In FY20, more than 50,000 cases — 52,006 to be precise — of fraudulent usage of debit cards, credit cards and internet banking were reported in India, the Minister of State for Electronics and IT, Sanjay Dhotre revealed in Parliament today. The amount involved in these fraudulent transactions is Rs 228.44 crore. In FY 2019, more such cases — 52,304 — were reported, however, the amount relating to fraudulent usage was less than FY20 at Rs 149.42 crore. The data for FY20 is till December 2019. Also, between FY17 and FY20, a total of 140,471 cases of fraudulent usage of debit cards, credit cards and internet banking were reported, with the amount relating to such fraudulent usage being Rs 589.14 crore. The number and amount related to such cases can potentially be higher, since fraud cases below Rs. 100,000 were not required to be reported to RBI prior to April 1, 2017. Maharashtra saw the maximum cases of such cases, accounting for around 43% of all cases of fraudulent usage of debit cards, credit cards and internet banking between FY17 and FY20. Tamil Nadu and Haryana accounted for 23% of all fraud cases during the same period. Earlier this year, the Reserve Bank of India had notified that existing cards, both physical and virtual, that have never been used for online/ international/ contactless transactions would be “mandatorily” disabled. It also said that, by default, all cards should be issued/reissued only for the purpose of use at ATMs and Point of…
