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Online banking and ATM frauds involving more than Rs 1 lakh increased 54% in FY19

Frauds in online banking and ATM transactions for amounts below Rs 1 lakh increased 54% in FY19 from the previous year to over 50,000 cases, the Finance Ministry revealed in response to a question asked in Parliament today. According to data provided by RBI, the total number of fraud monitoring returns (FMR) involving amounts below Rs 1 lakh shot up from 32,732 cases in FY18 to 50,438 cases in FY19 — a 54% increase. The total fraud amount involved was Rs 59.43 crores and Rs 78.04 crore in FY18 and FY19, respectively. According to the reply, banks were not required to report such frauds — involving an amount below Rs 1 lakh — to the RBI before FY18. The frauds include those in ATM transactions, debit and credit card, and internet banking transactions. As of Q3FY20 (up to December 2019), 50,122…

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