Indian banks are well equipped to cope with risks arising from fraudulent cases, according to a recently released banking technology survey report.

The survey conducted by PricewaterhouseCoopers (PwC) in partnership with the Confederation of Indian Industries (CII) found all banks saying that they had robust & resilient regulatory compliance structure in place to cope with any risks arising from fraudulent cases.

The survey report, which had a sample size of twenty-four banks, was unveiled at the eighth CII Banking Tech Summit on Wednesday. A majority of respondents assured that their banks were technologically able to mitigate those risks.

The PwC-CII report said, "The survey pleasantly surprises us by indicating most banks considered their systems and processes to be superior by way of technology to tackle risks."

According to the report, the capability to filter out relevant data from the too much data available is a major challenge being faced by India banks on fraud detection. It noted the problem of multiple sources, saying that the same customer may have bought a number of products from a bank.

However, 75 per cent of the banks surveyed said that they had the NPA automation implementation in progress to detect the potential risks at the earliest.

In addition, the survey report said that Indian banks have started using social media to garner new businesses, but it also cautioned that banks would have to make better use of the technology to meet the challenges from inside as well as outside the industry.