The Reserve Bank of India has registered 8,322 cases of cyber frauds in 2012, a decline from 9,588 cases and 15,018 cases registered in 2011 and 2010 respectively. This announcement was made by Namo Narian Meena, the Minister of State for Finance, in a written reply to the Lok Sabha. RBI informed that these cyber frauds includes frauds recorded in ATMs, Debit Cards, Internet Banking and Credit Cards. It also mentioned that this includes data for 48 banks and the organization has not included data for banks that have turned into non-performing assets. Amount Involved: The minister stated that around Rs 52.66 crore were involved in these cyber fraud cases in 2012, a significant increase from Rs 36.72 crore in 2011 and Rs 40.48 crore in 2010. Cyber Frauds - High in Private Banks Among private banks, ICICI Bank has recorded the maximum number of cyber frauds in 2012, with 3,428 cases worth Rs 6.76 crore. This is a decline from 6013 cases worth Rs 10.96 crore in 2011 and 9811 cases worth Rs. 19.2 crore in 2010. Other private banks with a significant number of cyber frauds include Hongkong & Shanghai Banking Corporation Ltd, American Express Banking Corp. and Citibank. We noticed that the number of cyber frauds in Citibank has increased to 1,504 cases worth Rs 6.9 crore in 2012, a significant increase from 774 cases worth Rs 4.2 crore in 2011 and 925 cases worth Rs. 5.21 crore in 2010. We also noticed that although private banks account for majority of the cyber frauds cases in India, the number has been declining among these banks with a few exceptions. Cyber Frauds…
