COVID-19 came at a time when banks were finding it difficult to handle an upsurge in fraud instances. Though banks have not yet completely grasped the significance and effects of the present environment on matters related to fraud, it appears that the banks have accepted that the outbreak might result in an increase in frauds, according to Indian banking fraud survey, deloitte, 2022, there are 78% chances that frauds might climb over the next two years. Hence, the present article aims to comprehend how banks handle fraud risk, how new operational models affect fraud risk management, and ideas on future strategic investments with special reference to India. The findings of the research article will have an impact on the discussions and debates among banks, regulators, and practitioners about how to address (and reduce) the fraud and compliance risks that are now present in the environment.
