Despite so many pre-emptive measures and steps being taken by the banks, over 1,700 card and net banking-related frauds were reported in the last year. Credit/debit card and Internet banking frauds cost the losses to the tune of Rs 71.48 crore, the Minister of State (MoS) for Electronics and IT K J Alphons said in a written reply to Rajya Sabha on 17 March.
The Minister added that in December 2017 alone, 187 cases with losses touching Rs 33.73 crore were reported. "The extent of loss due to fraud in December 2017 appears to be high but as per the data available at RBI website, during the month, the value of card usage at ATMs and Point of Sale (POS) terminals was Rs 3,469.97 billion (Rs 3,46,997 crore)."
In terms of percentage, the extent of losses due to fraud in December 2017 is only 0.009 per cent of the value of transactions. The Minister said the apex bank RBI is taking adequate measures for risk mitigation in online payments. He also added that banks and payment system operators have been advised to enhance the security and risk mitigation measures for card transactions (including card-based online transactions).
Source: http://cablequest.org/index.php/news/national-news/item/12445-2017-saw-1,700-card-net-banking-related-frauds
In terms of percentage, the extent of losses due to fraud in December 2017 is only 0.009 per cent of the value of transactions. The Minister said the apex bank RBI is taking adequate measures for risk mitigation in online payments. He also added that banks and payment system operators have been advised to enhance the security and risk mitigation measures for card transactions (including card-based online transactions).
Source: http://cablequest.org/index.php/news/national-news/item/12445-2017-saw-1,700-card-net-banking-related-frauds
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