Rising frauds in digital payments

Banks have witnessed maximum number of frauds in digital payment category during the fiscal ended 2023-24, according to the RBI annual report 2022-23.

In FY2023, the total number of fraud cases in the banking system were 13,530. Of this almost 49 per cent or 6,659 cases were in the digital payment – card/internet – category.

In the last two years, the highest number of fraud cases were in loan portfolios of banks.

There was a 49 per cent reduction in the amount involved in the total frauds reported during FY2023 over FY2022.

In terms of value, banks reported frauds primarily (Rs 28,792 crore) in the advances category in the previous fiscal. The total amount of fraud in the digital payment category stood at Rs 276 crore in FY23.