Hundreds of crores of rupees lost in card payment, internet banking frauds in just 3 months

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Updated: March 02, 2020 4:40 PM

The maximum cases were related to ATM or debit card transactions, which is still one of the most common and convenient ways of payment available in the market.  

debit card paymnet, credit card payment, banking fraud, card related fraudsA total number of 21,041 cases related to card payment and internet banking were registered in the three months to December 2019. (Bloomberg image)

In frauds related to debit cards, credit cards, and internet banking, Rs 129 crore has been lost in just three months to December 2019. A total number of 21,041 such cases were registered in these three months, Anurag Thakur, MoS, Ministry of Finance said in a reply to a question in Lok Sabha. Out of the total loss, Rs 85 crore was lost in a single month of October 2019. The maximum cases were reported in the cases related to ATM or debit card transactions, which is still one of the most common and convenient ways of payment available in the market.   

Even as the agencies and government have been taking measures to curb the fraud in digital transactions, the results are yet not visible on the ground. RBI Governor Shaktikanta Das recently said it is important to ensure that new innovations in the banking sector serve the customer by reducing the cost of financial services and enhancing the range and access to products in a manner that is safe.

Also Read: Are PSU banks set to become profitable this year after four years of losses?

RBI has also informed that data on frauds reported under the category ‘Cyber Frauds’ is not available, according to Anurag Thakur. This is why the data on frauds are reported under the category ‘Card/Internet – ATM/Debit
Cards, Credit Cards & Internet Banking’. With the growing options of digital payment, to not have a precise database of cyber frauds may hinder the smoothness by which they are expected to function.

Meanwhile, In terms of only debit and credit card frauds in the country in FY19, there were more than 50,000 cases of fraud that involved nearly Rs 150 crore. The rising cases of fraud with a rise in the scale of digital payment are sometimes perceived as normal by some experts.

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