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

PM Modi’s Gifts: A Glimpse Of India’s Cultural Heritage In Global Diplomacy

These gifts to world leaders reflect the diverse traditions, arts, and crafts of India, emphasizing…

6 minutes ago

Dr Rajeshwar Singh Calls For Bold Goals To Make India A Global Power By 2047

Dr Singh stressed the importance of reaching a GDP of $15 trillion by 2047 to…

34 minutes ago

Gautam Adani Faces Indictment In US: Legal Expert Vijay Aggarwal Dismisses Immediate Repercussions

Criminal lawyer Vijay Aggarwal weighed in on the charges against Adani. He believes the indictment…

46 minutes ago

Adani Group Stocks Recover As Sensex nd Nifty Post Gains

After a major sell-off earlier in the week, Adani Group stocks, led by Ambuja Cements…

2 hours ago

Sensex Soars 1,961 Points, Nifty Gains 557 In Broad-Based Market Rally

A sharp rally in financial stocks and encouraging US labor market data fueled the uptrend.…

2 hours ago

PM Modi Engages In 31 Bilateral Meetings During Three-Nation Tour

PM Narendra Modi held 31 bilateral meetings and discussions during his visit to Nigeria, Brazil,…

3 hours ago