Financial cybercrime in India has been steadily increasing over the years. For the year 2015-16, the Reserve Bank of India (RBI) reported 16,468 cyber crimes related to ATM, debit card, credit card and net banking frauds. The number of frauds reported by the RBI were 13,083 in the year 2014-15 and 9,500 in the year 2013-14. The data was provided to a question raised in the Lok Sabha by MPs Dushyant Singh and Manoj Tiwari.
The answer was given by minister of state for electronics and information technology. He added additional information from National Crime Record Bureau (NCRB) collects and maintains statistical data of police recorded cognizable crimes.
Meanwhile, the RBI set up the Reserve Bank Information Technology Pvt Ltd (ReBIT) to take care of its IT requirements, including the cyber security needs of the bank and its regulated entities. ReBIT will focus on IT and cyber security including research for the financial sector and assist in IT systems audit and assessment of RBI regulated entities, in addition to implement and manage internal or system wide IT projects. The agency will have four main verticals it will work in – cyber security, research and innovation, systems audit and project management.
The ministry of electronics and information technology (MeitY) has also issued a consultation paper which calls for developing a framework for security of digital wallets operating in the country. As part of the guidelines reccomended, the governement’s will CERT-In shall notify the categories of incidents and breaches that are required to be reported to it mandatorily.
With digital payments on the rise, and digital heists and frauds becoming common. In India, most notably, over 3.2 million debit card details were likely stolen by hackers hackers from ATMs and POS machines in October 2016. The National Payments Corporation of India (NPCI) said that the complaints of fraudulent withdrawal are limited to cards of 19 banks and 641 customers. The total amount involved is Rs. 1.3 crore. More recently, Bank of Maharashtra reported a loss of Rs 25 crore in March as frauds exploited a bug in their UPI application and core banking software.