The number of digital transactions in the country’s banks has increased in recent years, with cases of cyber fraud also increasing rapidly. According to data from the Reserve Bank of India, the number of Citizen Cyber Financial Fraud (CCFF) cases in the country has increased more than 21 times in the last 5 years. Such frauds have increased by almost 300 per cent in terms of value.
During the financial year 2016-17, where banks registered 3223 cases of card / internet fraud i.e. cases of fraud with customers through ATM, debit card, credit card and internet banking increased to 69,410 in the financial year 2020-21. In terms of amount, while in 2016-17 a total of Rs. Fraud of Rs 45.56 crore was registered, which increased to Rs. 200 crore. It may be mentioned that most of the complaints of cyber fraud with bank customers are related to private banks. Maharashtra has more cases of cyber fraud with bank customers. During the year 2016-17, there were 1,075 cases of card / internet linked banking fraud against consumers in Maharashtra, which increased to 26,522 in 2020-21. Growth is due to technology.