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India is the world’s largest consumer-focused economy and the second-largest market for foreign-exchange transactions.
However, the banking industry has a long history of scamming.
According to data compiled by the US-based cybersecurity firm Mandiant, the total amount of fraud in the Indian banking industry reached USD 3.4 billion in 2014.
The latest data, from the Indian Bankers Association (IBA), shows that there were 8,723 transactions in the first seven months of the year, the highest amount in nearly four years.
The IBA data also revealed that the average amount fraud per transaction in the country is a whopping USD 7,000.
And while the total number of scams per person in the nation has declined over the last two years, the number of fraud victims has remained steady.
According to the IBA, around 3.3 million people in the whole country have no bank accounts, while another 4.7 million are still waiting for one.
“We have seen a decline in fraud from the very beginning of the bank holiday, which is what we have been doing for a while,” IBA chairperson Ankit Bhushan said on Thursday.
“The number of victims is still very low.”
The IBAs data showed that fraud victims in India, who make up around 12 percent of the total population, make up only a third of all financial institutions.
According the IBAs numbers, around 1.4 million people have reported having been robbed by a financial institution in the past six months.
While this represents a slight decrease from the previous two years’ figures, the latest data showed a decline of nearly 15 percent.
The government has announced a new initiative to combat fraud, which will see banks and other financial institutions require all customers to create an account on their online platforms.
This will give them access to financial resources such as credit card, debit card, and cash.
“It will also give us an opportunity to track the accounts and verify their status,” Finance Minister Arun Jaitley said.
The new initiative will begin on November 2, and the banking sector will be given a year to implement it.