India Reports ₹107.21 Crore in Cyber Fraud Losses in First 3 Quarters of FY25

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.

Increase in Cyber Fraud Over the Years

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-Wise Cyber Fraud Data 

Measures Taken to Address Cyber Fraud

To address the rise in fraud cases, the Reserve Bank of India (RBI) issued guidelines in July 2024, requiring banks to:

• Implement Early Warning Systems (EWS) to detect suspicious transactions.
• Conduct stricter monitoring of non-KYC-compliant and high-risk accounts.
• Set up a Market Intelligence Unit to analyse fraud trends.

Other government initiatives include:

• CERT-In (Indian Computer Emergency Response Team): Issues cybersecurity advisories and conducts mock drills.
• National Cybercrime Reporting Portal & Helpline 1930: Allows victims to report fraud.
• Chakshu (Sanchar Saathi Portal): Enables reporting of scam-linked messages and calls.

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.

Conclusion

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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