59% of Indian companies report financial fraud; procurement fraud tops concerns: PwC Survey
3 months, 1 week ago

59% of Indian companies report financial fraud; procurement fraud tops concerns: PwC Survey

Live Mint  

New Delhi, December 18 : A staggering 59 per cent of Indian companies experienced financial or economic fraud in the past 24 months, according to PwC's 'Global Economic Crime Survey 2024 - India Outlook. This marks an 18 per cent increase compared to the global average of 41 per cent and a 7 per cent rise within India since the 2022 survey, PwC India highlighted. The latest findings highlight procurement fraud as the top threat for Indian businesses, with 50 per cent of respondents identifying it as a major issue. Puneet Garkhel, Partner and Leader, Forensic Services, PwC India, commented, 'In our 2022 survey, customer fraud led the list, reported by 47 per cent of companies.

India Fraud Indian Survey Cent Indian Companies Pwc Pwc India Procurement Fraud  tops  india  procurement  global  indian  confident  concerns  fraud  report  survey  companies  respondents  economic  financial  pwc  cent

History of this topic

Cyber fraud in India: $12.2 mn lost, 13,384 cases reported in first nine months of 2024-25
2 weeks, 6 days ago

Cyber fraud in India: $12.2 mn lost, 13,384 cases reported in first nine months of 2024-25

Firstpost  

According to the data, fraud cases involving ₹100,000 or more have risen drastically over the years. The amount lost to these cybercrimes reached a record ₹177 crore in FY 2024 The fraud cases involving ₹100,000 or more have risen drastically over the years. During this period, a total number of 13,384 cases of cyber fraud were registered in the country …

RBI Report: Bank frauds increased eight-fold in first half of current fiscal
3 months ago

RBI Report: Bank frauds increased eight-fold in first half of current fiscal

Deccan Chronicle  

New Delhi: Facing multiple challenges for the financial system in the country, the Reserve bank of India on Thursday said that the number of bank frauds witnessed a significant rise of eight-fold to Rs 21,367 crore in over 18,000 cases in the first half of the current fiscal. “The number of frauds during April-September stood at 18,461 involving Rs 21,367 …

Indians report nearly 800 online financial fraud cases a day, are you protected? Report
9 months ago

Indians report nearly 800 online financial fraud cases a day, are you protected? Report

Hindustan Times  

Nearly 800 online financial frauds are reported in India every day, the Times of India reported. While the Reserve Bank of India had reported 29,082 card & digital payment fraud cases with each worth above ₹1 lakh in the financial year 2023-24, the actual number goes up to about 2.9 lakh cases for the year, or 800 cases a day, …

Fraud Losses Increasing in India, Finds Study
1 year, 1 month ago

Fraud Losses Increasing in India, Finds Study

Deccan Chronicle  

Mumbai: India is seeing a significant upswing in fraudulent activities resulting in an increase in fraud losses with financial services reporting the biggest increase. A study conducted by Forrester Consulting, commissioned by Experian, a leading global information services provider, found that year-on-year fraud losses are increasing for nearly two-thirds of respondents, with financial services organisations reporting the biggest increase in …

200 People Falling Prey to Cyber Frauds Every Day: Delhi Police
1 year, 2 months ago

200 People Falling Prey to Cyber Frauds Every Day: Delhi Police

News 18  

Cyber crooks are targeting around 200 people daily in the national capital, swindling their money with different modus operandi, a senior Delhi Police officer who has been investigating cyber crimes said. The officer said the fraudsters in and around Delhi are using sextortion, work from home, online hotel booking, and online resale, among other tricks to dupe the victims, whereas …

57% of all fraud incidents in India are ‘platform’ frauds: PwC India
1 year, 10 months ago

57% of all fraud incidents in India are ‘platform’ frauds: PwC India

The Hindu  

More than half of all fraud incidents in India were 'platform' fraud, a novel form of economic crime that involves fraudulent activities associated with social media, e-commerce, enterprise and finTech platforms, said a PricewaterhouseCoopers Private Limited India report on May 11. The onset of the pandemic has led to an increase in platform fraud, said the second edition of PwC’s …

