Cyber fraud cases up by 25 per cent: RBI

Cyber fraud cases involving the financial transactions have reported a rise by 25 per cent, says the Reserve Bank of India (RBI).

“As per the data made available by the RBI, 9,500, 13,083 and 16,468 cases related to Cyber Frauds (ATM/ Debit Card, Credit Card and Net Banking frauds) were reported by the banks during 2013-14, 2014-15 and 2015-16, respectively,” said Minister of State for Law and IT, PP Chaudhary said in a written reply in the Lok Sabha.

“The RBI has issued a comprehensive circular on ‘Cyber Security Framework in Banks’ on June 2, 2016, covering best practices pertaining to various aspects of cyber security,” he added.

“The RBI has issued circular on December 9, 2016, on Security and Risk mitigation measure for all authorised entities and banks issuing Prepaid Payment Instrument (PPI) in the country,” he said.

“In addition to the measures taken by the RBI, government cyber security watchdog Cert-In has advised all authorised entities/banks issuing Prepaid Payment Instruments (PPIs) to carry out audit by the empaneled auditors of CERT-In on a priority basis and take immediate steps thereafter to comply with the findings of the audit report and ensure implementation of security best practices,” he added.

“All organisations providing digital payment services have been mandated to report cyber security incidents to CERT-In expeditiously,” Chaudhary said.