Gujarat has reported bank frauds amounting to ₹3,707.7 crore over the past three financial years, making it the sixth-most affected state and Union Territory in India in terms of the total value of reported banking frauds, according to data released by the Reserve Bank of India (RBI). Officials, however, said the increase in reported fraud values is also linked to improved reporting mechanisms, stronger banking surveillance systems and greater public awareness about reporting suspicious transactions. Despite these improvements, online banking fraud and cyber-enabled financial crimes continue to pose a significant challenge.
RBI data shows that reported bank frauds in Gujarat were valued at ₹986.2 crore during the 2023-24 financial year. The figure increased to ₹1,285.9 crore in 2024-25 and further rose to ₹1,435.6 crore in 2025-26. The cumulative value of reported bank frauds during the three-year period stood at ₹3,707.7 crore. The value of reported frauds increased by around 30.4% between 2023-24 and 2024-25, followed by another 11.6% rise in the subsequent financial year, representing an overall increase of approximately 45.6% over the three-year period.
At the national level, Maharashtra recorded the highest value of reported banking frauds at ₹32,297.9 crore over the three financial years, followed by Delhi with ₹16,396.6 crore, West Bengal with ₹10,309.6 crore, Telangana and Tamil Nadu. With reported frauds worth ₹3,707.7 crore, Gujarat ranked sixth in the country. The data indicates that the top six states together accounted for more than ₹72,000 crore in reported banking frauds, highlighting that major commercial and financial centres continue to remain primary targets for cyber-enabled financial crimes.
Banking sector officials said that the increase in reported fraud values should not necessarily be interpreted as a sudden surge in criminal activity. They attributed the higher figures to enhanced fraud detection systems, improved internal monitoring by banks and greater encouragement for customers to report suspicious transactions. Nevertheless, cybercriminals continue to rely on well-established fraud techniques to target unsuspecting victims.
According to investigating agencies, the most common banking fraud methods continue to include fake Know Your Customer (KYC) update messages, calls from fraudsters posing as bank officials, fraudulent credit card offers, fake utility bill payment requests, phishing messages and malicious APK files distributed through WhatsApp or SMS. These tactics are designed to trick victims into revealing One-Time Passwords (OTPs), passwords, UPI PINs and other confidential banking credentials, enabling fraudsters to gain unauthorised access to bank accounts.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said cybercriminals increasingly rely on social engineering techniques to win the trust of victims and persuade them to voluntarily disclose sensitive banking information. He advised the public never to click on unknown links, avoid installing APK files received through messages, refrain from sharing OTPs, PINs or passwords with anyone and independently verify any phone call claiming to be from a bank or financial institution.
The data also indicates that senior citizens remain among the most vulnerable victims of banking-related cyber fraud. Officials said elderly individuals, who may be less familiar with digital technology, are often targeted by fraudsters impersonating bank officials or government representatives. Authorities have urged families to educate elderly relatives about common online scams and basic digital safety practices.
Recovery of defrauded funds continues to be a major challenge. Of the ₹3,707.7 crore involved in reported bank frauds in Gujarat over the three-year period, banks recovered only ₹96.58 crore, translating into a recovery rate of approximately 2.6%. Experts said victims have a significantly better chance of recovering their money if they immediately report fraudulent transactions to their bank and the National Cyber Helpline 1930. However, delays in reporting often allow cybercriminals to transfer stolen funds through multiple bank accounts, making recovery extremely difficult.