Nuh Big Deal: Rs 100-Crore Cyber Frauds Unearthed, 28,000 Lose Money to Job Offers, Sextortion
1 year, 10 months ago

Nuh Big Deal: Rs 100-Crore Cyber Frauds Unearthed, 28,000 Lose Money to Job Offers, Sextortion

News 18  

Nuh in Haryana has emerged as the latest epicentre of cyber frauds in the country, with a special drive by police unearthing cyber frauds worth over Rs 100 crore involving more than 28,000 people across states and union territories. The Haryana Police claimed to have busted a major gang that used to cheat people across the country with fake SIMs, …

39% Indian Families Claim to Be Victim of Online Financial Fraud: LocalCircles Survey
1 year, 10 months ago

39% Indian Families Claim to Be Victim of Online Financial Fraud: LocalCircles Survey

News 18  

Around 39% of families surveyed claimed to have experienced financial fraud in the last three years and only 24% got their funds back, LocalCircles said in a report on Tuesday. The firm said that the survey received nearly 32,000 responses from families located in 331 districts of India comprising 66 per cent male respondents and 34% women. A comparative study …

39% Indian families experienced online financial fraud, reveals survey
1 year, 10 months ago

39% Indian families experienced online financial fraud, reveals survey

India TV News  

Around 39% of families have encountered financial fraud over the past three years and just 24% of them got their funds back, a survey conducted by LocalCircles said on Tuesday, as reported by news agency PTI. "The data shows 30 per cent of those surveyed had one member in the family who had been a victim of financial fraud while …

Over 3,500 financial frauds reported online daily, says National Cyber Security Coordinator
2 years, 1 month ago

Over 3,500 financial frauds reported online daily, says National Cyber Security Coordinator

The Hindu  

The Union government’s Cyber Crime portal receives over 3,500 complaints of financial fraud a day, Lieutenant General Dr. Rajesh Pant, National Cyber Security Coordinator of India, said on Tuesday. “Every day, there are people losing money,” Dr. Pant said, and added, “And these are the people who know there is a portal.” Widowers and senior citizens were among those commonly …

Over 95% organisations in India fall prey to 'new fraud' incidents in past 2-years: Survey
2 years, 4 months ago

Over 95% organisations in India fall prey to 'new fraud' incidents in past 2-years: Survey

India TV News  

A study conducted by PwC Survey found that over 95 per cent of organisations in India have experienced new types of fraud incidents in the past two years. Side-effect of digitalization "These in turn have led to new incidents of fraud: 52 per cent of Indian companies experienced fraud or economic crime in the last 24 months and an overwhelming …

5 Most Common Online Payment Frauds in India That You Must Know
2 years, 6 months ago

5 Most Common Online Payment Frauds in India That You Must Know

News 18  

With digital transactions taking over, we are increasingly seeing more online payment fraud. WATCH VIDEO: iPhone 13, 12 Prices Slashed After iPhone 14 Launch 1) UPI Frauds It is widely acknowledged that UPI is the most common way to make day-to-day payments in India. 2) Remote Access/Screen Sharing Frauds Time and again, we have seen the elderly and people new …

Bank Frauds: Know India's 4 Biggest Financial Scams That Have Hit Lenders
2 years, 7 months ago

Bank Frauds: Know India's 4 Biggest Financial Scams That Have Hit Lenders

News 18  

The Enforcement Directorate recently attached assets worth Rs 415 crore of Maharashtra’s two builders in relation to the Yes Bank-DHFL bank loan fraud-linked money laundering case. The DHFL scam is India’s biggest financial fraud involving Rs 34,000 crore, in which a total of 17 banks have been defrauded by this home loan provider. Here’re four biggest financial scams in India: …

42% Indians Faced Financial Fraud In Last 3 Years; Only 17% Got Funds Back: Survey
2 years, 7 months ago

42% Indians Faced Financial Fraud In Last 3 Years; Only 17% Got Funds Back: Survey

