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World’s banking industry incurs an annual loss of $10 billion due to information related fraud

  • Rajesh Soundararajan
  • May 13, 2019
  • 2 min read

Infographic: Magnitude of Banking Fraud

THE SCALE OF THE PROBLEM

It is estimated the world’s banking industry incurs an annual loss of $10 billion due to information and document related frauds. And key among them are the losses in the areas of trade finance, unauthorized payments, and cheque fraud. A vast majority of these are preventable with simple, document/information security solutions using Secure QR code. Imagine this -

  • $931M are the estimated losses due to fraud in financial payments - cards, remote banking, and cheques in 2017

  • Just two diamond merchants in India swindled an amount of $1.77 Bn from Punjab National bank in India using forged or tampered trade finance documents

  • 77% of organizations affected by payment frauds reported that cheques were targeted

  • $610M are the losses due to cheque fraud as estimated by American bankers in 2014

Banking Fraud - Infographic

At Qryptal, we work on cutting-edge technology precisely to address these sort of frauds in banking. Qryptal’s leading banking secure QR code helps you easily integrate security into documents and helps protect your cheques, trade finance documents and account statements with a highly secure QR code that is tamper proof and can be easily validated by third parties.

You can stop document fraud now, with Qryptal QR Code solutions for banking.

Download this infographic here

Download Banking Whitepaper here

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