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I am Cheated - But Never Again - Indian banks record spike in cyber fraud cases
Indian banks record spike in cyber fraud cases

Indian banks record spike in cyber fraud cases

Posted On : Friday, January 4, 2019, 1:26 PM
With the rise in digital transactions and their spread to the interiors of the country, cyber frauds at banks too are on the rise. The volume of cyber fraud at banks has doubled in a year. In 2017-18, cyber frauds at banks saw a big spike over the previous year. According to a report by the Reserve Bank of India, a total of 2,059 cases of cyber fraud were reported in 2017-18 amounting to Rs 109.6 crore. The number of cyber fraud cases in 2016-17 was 1,372 amounting to Rs 42.3 crore. Spike in cyber frauds is bigger than most other types of bank frauds.