Banking, Cyber Fraud Cases: Maharashtra Tops The List, Delhi Follows; People Defrauded Of Rs 167 Cr In 2021: Minister Told Parliament

NEW DELHI: India’s most industrialised states, such as Maharashtra and Tamil Nadu, are the most vulnerable to incidences of financial fraud involving ATM-cum-Debit Cards, Credit Cards, and Cyber Frauds, reveals the latest official data released by the Ministry of Finance in Lok Sabha on Monday.

“Cyber financial frauds in banking primarily relate to frauds that have taken place in ATMs, debit cards, credit cards, and Internet banking platforms,” Bhagwat Karad, the minister of state for finance told the Lok Sabha on Monday. Karad said that, under the Reserve Bank of India Act of 1934, and also under the Payments and Settlement System Act, 2007, the RBI is vested with supervisory powers and functions of non-banking financial institutions, banks, and payments systems respectively.

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The minister added that more than 50,000 (50,242) cases of cyber frauds, banking frauds using internet banking, ATM-Debit and Credit Cards were registered in the first nine months of the current fiscal year, citing RBI data (April-December 2021 period). During the nine-month period, the victims of these frauds lost a total of nearly Rs 167 crore.

According to the report, Maharashtra was the most affected by these cyber and banking related frauds, accounting for roughly 40% of all cyber and banking fraud instances during this time period. According to the data, Maharashtra recorded 19,671 cases of cyber and financial fraud, followed by the southern state of Tamil Nadu (5,292 cases), and the National Capital of Delhi (5,001 cases).

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While Haryana recorded 4,638 incidences of cyber and banking fraud, Uttar Pradesh, India’s most populated state, reported 3,082 cases, followed by Karnataka, which is home to India’s IT hub Bengaluru, which reported 2,397 cases. Gujarat, in the west, reported 2,281 incidences of cyber and banking fraud, while Telangana reported 1,558 cases.

All other states, including large ones like Andhra Pradesh, West Bengal, Bihar, Uttarakhand, Punjab, and Odisha, reported fewer than 1,000 instances.

The data also shows that cybercrime and banking fraud affect every region of the country. Except for the Union Territory of Lakshadweep, all states in the northeast, including Jammu & Kashmir, the UT of Ladakh, and the Union Territory of the Andaman and Nicobar Islands, have recorded at least one case of cyber and banking fraud. Three incidences of cyber and banking fraud were reported from Ladakh’s UT, while 43 cases of cyber and banking fraud were recorded from Jammu & Kashmir.

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