Rs 177 cr lost on account of frauds

New Delhi: As much as Rs 177 crore was lost on account of credit, debit card and internet banking frauds in the 2023-24 fiscal, Parliament was informed on Monday.

In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said the amount of loss due to cyber fraud has increased from Rs 69.68 crore in FY23 to Rs 177.05 crore in FY24. The quantum of loss in FY22 was Rs 80.33 crore, it was Rs 50.10 crore in FY21 and Rs 44.22 crore in FY20. Chaudhary further said to help customers recover the loss on account of fraudulent transactions, the RBI has issued instructions to banks on limiting the liability of customers in cases of unauthorised electronic banking transactions.

A customer need not bear any loss if the deficiency is on the part of the bank and in cases, where the fault lies neither with the bank nor with the customer but lies elsewhere in the system and the customer notifies the bank within three working days of receiving the communication about the unauthorised transaction.