Banking frauds in India is set to increase in the next two years, as per a report by Deloitte India. Due to the COVID-19 pandemic, digital transactions in the country have increased and remote working has also been encouraged. However, the banks believe that these changes will increase banking fraud manifold in the next two years.

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Zee Business reporter Anurag Shah reported that with the increase in banking frauds, the largest part will be linked to retail banking, as the Deloitte India study said.

It has to be noted that Deloitte India conducted the study through compliance officers and senior management of 70 banks of all types and 78 per cent of the banks believe that banking fraud will increase in the next two years.

The study reveals that retail banking is going to be the biggest concern. Around 53 per cent of bankers admit they faced more than 100 frauds in retail banking, as per the study.

The bankers further pointed out that the delay in fraud detection is due to non-use of forensic analytic tool.

According to bankers, the increase in remote working culture on a large scale will also increase frauds. Furthermore, monitoring of loans have also made it difficult for bankers. The increased use of non-branch banking channels also fear increased fraud.

One must note that it is through audit and reconciliation that banks get information about fraud.