There were around Rs 1,200 crore worth of digital transactions every year and the number of fraudulent transactions among these was low, the government said in Rajya Sabha today.
There were around Rs 1,200 crore worth of digital transactions every year and the number of fraudulent transactions among these was low, the government said in Rajya Sabha today. Minister for Electronics and Information Technology Ravi Shankar Prasad said for prepaid payments including e-wallets, Reserve Bank of India (RBI) has started maintaining provisional data of fraudulent transactions. “According to the data for March, April and May 2017, the number of fraudulent transactions is between 0.005 per cent and 0.007 per cent of the total number of transactions,” he said during Question Hour. Prasad also said the government was considering the suggestions made by a committee headed by Andhra Pradesh Chief Minister N Chandrababu Naidu on digital transactions. Earlier, a member had sought to know whether the government planned to implement the recommendation by the committee for including a provision of insurance cover for digital transaction frauds. According to the details given by the minister, the number of cases of fraud involving credit cards, ATM/Debit cards and internet banking during 2015-16 was 16,468 and 13,653 in 2016-17.
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As per incidents reported to the Indian Computer Emergency Response Team (CERT-in), 40 phishing incidents affecting 19 financial organisations and 10 incidents affecting ATMs, Point of Sales (POS) systems and Unified Payment Interface (UPS) have been reported during November 2016 to June 2017. He said the government is taking several steps to secure digital payments.