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Detailed explanation-1: -While Punjab National Bank recorded the highest value of frauds worth Rs 4, 820 crore, Bank of India recorded the highest number of frauds at 13, according to data from the Reserve Bank of India.

Detailed explanation-2: -The Reserve Bank has today released a booklet, “BE(A)WARE” on the common modus operandi used by fraudsters and precautions to be taken while carrying out various financial transactions.

Detailed explanation-3: -CLASSIFICATION OF FRAUDS Misappropriation and criminal breach of trust. Fraudulent encashment through forged instruments, manipulation of books of account or through fictitious accounts and conversion of property. Unauthorised credit facilities extended for reward or for illegal gratification.

Detailed explanation-4: -To gain confidence, imposters share a few customer details such as the customer’s name or date of birth. Fraudsters install skimming devices in ATM machines and steal data from the customer’s card. Fraudsters may also install a dummy keypad or a small pinhole camera, well-hidden from plain sight to capture ATM PIN.

Detailed explanation-5: -Bank frauds of ₹1 lakh and more fell by 25% in value to ₹1.38 trillion in the previous fiscal with the number of such cases also seeing a decline of 15% during the year, showed the Reserve Bank of India’s annual report released on Thursday.