Indians lost INR 107.21 Cr to cyber frauds in the first nine months of the ongoing financial year 2024-25 (FY25), minister of state (MoS) for finance Pankaj Chaudhary informed the Lok Sabha in a written reply on Monday (March 10).
The cases pertained to internet, card and digital payments frauds in the country and were reported by commercial banks and other financial institutions. However, the data included only those incidents where the amount involved was over INR 1 Lakh.
In a written reply, Chaudhary said that 13,384 cases, involving a total amount of INR 107.21 Cr, were reported between April and December 2024. As per the data furnished by the Ministry, the country also witnessed 29,082 cases of cyber frauds in FY24, each involving an amount of INR 1 Lakh or more, defrauding customers of INR 177.05 Cr.
Meanwhile, FY23 saw 6,699 cases of cyber frauds, involving a cumulative amount of INR 69.68 Cr.
Meanwhile, the MoS informed the Parliament that the government has taken a slew of steps to curb cases of cyber frauds. He noted that the Reserve Bank of India (RBI) has issued master directions to regulated entities in July 2024 to monitor transactions or unusual activities in the non-KYC compliant accounts and money mule accounts.
“The Indian Computer Emergency Response Team (CERT-In) takes various measures for safe usage of digital technologies and prevent cyber frauds through issuance of alerts and advisories, cybersecurity mock drills to enable assessment of cyber security posture and preparedness of organisations,” said the MoS.
Chaudhary also noted that the Ministry of Home Affairs (MHA) has launched a national cybercrime reporting portal and a national cybercrime helpline number to enable users to report financial frauds.
Not just this, the Department of Telecommunications (DoT) has also launched a digital intelligence platform and the “Chakshu” facility on the Sanchar Saathi portal to report suspected fraud communications.
As per a report, India witnessed more than 500 Mn cyberattacks in the first quarter of 2024, followed by another 750 Mn more in the second quarter.
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