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Home » Cyber Security News » Banks see a four-fold jump in internet frauds: RBI data

Banks see a four-fold jump in internet frauds: RBI data

Banks see a four-fold jump in internet frauds: RBI data

Banks saw an exponential surge in card and internet-related frauds, reaching 12,069 cases in April-September 2023-24 from about 2,500 in 2020-21,

underscoring the urgency for financial institutions to fortify cybersecurity measures and implement robust fraud detection mechanisms.

Card and internet-related frauds surged from 2,545 (Rs 119 crore) in 2020-21 to a staggering 12,069 (Rs 630 crore) in April-September 2023-24, according to data in RBI’s Trends and Progress in banking report.

Advances
The financial year 2020-21 witnessed 3,401 frauds involving a staggering Rs 1,17,018 crore. By the end of 2021-22, the number of frauds increased to 3,789, with Rs 43,512 crore involved.

Continuing the trend, 2022-23 reported 4,101 frauds totaling Rs 25,177 crore. April-September 2022-23 recorded 1,998 frauds, amounting to Rs 16,968 crore.

However, in the same period of 2023-24, the number of frauds decreased to 1,139, involving Rs 1,765 crore.

Off-balance sheet
Instances of off-balance sheet frauds were 23 (Rs 535 crore) in 2020-21, 21 (Rs 1,077 crore) in 2021-22, 15 (Rs 298 crore) in 2022-23, 5 (Rs 283 crore) in April-September 2022-23, and 4 (Rs 73 crore) in April-September 2023-24.

Forex transactions
The arena of Forex transactions reported 4 frauds (Rs 129 crore) in 2020-21, 7 (Rs 7 crore) in 2021-22, 13 (Rs 12 crore) in 2022-23, 10 (Rs 3 crore) in April-September 2022-23, and 5 (Rs 5 crore) in April-September 2023-24.

Deposits
Frauds related to deposits saw fluctuations, reaching 504 (Rs 434 crore) in 2020-21, 471 (Rs 493 crore) in 2021-22, 652 (Rs 258 crore) in 2022-23, 270 (Rs 135 crore) in April-September 2022-23, and 915 (Rs 103 crore) in April-September 2023-24.

Others
The category ‘Others’ recorded 278 frauds (Rs 54 crore) in 2020-21, 300 (Rs 100 crore) in 2021-22, 472 (Rs 423 crore) in 2022-23, 117 (Rs 114 crore) in April-September 2022-23, and 79 (Rs 21 crore) in April-September 2023-24.

 

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