Mumbai: UK 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”. According to the third edition of Deloitte India Banking Fraud Survey, about 84 per cent of survey respondents pointed to a substantial rise in fraud incidents.
“Frauds are on the rise (and will continue to rise). Banks appear to be underestim-ating their ability to prevent frauds and this may impact the nature of anti-fraud compliance programmes being develo-ped,” it said. The majority of the survey respondents “identified the top four types of frauds experienced by them as — fraudulent documentation, cybercrime, overvaluation/ non-existence of collateral and siphoning/ diversion of funds,” it said.