News 18  

Even as more and more people are using the digital mode of payments irrespective of the transfer amount, the risk of financial fraud is also rising. According to a survey conducted by LocalCircles, about 42 per cent Indians said they or someone in their family have been a victim of financial fraud in the past three years. On an aggregate …

Fraud Attempts Against Businesses in India Doubled in Covid-19 Lockdown, US Firm Finds
4 years, 5 months ago

Fraud Attempts Against Businesses in India Doubled in Covid-19 Lockdown, US Firm Finds

News 18  

There was a doubling of online fraud attempts against businesses in India during the initial days of the lockdown and the same went down subsequently as the economy began unlocking, an American information and insights company said on Tuesday. TransUnion found that suspected online fraud attempts against Indian businesses increased 121 per cent in the first phase of the pandemic, …

Nearly half of consumers worried about frauds in digital transactions: Study
4 years, 10 months ago

Nearly half of consumers worried about frauds in digital transactions: Study

India TV News  

Nearly half of Indian consumers are more worried about frauds while making digital transactions amid the coronavirus crisis, shows a study. About 28 per cent of consumers are now exercising more caution while making payments using various digital modes, according to a study conducted by YouGov and ACI Worldwide, a real-time electronic payment and banking solutions provider. "Almost half of …

Banks see 74 per cent rise in frauds
5 years, 3 months ago

Banks see 74 per cent rise in frauds

Deccan Chronicle  

Mumbai: Banks reported a total fraud of Rs 71,543 crore in 2018-19, a 74 per cent rise as against Rs 41,167 crore in the previous financial year with state owned banks accounting for a bulk of these frauds according to the Reserve Bank of India’s report titled Trends and Progress of Banking 2018-19. “Public sector banks accounted for a bulk …

Total frauds at banks rise 74 pc to Rs 71,543 crore in 2018-19: RBI
5 years, 3 months ago

Total frauds at banks rise 74 pc to Rs 71,543 crore in 2018-19: RBI

India TV News  

Banks reported a total fraud of Rs 71,543 crore in 2018-19, a 74 per cent increase as against Rs 41,167 crore in the previous financial year, according to a report by the Reserve Bank of India. "Public sector banks accounted for a bulk of frauds reported in 2018-19 -- 55.4 per cent of the number of cases reported and 90.2 …

India leads mobile ad fraud across Asia: Report
5 years, 4 months ago

India leads mobile ad fraud across Asia: Report

India TV News  

India leads mobile ad fraud across Asia: Report Major types of ad fraud are cookie stuffing, adware traffic, data fraud and ad injection. India is leading mobile ad fraud in Asia with a rate of 62 per cent as marketers are spending nearly 20 per cent of their advertising budget on ad fraud, a new report said on Monday. Nine …

Bank fraud touches Rs 71,543 cr in 2018-19: RBI annual report
5 years, 7 months ago

Bank fraud touches Rs 71,543 cr in 2018-19: RBI annual report

India TV News  

The number of cases of frauds reported by banks saw a jump of 15 per cent year-on-year basis in 2018-19, with the amount involved increasing by 73.8 per cent in the year, RBI's annual report showed. In FY19, banking sector reported 6,801 frauds involving Rs 71,542.93 crore as against 5,916 cases involving Rs 41,167.04 crore reported in 2017-18. In the …

Banks see whopping 73% spike in frauds at ₹71,543 cr in FY19: RBI official
5 years, 8 months ago

Banks see whopping 73% spike in frauds at ₹71,543 cr in FY19: RBI official

Live Mint  

Banks have reported a massive 73% increase in incidents of fraud worth ₹71,543 crore in FY19, a senior Reserve Bank of India official said Thursday. Till March 2019, the top five, 10 and 100 cases of frauds cumulatively reported constituted 24%, 34% and 70% of all frauds, respectively, a chief general manager with the RBI Jayant Dash said. "Total value …

