October, 2024
The graph shows the financial frauds that took place in India from FY 2022 to 2023. In the financial year 2024, the Reserve Bank of India reported bank frauds costing more than 139.3 billion Indian rupees, a reduction from over 302 billion rupees in 2023. India has experienced a sharp rise in bank frauds over the last decade, both in number and amount.
The rising loopholes and incidences of revenue leakages are the major driving factor for the revenue assurance market on a global scale. According to OECD data, here were 200, 484 statutory auditors and 22, 427 audit firms registered in the Europe and Norway. There are 86, 685 accounting services businesses are working in the US as per data released in the year 2023. These two regions make up a large share of the revenue assurance market.
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