Technology-related banking frauds in India have fallen in the last four years, thanks to banks stepping up checks on online transactions. Between fiscal 2009 and 2013, they spent Rs 350 crore on manpower and machinery, and this is paying off. According to the Reserve Bank of India, the number of frauds has been going down since 2009. In FY13, 8,765 tech-related frauds were reported, a 13 per cent drop over the previous fiscal. “Investments to check tech frauds are being made on all fronts — technology, people and filters,” says Rajiv Rai, COO, Retail Banking at Deutsche Bank. The process is ongoing as banks have to keep pace with hackers and fraudsters who are refining their methods each day.
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