In FY20, greater than 50,000 circumstances — 52,006 to be exact — of fraudulent utilization of debit playing cards, bank cards and web banking had been reported in India, the Minister of State for Electronics and IT, Sanjay Dhotre revealed in Parliament right this moment. The quantity concerned in these fraudulent transactions is Rs 228.44 crore. In FY 2019, extra such circumstances — 52,304 — had been reported, nonetheless, the quantity referring to fraudulent utilization was lower than FY20 at Rs 149.42 crore. The information for FY20 is until December 2019.
Additionally, between FY17 and FY20, a complete of 140,471 circumstances of fraudulent utilization of debit playing cards, bank cards and web banking had been reported, with the quantity referring to such fraudulent utilization being Rs 589.14 crore. The quantity and quantity associated to such circumstances can doubtlessly be greater, since fraud circumstances beneath Rs. 100,000 weren’t required to be reported to RBI previous to April 1, 2017.
Maharashtra noticed the utmost circumstances of such circumstances, accounting for round 43% of all circumstances of fraudulent utilization of debit playing cards, bank cards and web banking between FY17 and FY20. Tamil Nadu and Haryana accounted for 23% of all fraud circumstances throughout the identical interval.
Earlier this yr, the Reserve Financial institution of India had notified that current playing cards, each bodily and digital, which have by no means been used for on-line/ worldwide/ contactless transactions can be “mandatorily” disabled. It additionally mentioned that, by default, all playing cards ought to be issued/reissued just for the aim of use at ATMs and Level of Gross sales.
RBI’s directive had come after greater than 1.three million cost card particulars – 98% of them being Indian banks’ playing cards – had been put up on the market on Joker’s Stash final yr. This led the RBI to direct banks to safe their clients’ debit and bank card knowledge and disable and re-issue credit score and debit playing cards to folks whose particulars may need been compromised.