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Banking frauds continue to rise amidst Covid-19 pandemic

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Synopsis

Lack of oversight by the bank managers due to the work from home situation and the change in the existing processes could be one of the reasons for the jump in frauds in the banking system in the last few months.

MUMBAI: As credit situation tightens and dependence on banking channels increases for several companies due to Covid pandemic, frauds too seem to have gone up substantially, say industry trackers.Lack of oversight by the bank managers due to the work from home situation and the change in the existing processes could be one of the reasons for the jump in frauds in the banking system in the last few months.Several top banks had raised red flags

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