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 Meets Bhutan PM Tobgay At BIMSTEC Summit; Highlights Strong Bilateral Ties & Regional Cooperation

PM Narendra Modi met Bhutanese PM Tshering Tobgay on the sidelines of the 6th BIMSTEC…

6 hours ago

Jamia Students Back Waqf Amendment Bill; Call It A Step Toward Empowerment

The student group 'Shaher-E-Arzoo' expressed firm support for the Waqf Amendment Bill, calling it a…

9 hours ago

India’s Exports To The US Face Limited Impact From Tariff Hike: SBI Report

The 27% tariff hike by US President Donald Trump on Indian goods will have only…

9 hours ago

Waqf Freed From Mafia Control, New Era Of Development Begins For Muslims: MRM

Following the passage of the Waqf Amendment Bill 2024 in both Houses of Parliament, celebrations…

10 hours ago

India’s Forex Reserves Surge To $665.4 Billion; Rupee Strengthens As Trade Deficit Narrows

India’s forex reserves jumped $6.6 billion to a five-month high of $665.4 billion for the…

11 hours ago

Laxmi Singh Leads Gautam Buddha Nagar Police To Historic No 1 Rank In IGRS Across All Stations

Gautam Buddha Nagar Police, led by CP Laxmi Singh, achieved a historic feat with all…

12 hours ago