India lost ₹107.21 crore to cyber fraud in the first three quarters of the financial year 2024-25, according to data presented in the Lok Sabha. A total of 13,384 cases involving fraud amounts of ₹1 lakh and above were reported by commercial banks and financial institutions between April and December 2024.
The number of cyber fraud cases has grown significantly over the years. In FY15, 845 cases were recorded, leading to losses of ₹18.46 crore. By FY24, fraud cases had risen to 29,082, with financial losses amounting to ₹177.05 crore. The number of cases in FY25 has already crossed 13,000, indicating a continued rise in fraudulent activities.
Financial Year | Cases Reported(₹1 lakh and above) | Total Loss (₹ Crore) |
2014-15 | 845 | 18.46 |
2015-16 | 1,191 | 26.90 |
2016-17 | 1,372 | 27.78 |
2017-18 | 2,058 | 79.79 |
2018-19 | 1,866 | 51.74 |
2019-20 | 2,677 | 44.22 |
2020-21 | 2,545 | 50.10 |
2021-22 | 3,596 | 80.33 |
2022-23 | 6,699 | 69.68 |
2023-24 | 29,082 | 177.05 |
2024-25* | 13,384 | 107.21 |
Total | 65,315 | 733.26 |
To address the rise in fraud cases, the Reserve Bank of India (RBI) issued guidelines in July 2024, requiring banks to:
Other government initiatives include:
Reports indicate that India faced over 500 million cyberattacks in Q1 2024, followed by 750 million more in Q2, further bringing out security concerns in digital transactions.
The increase in cyber fraud cases shows that security measures need to keep up with the growing digital economy. Fraudsters are finding new ways to exploit gaps, making it important for banks, regulators, and users to stay vigilant. Stricter monitoring and faster response systems will be helpful in reducing financial losses and preventing large-scale scams.
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Published on: Mar 11, 2025, 2:37 PM IST
Team Angel One
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