Cards and Net banking frauds fall by 6 per cent in 2016

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Exhibiting a positive trend in the banking segment, the number of fraud cases related to credit/debit cards and Internet banking has come down by six per cent to 14,824 in 2016 from 15,733 in 2015, informed Minister of State for Electronics and IT recently.

“The amount involved in these frauds also saw a 3.3 per cent year-on-year reduction in 2016 to Rs 77.79 crore from Rs 80.48 crore in 2015,” said Minister of State for Electronics and IT P P Chaudhary in a written reply to the Lok Sabha.

“According to Reserve Bank of India 77 cases of Internet banking-related frauds were reported involving Rs 2.1 crore in 2016, up over 45 per cent from 2015 when 53 cases involving Rs 5.5 crore were reported,” said the minister.

ATM/debit card-related frauds saw a 26 per cent rise with 6,996 cases (involving Rs 41.64 crore) were reported in 2016 as compared to 5,546 cases (Rs 26.47 crore) in the 2015, reported the DNA.

“The number of frauds related to credit cards, however, saw a 23.5 per cent decline to 7,751 cases involving Rs 33.97 crore in 2016 from 10,134 cases for Rs 48.48 crore in the previous year,” he added.