The 2019 Banking Industry Fraud Report

In 2019, the banking industry reported a total number of 2,295 fraud cases as compared to 2,175 fraud cases reported in 2018. The marginal increase in the number of fraud cases reported may partly be attributed to the improved efforts by the Financial Stability Department to identify, monitor and to ensure compliance with reporting of fraud cases in the industry. Also, in recent times, the various forms of advanced technologies adopted by financial institutions have made the banking sector more susceptible to various risks such as phishing, identity theft, card skimming, vishing, email fraud and more sophisticated types of cyber-crime.