According to findings from insurance companies, large banks are opting for policies worth USD 8 (INR 500) to protect against fraud, including online. The same data show that mid-sized banks are going for policies in the range of USD 4 (INR 250) – USD 4.84 (INR 300).
In 2012-2013, domestic banks lost a lot of money on account of fraud, according to information obtained through the Right to Information Act. During the period under review, 62 banks filed a total of 26,598 cases related to online frauds. The situation has compounded the woes of the bank sector where lenders are facing huge non-performing assets.
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