India accounts for 8.7% of global online ad fraud: report
6 years ago

India accounts for 8.7% of global online ad fraud: report

Live Mint  

Spending on online advertising is growing and so are the attempts to manipulate advertisers through ad frauds. A report released by analytics firm techARC on Tuesday claims that India with a market size of $1.63 billion accounted for 8.7% of worldwide digital ad fraud in 2018. Online commerce in India is the biggest breeding ground for ad fraud and contributed …

Indian bank frauds up, will continue rising: Deloitte
6 years, 4 months ago

Indian bank frauds up, will continue rising: Deloitte

The Quint  

Mumbai, Nov 25 Rounding off the year of India's biggest banking fraud on state-run Punjab National Bank, British professional services multinational Deloitte on Sunday said such frauds will continue to rise with banks continuing to "lack a holistic anti-financial crime compliance programme". The overwhelming majority of the Deloitte survey respondents "identified the top four types of frauds experienced by them …

What crackdown? Bank frauds up 20% in 2 years
6 years, 4 months ago

What crackdown? Bank frauds up 20% in 2 years

Live Mint  

Mumbai: Banking frauds have continued to rise over the past two years despite a recent crackdown, according to Deloitte Touche Tohmatsu India LLP. Instances of fraud have increased 20% in the past two years, Deloitte said in its annual banking fraud survey to be released on Monday. “While there has been a growing awareness among banks to enhance their fraud …

RBI says 85% of FY18 frauds at govt banks
6 years, 9 months ago

RBI says 85% of FY18 frauds at govt banks

Live Mint  

Mumbai: Public sector banks accounted for over 85% of total frauds reported in the banking system in 2017-18, according to the RBI’s financial stability report. “In recent years, frauds reported for amounts of over ₹ 1 lakh in the Indian banking sector show an increasing trend both in terms of number and quantum. While the bulk of the total frauds …

Frauds cost Rs 18,170 cr in 12,553 cases to banking sector in FY17: Advisory firm report
7 years ago

Frauds cost Rs 18,170 cr in 12,553 cases to banking sector in FY17: Advisory firm report

Firstpost  

In terms of the quantum, Punjab National Bank had reported the highest amount of frauds at Rs 2,810 crore in the last financial year, followed by Bank of India at Rs 2,770 crore, State Bank of India at Rs 2,420 crore and Bank of Maharashtra at Rs 2,041 crore Mumbai: The domestic banking sector reported a total of 12,553 fraud …

91% of companies surveyed experienced a fraud incident in 2017, says Kroll Annual Global risk report
7 years, 1 month ago

91% of companies surveyed experienced a fraud incident in 2017, says Kroll Annual Global risk report

Firstpost  

Information theft, loss, or attack was one of the most prevalent types of fraud experienced in the financial services sector. The Kroll Annual Global Fraud & Risk Report says 91 percent of companies surveyed experienced a fraud incident in 2017, 89 percent reported at least one cyber incident, and 66 percent reported security incidents. A larger than average proportion of …

‘Fraud, cyber and security risk cases on the rise’
7 years, 2 months ago

‘Fraud, cyber and security risk cases on the rise’

The Hindu  

India witnessed a significant increase in fraud cases involving corporates with 89% of executives reporting that their companies fell victim to at least one instance of fraud in the past 12 months, up from 68% in 2016, according to Kroll Annual Global Fraud & Risk Report 2017-18. As per this report India witnessed the highest incidence of fraud globally across …

India most vulnerable to online crime: Study
7 years, 4 months ago

India most vulnerable to online crime: Study

Deccan Chronicle  

Hyderabad: According to a survey recently conducted by the Experian, India is the most vulnerable, among Asian countries, to online frauds. “Over 50 per cent of the victims of online job frauds, matrimonial frauds, and one-time password frauds are IT professionals,” said a senior official from the Cyber Crime Cell of Cyberabad. S. Jayaram, Assistant Commissio-ner of police, Cyber Crime …

Siemens India internal probe unearths Rs19 crore fraud of fake orders
7 years, 10 months ago

