Digital transactions have increased in banks around the world. However, the incidence of cyber fraud is also on the rise. According to the Reserve Bank of India, the number of citizen cyber financial fraud cases in the country has increased more than 21 times in the last five years. In terms of money, such fraud has increased by about 300 percent.
In the fiscal year 2016-17, banks had registered 3,223 cases of card / internet fraud i.e. ATM, debit card, credit card and internet banking fraud with customers. However, the number of such incidents has increased to 69,410 in the fiscal year 2020-21.
In terms of amount, a total fraud of Rs 45.56 crore was registered in 2016-17 and it has increased to more than Rs 200 crore in 2020-21. Most of the complaints of cyber fraud with the bank's customers are related to private banks.
In Maharashtra, India, bank customers have the highest incidence of cyber fraud. In Maharashtra, 1,075 cases of card / internet linked banking fraud were registered against customers, which increased to 26,522 in 2020 (21).