Online Frauds Galloping Post-Digitisation Push
Moneylife Digital Team 03 January 2018
The Rajya Sabha was informed today about the 25,800 fraud cases involving about Rs179 crore, related to credit/debit cards and Internet Banking, reported in the calendar year 2017 (up to December 21). The number of cases being reported has increased every quarter according to IT Minister Ravi Shankar Prasad. Alarmingly, 40% of the cases were in the December quarter itself.
 
In a written reply to the upper-house of the Parliament, he said, "As per the data provided by Reserve Bank of India (RBI) on frauds related to ATM/Credit/Debit cards and net banking as reported by the banks, 10,220 cases of fraud were reported in the December 2017 quarter (up to December 21)". 
 
The sharp rise in online frauds coincides with the government’s push for digital transactions without adequate cheques and balances. Under the current policy framework, the banking regulator, Reserve Bank of India has a totally hands-off attitude to the interface retail customers use for banking operations which allow such frauds to occur.
 
The amount involved was Rs111.85 crore in the December quarter, way higher than the Rs67.13 crore involved in the earlier three quarters combined.
 
 
The number of cases reported in 2016 was 3,156 cases and 4,147 cases in the September and December quarters, respectively. The amount involved -- in these two quarters was -- Rs45.50 crore, the minister said. 
Comments
c babu challa
8 years ago
People have forgotten the huge funds generated by the governments post demonetization, as people were allowed to clear their old dues and also pay future payments of taxes using old notes . What has happened to this huge revenue. We donot see any realtime development in the areas but for some sporadic incidents of development of roads but again the quality is pure government type. Overall the sincerity of the governments is under question and people are totally helpless.
c babu challa
8 years ago
Even after such details read out by the honourable minister, there are no corrective measures announced by the government but to push aadhar linkage and increase the fraud. The top authorities should immediately come out with regulations and stop the non sense and protect the people and not just to generate statistics of frauds. Is supreme court listening.
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