Siemens India internal probe unearths Rs19 crore fraud of fake orders

Firstpost  

Siemens’ internal probe has unearthed a fraud that was perpetrated on the company over several years through fake purchase orders by certain employees New Delhi: Engineering and technology firm Siemens Ltd on Thursday disclosed that an internal probe has unearthed a fraud that was perpetrated on the company over several years through fake purchase orders by certain employees. However, the …

ICICI Bank, SBI, StanChart Top Bank Frauds List: RBI
8 years ago

ICICI Bank, SBI, StanChart Top Bank Frauds List: RBI

India TV News  

ICICI Bank, SBI, StanChart Top Bank Frauds List: RBI In a list of most number of frauds witnessed during April-December period of 2016, the ICICI Bank topped the list of such banks and state-owned SBI taking the second spot, RBI data said. During the In a list of most number of frauds witnessed during April-December period of 2016, the ICICI …

India compelling market but fraud fears persist among global investors, finds study
8 years, 2 months ago

India compelling market but fraud fears persist among global investors, finds study

Firstpost  

According to the study, India was the second on the list of countries where investors were averse to investing due to fraud fears. Prime Minister Narendra Modi may be going all out to woo global investors to invest in India but the country’s image among global investors may not be that clean. This continues to be the trend as revealed …

Indian companies likely to face more frauds in next two years, says Deloitte
8 years, 3 months ago

Indian companies likely to face more frauds in next two years, says Deloitte

Firstpost  

Diminishing ethical values was identified as the top reason for frauds by 38 percent respondents from large firms A majority of the India Inc feels corporate fraud will rise in next two years, and have identified diminishing ethical values as the most common cause for such incidences, says a survey. As per Deloitte’s India Fraud Survey, about 70 per cent …

With more digital transactions, India likely to witness 60-65 pc rise in mobile frauds: Study
8 years, 3 months ago

With more digital transactions, India likely to witness 60-65 pc rise in mobile frauds: Study

India TV News  

With the surge in digital transactions via e-wallets and other online payment gateways, mobile frauds are expected to grow to 60-65 per cent in the country by 2017, a leading industry body said on Monday. "Mobile frauds are areas of great concern for companies as 40-45 per cent of financial transactions are done via mobile devices and this threat is …

Around 70% of Indian cos not averse to one unethical act to meet financial goals: EY survey – Firstpost
8 years, 11 months ago

Around 70% of Indian cos not averse to one unethical act to meet financial goals: EY survey – Firstpost

Firstpost  

44% surveyed considered practices such as entertainment, personal gifts or services, cash payments or misrepresentation of financial performance acceptable means to meet business targets Around 70% of India Inc feels that at least one form of unethical conduct is justified to meet financial targets even as the perception of bribery and corruption being widespread in the country has gone down …

Bank Fraud: 100% increase in last 1 year
9 years, 4 months ago

Bank Fraud: 100% increase in last 1 year

India TV News  

Bangalore: In May 2015, the Reserve Bank of India set up a Central Fraud Registry to check growing bank fraud. NPAs did rise 23% between 2013-14 and 2014-15, threatening India's banking system, but it is also true that in the year since Narendra Modi's government took charge, there has been a 100% increase in bank fraud. Over the year since …

Making India Inc. accountable
10 years, 3 months ago

Making India Inc. accountable

The Hindu  

The winter session of Parliament witnessed a noisy debate on the black money controversy. The Global Financial Integrity Report, released in December 2013, shows that 60 per cent of black money generated in developing countries such as India happens because of corporate tax evasion. A 2012 White Paper on Black Money brought out by the Finance Ministry had observed that …

Survey shows Media & Entertainment industry witnessed sharp rise in fraud cases
10 years, 7 months ago

Survey shows Media & Entertainment industry witnessed sharp rise in fraud cases

Firstpost  

The Indian Media & Entertainment industry has witnessed a sharp rise in fraud-related cases over the last two years and they have led to significant loss of profits and inflated costs, says a survey. New Delhi: The Indian Media & Entertainment industry has witnessed a sharp rise in fraud-related cases over the last two years and they have led to …

Discover Related