Domestic payment frauds increased from 7.05 lakh in volume in FY 2021 to 19.94 lakh in FY 2023, according to the report presented by the Parliament Standing Committee on Finance on July 27, ‘Cybersecurity and Rising Incidence of Cyber/White Collar Crimes in India’. The report presents an analysis of cyber frauds in the digital payments and lending sector in India, with comments from industry representatives, the Ministry of Home Affairs, the Department of Revenue and the Reserve Bank of India on the types of cyberattacks that people are commonly affected by and the issues that hinder effective investigations of these crimes. “Majority of the payment frauds are understood to be in the nature of phishing attacks in various forms (such as vishing, phishing, Smishing, etc.), while the payment systems are ensured that they are safe, secure, sound, resilient and efficient,” the Committee observed. Cyber frauds incidents relating to online banking, ATM transactions, credit and debit cards rose from 10395 in 2020 to 14007 in 2021, as per data recorded by the National Crime Records Bureau. The parliamentary panel report on cybersecurity highlights the kinds of financial frauds that are prevalent in Indian payment and banking systems, and the issues that hamper investigation processes. Key comments from the Standing Committee’s report: 1. Cyber frauds pointed out by Financial Intelligence Unit (FIU-IND): The Department of Revenue elaborated on the key trends on money laundering and terrorist financing, which also include developments relating to cybercrimes. These include: a. Money mules accounts: The Department…
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