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CON-VEY: Survey on Cons

Mar 15, 2007

PUNE -- According to research conducted by the Indiaforensic Research Foundation, Indian Banks would have lost estimated amount of Rs.1105 crores to the frauds but which may not have been noticed by the bankers due to the lack of professional knowledge to detect the frauds in the technology environment. Frauds exposed in the technology domain like ATM/debit card frauds or the credit card frauds are just the tip of the iceberg. There would be still many fraud schemes that might not have surfaced.

The survey also pointed out that there are some frauds, which are known to the banks but are not reported to Reserve Bank of India because of various reasons such as inconsistency of definition of frauds in various banks and protecting the image of the bank. Such frauds are estimated to be worth Rs.967 crores.

The latest fraud statistics are detailed in the highly anticipated "CON-VEY: Survey on Cons." The results are based on a survey of 400 professionals who are dealing with the frauds in some capacity. This is probably the first ever study carried out on the issue of bank frauds, which is completely funded privately.

According to this survey Money Laundering poses the biggest challenge before the Indian Economy according to 36% of the respondents however 27% respondents felt that the Technology frauds is a risk of the future before the banks.

Indiaforensic Research Foundation also announced today that the next study on frauds would be the broader analysis of frauds in the corporate as a whole. Indiaforensic invites corporate citizens to come forward and fund the study as it is in the wider interest of the nation to have the statistics to present before international community.

Educating the employees of the banks is the best option to prevent the bank frauds according to more than 33% of the respondents.

"Convey- Survey on Cons" is first independent survey on bank frauds in India.

Keywords: Frauds,Bank frauds,Bank frauds india,Survey on frauds  Financial » Banking

Contact Info
  • Indiaforensic Research Foundation
  • Mayur Joshi
  • 202-433-1584