Card and internet frauds rise sharply

Based on the date of reporting, the average amount of involved in frauds declined by 85 per cent during the first half (H1) of financial year 2023-24 with the number of frauds rising sharply by 624 per cent in the card and internet segment, the Reserve Bank of India (RBI) said in a report.

The number of frauds in the card and internet segment jumped to 12,069 cases involving Rs 630 crore during H1FY24 as against 2,321 cases for just Rs 87 crore in the same period of last year, as per RBI’s report on trend and progress of banking. Overall, banks reported 14,483 cases of fraud involving Rs 2,642 crore during the period, down from 5,396 cases involving Rs 17,685 crore frauds.

On the other hand, based on the date of occurrence of frauds, the average amount involved in frauds declined during the first half of 2023-24, with the number of cases concentrated in card or internet related frauds.