Cyber Fraud On The Rise, Up 25% Warns RBI
New Delhi: The number of cyber frauds involving financial transactions in India increased by about 25 per cent to 16,468 cases in 2015-16 from a year ago, Parliament was informed today.
"...as per the data made available by Reserve Bank of India (RBI), 9,500, 13,083 and 16,468 cases related to Cyber Frauds (ATM/ Debit Card, Credit Card & Net Banking frauds) were reported by the banks during 2013-14, 2014-15 and 2015-16, respectively," Minister of State for Law and IT, PP Chaudhary said in a written reply in the Lok Sabha.
He said the Reserve Bank has issued a comprehensive circular on 'Cyber Security Framework in Banks' on June 2, 2016 covering best practices pertaining to various aspects of cyber security.
The RBI has issued circular on December 9, 2016 on Security and Risk mitigation measure for all authorized entities and banks issuing Prepaid Payment Instrument (PPI) in the country, he said.
The minister said that in addition to the measures taken by the RBI, government cyber security watchdog Cert-In has advised all authorised entities/banks issuing Prepaid Payment Instruments (PPIs) to carry out audit by the empaneled auditors of CERT-In on a priority basis and take immediate steps thereafter to comply with the findings of the audit report and ensure implementation of security best practices.
"All organisations providing digital payment services have been mandated to report cyber security incidents to CERT-In expeditiously," Chaudhary said.
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