Why in news
Recent data reveals a significant increase in cyber fraud cases in India, coinciding with the rapid growth of digital transactions.
With digital transactions expected to rise during the festival season, concerns about cyber fraud are heightened.
Cyber Fraud in India
Between FY2020 and FY2024, India lost ₹3,207 crore due to 582,000 cases of cyber fraud.
Record Numbers in FY 2024:
Incidents of cyber fraud jumped from 75,800 cases in FY2023 to 292,800 cases in FY 2024.
Financial losses increased from ₹421.4 crore in FY2023 to ₹2,054.6 crore in FY 2024.
Maharashtra accounts for over 25% of losses due to its status as India’s commercial hub, with Tamil Nadu following at 23%.
Digital payments have surged 90-fold over the past 12 years, from 162 crore in 2012-13 to 14,726 crore by early 2024.
The push for digital payments lacked sufficient measures to prevent fraud, leaving many individuals vulnerable to new online scams.
Private sector banks experience a higher volume and value of fraud cases compared to public sector banks, indicating they may be more susceptible to cyber attacks.
Kotak Mahindra Bank, Axis Bank, State Bank of India, HDFC Bank, and ICICI Bank account for 62% of the total fraud amount and 53% of total cases over five years.
COMMENTS