In India everything is possible, for economy it is not good, but for India the main profit comes from export, so bank frauds are not so important. India is quite large country - sixth largest country, with very low living standart and main income is only export.
Exports are making roughly 1/20 of India's GDP and their trade balance is negative.
I do not think that you can come and take away the deceit of two billion dollars.
Maybe this is an April Fool's joke?
Maybe this is an April Fool's joke?
Yeah, it's totally possible, happened before and it will happen again.
If you bribe the right people, and the others are too slow to catch up with the fraud...then here we have the results.
What kind of frauds are they?
If they are just typical credit card frauds, then this figure isn't really that surprising at all considering the fact that credit card chargebacks is one of the most common fraud types out there that banks have to deal with on a daily basis.
If it's more institutional fraud, then it would be some surprising statistics.
But the fact that there are so many cases of fraud means that some institutions have to devote a lot of time to prevent & resolve these. I don't see anything positive coming out of this, so it's definitely a negative.
If they are just typical credit card frauds, then this figure isn't really that surprising at all considering the fact that credit card chargebacks is one of the most common fraud types out there that banks have to deal with on a daily basis.
If it's more institutional fraud, then it would be some surprising statistics.
But the fact that there are so many cases of fraud means that some institutions have to devote a lot of time to prevent & resolve these. I don't see anything positive coming out of this, so it's definitely a negative.
It's about bank fraud, obtaining money with fake LoUs, letters of credit etc etc
Fortunately, credit cards are not that widespread in India, yet! so this type of fraud is negligible compared to the rest of the world.