Cyber Fraud Losses Escalate to Rs 177 Crore in FY24

The Indian Parliament was informed that Rs 177 crore was lost due to credit, debit card, and internet banking frauds in the 2023-24 fiscal year. The losses escalated sharply compared to Rs 69.68 crore in FY23. Measures by RBI to limit customer liability in such cases and a National cybercrime reporting portal have been emphasized.

Parliament was informed on Monday that cyber frauds involving credit, debit cards, and internet banking led to Rs 177 crore in losses in the 2023-24 fiscal year. This is a significant increase compared to Rs 69.68 crore in the previous fiscal.

In a written response to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary detailed the progression of losses: Rs 80.33 crore in FY22, Rs 50.10 crore in FY21, and Rs 44.22 crore in FY20.

To mitigate customer losses, RBI has issued guidelines to banks to limit customer liability in unauthorized transactions. Customers reporting unauthorized transactions within three working days are not liable for losses if the fault lies with the bank or the system. However, if negligence on the customer's part is proven, the customer bears the full loss until reporting the crime. The Home Ministry's National cybercrime reporting portal and Helpline Number '1930' have also been launched to aid in reporting such incidents.