India

Half Of Indian Organizations Observe Fraudulent Incidents Amidst And Post-Covid-19: Report

According to a recent survey released on Tuesday, about 50% of Indian organizations observe fraudulent incidents during and after the epidemic, with a significant majority (77%) believing that the Covid-19 outbreak was the reason for a discernible spike in fraudulent activity.

Nearly half of respondents, according to consultancy firm Grant Thornton Bharat, linked the increase in fraudulent activity to the move from onsite to remote work settings and the ensuing lax internal controls.

Particularly, 64% of these scams were the result of cyber attacks, highlighting the serious dangers that firms face as they traverse increasingly digital environments.

The report surveyed more than 250 CXOs from a variety of industries, covering a range of roles and responsibilities, including business and strategy, finance, information technology, risk and compliance, and legal

Also Read: SC Notifies UP Government Over Petition BY UP Cong President Ajay Rai

The survey disclosed that 25% of the organisations have had losses of one crore or more, as they observe fraudulent incidents. Moreover, 75% of these organisations are facing financial damages beyond 5 crore.

Partner to Grant Thornton Bharat, Samir Paranjpe said, “Our survey highlights the growing awareness among organisations regarding fraud prevention, with 60 per cent of companies now prioritising cybersecurity and anti-fraud technologies on their strategic agenda.”

The most impacted sectors include manufacturing (46%) financial services (51%) and technology, media, and telecommunications (58%), which emphasises the urgent need for specialised anti-fraud tactics to address their particular vulnerabilities.

According to the report, following the COVID-19 pandemic, 73% of organisations have enhanced their governance and compliance frameworks, 63% have implemented enhanced awareness training for staff, vendors, and customers, and 62% regularly conduct continuous control assessments of high-risk areas.

Shibra Arshad

Recent Posts

‘Garv Se Kaho Yeh Swadeshi Hai’: PM Modi Reinforces Call To Buy Local Ahead Of Diwali

Ahead of Diwali, Prime Minister Narendra Modi urged the public to celebrate the festival by…

2 hours ago

Yogi Adityanath Lights Over 1.51 Crore Lamps In Uttar Pradesh; Record 26 Lakh Diyas Illuminate Ayodhya Dham

Uttar Pradesh CM Yogi Adityanath announced that 1.51 crore lamps were lit across the state,…

3 hours ago

UAE’s Sheikh Mohammed & Global Envoys Greet India On Diwali

Leaders and diplomatic missions from the UAE, Singapore, and Iran extended warm Diwali wishes to…

3 hours ago

PIB Debunks Viral WhatsApp Message On Alleged Social Media & Call Monitoring Rules

The Press Information Bureau (PIB) has declared as false a viral WhatsApp message claiming government…

4 hours ago

Prez Murmu & VP Radhakrishnan Extend Warm Diwali Greetings; Urge Responsible Celebration

Prez Murmu and Vice President CP Radhakrishnan have wished citizens a happy Diwali, urging everyone…

5 hours ago

Obesity Linked To Alzheimer’s Risk In Adults With Down Syndrome, Study Finds

Obesity, not metabolic syndrome, is linked to higher Alzheimer’s risk in adults with Down syndrome,…

6 hours ago