Tools to detect frauds have to be far superior, says Infrasoft Tech CEO

Assessment of frauds have taken a shorter time because banks have the systems in place, says Rajesh Mirjankar

Frauds continue to rise in the banking sector. A total of 2,480 cases of fraud involving Rs 31,898.63 crore were reported in 

the first quarter of FY20. This came on the back of the Rs 71,500 crore in frauds for FY19, a tad more than what was put into state-run banks by way of recapitalisation. Rajesh Mirjankar, managing director & chief executive officer of Infrasoft Technologies, spoke to Raghu Mohan on the pitfalls in banks going all out to woo customers through newer channels, and the pressure to on-board them quickly. Edited excerpts:

What explains the high levels of frauds despite