Hundreds of rupee crore lost in card payment, internet banking fraud in just 3 months

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The maximum number of cases was linked to ATM or debit card transactions, which remain one of the most common and convenient means of payment available in the market.

In frauds related to debit cards, credit cards and online banking services, 129 crore rupees were lost in just three months until December 2019. A total of 21,041 such cases were recorded. During these three months, Anurag Thakur, MoS, Ministry of Finance said in a response to a question in Lok Sabha. Of the total loss, Rs 85 crore was lost in a single month of October 2019. The maximum number of cases has been reported in cases related to ATM or debit card transactions, which remain one of the the most common and practical means of payment available on the market.

Even though agencies and the government have taken steps to tackle fraud in digital transactions, the results are not yet visible on the ground. RBI Governor Shaktikanta Das recently said it was important to ensure that new innovations in the banking industry serve the customer by reducing the cost of financial services and improving the range and access to products. in a safe manner.

Also Read: Are PSU Banks About To Turn Profitable This Year After Four Years Of Losses?

RBI also informed that data on fraud reported in the “Cyber ​​Fraud” category is not available, according to Anurag Thakur. This is why data on fraud is reported in the category “Card / Internet – ATM / Debit
Cards, Credit Cards and Internet Banking ”. With the growing digital payment options, not having an accurate database on cyber frauds can hamper the smoothness of their operation.

Meanwhile, in terms of debit and credit card fraud alone in the country in FY19, there have been over 50,000 cases of fraud involving almost Rs 150 crore. The increase in fraud cases with a rise in digital payment is sometimes seen as normal by some experts.

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