Credit, Debit Card Frauds Accounted For Rs 177-Crore Loss In FY24
Financial damage from cyber frauds has risen from Rs 69.7 crore in financial year 2023 to Rs 177.05 crore in financial year 2024.
Credit, debit card, and internet banking frauds resulted in loss of up to Rs 177 crore in fiscal 2024. This compares to Rs 69.7 crore in financial year 2023.
The data was presented by Minister of State for Finance, Pankaj Chaudhary, in response to a question raised in the parliament on Monday.
The quantum of loss stood at Rs 80.33 crore in FY22, Rs 50.10 crore in financial year 2021, and Rs 44.22 crore in fiscal 2020.
To help customers recover the loss on account of fraudulent transactions, the RBI has issued instructions to banks on limiting the liability of customers in cases of unauthorised electronic banking transactions, Chaudhary said.
A customer need not bear any loss if the deficiency is on the part of the bank and in cases where the fault lies neither with the bank nor with the customer, but lies elsewhere in the system and the customer notifies the bank within three working days of receiving the communication about the unauthorised transaction.
Where the loss is due to the customer's negligence, the customer has to bear the entire loss until he/she reports the unauthorised transaction to the bank.
Where the fault lies neither with the customer nor with the bank and lies elsewhere in the system, and the customer reports between 4-7 working days of the unauthorised transaction, the maximum liability of the customer ranges from Rs 5,000 to Rs 25,000, depending on the type of account/instrument.
If the unauthorised transaction is reported beyond seven working days, the customer liability shall be determined as per the bank’s board approved policy.
"The burden of proving customer liability in case of unauthorised electronic banking transactions shall lie on the bank," Chaudhary said.
To facilitate the citizens to report any cyber incidents, including financial frauds, the Home Ministry has launched a National cybercrime reporting portal (www.cybercrime.gov.in) and a National cybercrime Helpline Number '1930'.
Further, customers can also report financial fraud on the official customer care website or branches of banks.
(With inputs from PTI).
