Common Financial Frauds In India: How To Stay Safe
NDTV
In the fiscal year 2023, India saw bank frauds totaling 302.5 billion rupees.
Financial scams in India have been a recurring concern, impacting individuals and the economy. These scams often involve fraudulent schemes, manipulation of financial systems, or deceptive practices that exploit unsuspecting investors and consumers.
The aftermath of such scams not only results in financial losses for victims but also erodes trust in the financial system. In 2023, India saw bank frauds totaling 302.5 billion rupees, a drop from 1.3 trillion in 2021, as per Forbes. Although a positive shift, citizens still need caution. A study revealed 69% of online fraud cases in 2021 and data from the RBI showed scams amounted to Rs 60,414 crore in 2021-2022, underlining the challenges of financial scams in India.
The financial landscape is grappling with a diverse array of fraudulent activities, such as:
UPI Scam Update:
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