For every rupee lost to fraud by individuals, organisations incur an average cost of Rs 4 (Rs 3.07 for retailers and Rs 4.64 for financial institutions), a survey said on Monday.
The report highlighted several areas of possible fraud that individuals and businesses need to be careful about ~ sales and distribution, covering artificial inflation of prices and sale of damaged, expired or counterfeit products; fake online sales; kickbacks to ensure procurement of products hit by lockdowns or import restrictions; cyber frauds due to increased remote working, and reduced focus on compliance that triggers contravention of laws.
With the evaluation of e-governance and society moving towards digitisation, the information technology has penetrated in every sphere of life…
