Over 1,700 card, net banking-related frauds reported in 2017

By Olga Robert
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    Over 1,700 cases of fraud related to credit/debit card and Internet banking with the extent of losses touching Rs 71.48 crore were reported in 2017, Parliament was informed yesterday.

    A total of 1,785 cases related to credit/debit card and Internet banking for amounts involving Rs 1 lakh and more were reported last year, Minister of State for Electronics and IT K J Alphons said in a written reply to Rajya Sabha.

    He added that the extent of losses in these cases totaled Rs 71.48 crore.

    December 2017

    December 2017

    In December 2017 alone, 187 cases with losses touching Rs 33.73 crore was reported, the minister said.

    "The extent of loss due to fraud in December 2017 appears to be high but as per the data available at RBI website, during the month, the value of card usage at ATMs and Point of Sale (POS) terminals was Rs 3,469.97 billion (Rs 3,46,997 crore)," he explained.

    Thus, the extent of losses due to fraud in December 2017 is only 0.009 per cent of the value of transactions, he added.

     

    Measures taken

    Measures taken

    Alphons said RBI is taking adequate measures for risk mitigation in online payments.

    Also, banks and payment system operators have been advised to enhance the security and risk mitigation measures for card transactions (including card-based online transactions), he added.

    30,222 incidents reported between Oct-Dec

    30,222 incidents reported between Oct-Dec

    In response to another question, Alphons said as per information received from RBI, 30,222 incidents of phishing/vishing, OTP compromise, fraud by a compromise of user credentials, compromise of mobile phone numbers of customers were reported in October-December 2017.

    He added that 16,128 incidents were reported in June 2017 quarter, while the number rose to 20,753 in the following quarter.

    "In addition, RBI also received 2 complaints regarding ATM cloning and e-wallet scam involving bank accounts in branches of public and private sector banks," he said.

    Source: PTI

    Read more about: card frauds net banking frauds
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