losses. This also explains the reduction of the number of fraud cases since the losses that have been absorbed by customers would be mostly the frauds of smaller value where they might not have considered it worthwhile to fight it legally.
ICICI Bank is the Bank which leads in the reported fraud cases. Even ICICI Bank is reported to have observed a decline of the fraud numbers which is surprising.
Naavi
