Banks reported over 8000 cyber fraud cases in 2012 -Governance Now

Banks reported over 8000 cyber fraud cases in 2012

In total, cyber frauds involving over Rs 200 crore were reported in last four years

GN Bureau | February 25, 2013

Cyber frauds have emerged as a major challenge to the banking sector. Around 8,322 banking frauds cases, involving Rs 52 crore, were reported in 2012, as against 9588 cases involving Rs 36 crore in 2011. In total, cyber frauds involving over Rs 200 crore were reported in last four years.

The information was provided by minister of state for finance, Namo Narian Meena, while he replied, in written, to a question in the Lok Sabha on Friday. He cited data furnished by reserve bank of India (RBI).

The reported cases included frauds pertaining to ATMs, debit cards, internet banking and credit cards.

Interestingly, though in the last four years the numbers of reported cases have gone down, the amount involved in these cases vary. In 2009, 21966 cases involving Rs 72 crore (approximately) were reported. In 2010, 15018 cases involving Rs 40 crore were reported.

The RBI data doesn't include cyber frauds in public sector banks, which have turned into non– performing assets.

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