₹18 cr in 7 years: Gujarat witnesses two fold increase in net banking fraud
Updated: Dec 18th, 2024
In the past seven years, banks in Gujarat have suffered losses of ₹18 crore due to fraud in net banking.
Online banking has made financial transactions easier, but it has also increased the risk of fraud. The losses incurred by Gujarat banks due to fraud involving credit cards, debit cards, and internet banking have doubled in the last year.
From the financial year 2018-19 to September 2024, commercial banks and financial institutions have incurred losses of over ₹18 crore due to fraud in credit cards, debit cards, ATMs, and internet banking. These losses have been steadily increasing each year.
In 2022-23, the loss was ₹3.32 crore, which rose to ₹7.73 crore in 2023-24. Thus, the losses have doubled in just one year.
According to information released by the Reserve Bank of India, the Central Payments Information Registry System has been developed to help control such fraud.
This system provides information about fraud complaints. Additionally, special instructions have been given to banks to curb unauthorised transactions in electronic banking.
| Year | Loss (in Crore Rupees) |
|---|---|
| 2018-19 | 0.68 |
| 2019-20 | 0.47 |
| 2020-21 | 1.27 |
| 2021-22 | 3.23 |
| 2022-23 | 3.32 |
| 2023-24 | 7.73 |
| 2024-25* | 1.25 |
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