Transaction risk: Cyber ​​fraud with bank customers increased 21 times in 5 years, more cases in private banks

During the recent years digital transactions have increased in the country’s banks, but the cases of cyber fraud have also increased very fast. According to the Reserve Bank of India data, the cases of Citizen Cyber ​​Financial Fraud (CCFF) in the country have increased more than 21 times in the last 5 years. In terms of money, such frauds have increased by almost 300%.

69,410 cases of card/internet fraud in 2020-21
During the financial year 2016-17, where banks had registered 3223 cases of card/internet frauds i.e. fraud with customers through ATM, debit card, credit card and internet banking, the number of such cases in the financial year 2020-21 increased to 69,410.

In terms of amount, while a total fraud of Rs 45.56 crore was registered in 2016-17, it increased to more than Rs 200 crore in 2020-21. The special thing is that most of the complaints of cyber fraud with bank customers are related to private banks.

Top 5 banks in terms of cyber fraud in the year 2020-21

Most cases in Maharashtra
Maharashtra has the highest number of cases of cyber fraud with bank customers. During 2016-17, 1,075 cases of card/internet linked banking frauds were registered against customers in Maharashtra, which increased to 26,522 in 2,020-21.

In the year 2020-21, cases of fraud with bank customers are more in Maharashtra