More than 10,000 cases of e-payment frauds reported in 2017: RBI

The banking sector has reported 10,220 cases of frauds related to ATM/Credit/Debit cards and net banking in the December 2017 quarter (up to December 21), said Ravi Shankar Prasad, Union Minister of Communications and Information Technology (India), quoting the data provided by Reserve Bank of India (RBI).

These frauds amounted to Rs 111.85 crore in the said quarter, said the minister.

He further said that 7,372 cases of fraud followed by 5,148 cases and 3,077 cases were reported in September, June, March quarter of 2017 respectively.

As per the report, the number of fraud cases in 2016 was comparatively lower than cases registered in 2017. RBI data reveals that 3,156 cases and 4,147 cases were registered in the September and December quarters, respectively.

The minister informed that these frauds detected in 2016 amounted to Rs 45.50 crore in the above-mentioned quarters.

While Maharashtra topped the list in the number of e-payments frauds in 2016-2017 with 380 cases involving Rs12.10 crore, Haryana was ranked second in terms of the above-listed frauds followed by Karnataka, Tamil Nadu, and Delhi.

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the BFSI industry. Join Us for 9th NBFC100 Tech Summit, New Delhi and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.