Card, online frauds surge 5x to Rs 1.5k crore in FY24: RBI


MUMBAI : Online funds have grown at a quick clip in current years however frauds in such transactions have grown quicker. Credit card and online frauds have elevated 425% to Rs 1,457 crore FY24 from Rs 277 crore in the year-ago interval.
The variety of such frauds has risen 334% to 29,082 throughout the identical interval. Card and UPI funds rose practically 40% to simply over Rs 224 lakh crore in FY24.

According to RBI’s annual report, during the last three years, non-public sector banks reported the utmost variety of frauds due to cybercrimes.However, general, it was public sector banks that contributed essentially the most in worth phrases on account of their company loans.
The variety of financial institution frauds have gone from 9,046 in FY22 to 13,564 in FY23, rising a further 165% to 36,075 in FY24. Private banks noticed a 69% enhance in fraud instances to 8,979 in FY23 from 4,312 in FY22. In FY24, they rose by 169% to 24,210.
The variety of frauds in the non-public sector alone have elevated 355% to 24,210 in FY24 from 5,312 in FY22. In quantity phrases, nearly all of frauds have occurred in the digital funds (card/ web) class, whereas in phrases of worth, frauds have been primarily reported in the mortgage portfolio (advances class). However, there was a 46.7% decline in the quantity concerned in the overall frauds reported in FY24, which fell to Rs 13,930 crore from Rs 26,127 crore in FY23.
A majority of online frauds are phishing scams, the place the account holder is tricked into offering delicate info or making funds to fraudsters impersonating one other particular person. Govt has launched the National Cyber Crime Reporting Portal to allow fast reporting of such instances. A toll-free helpline — 1930 — has been operationalised to get help.
RBI additionally plans to set up a cyber vary to improve response to cyber incidents for scheduled industrial banks and enhance supervisory capabilities with SupTech (supervisory know-how) knowledge instruments for micro-data analytics and different functions utilizing AI and machine studying as a part of its Utkarsh 2.0 initiative for 2024-25.
Meanwhile, the variety of faux foreign money notes in circulation dropped from 2.3 lakh in FY23 to 2.2 lakh in FY24. The withdrawal of the Rs 2,000 notes has led to a rise in the variety of faux notes detected, which rose to 26,035 from 9,806 final 12 months.
In FY22, banks reported 3,596 instances of bank card and web fraud amounting to Rs 155 crore. This quantity elevated to 6,699 instances with a price of Rs 277 crore in FY23. FY24 noticed a significant soar, with instances rising to 29,082 and the quantity rising to Rs 1,457 crore.

Nilesh Desai
Nilesh Desai
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.


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