According to the data, fraud cases involving ₹100,000 or more ($1,150) have risen drastically over the years. The amount lost to these cybercrimes reached a record ₹177 crore ($20.2 million) in FY 2024read moreIndians were scammed out of ₹107.21 crore ($12.2 million) in the first nine months of the Financial Year 2025, according to data presented in the lower house of the Indian Parliament, Lok Sabha. During this period, a total number of 13,384 cases of cyber fraud were registered in the countryOwing to a massive rise in the digitalisation of cash transfer and banking services, more people than ever are falling prey to cybercrimes in the South Asian country.Advertisement“With increasing digital payment transactions in the country, incidences of fraudulent practices, including digital payment frauds, have also gone up in the last few years,” said Pankaj Chaudhary, minister of state in the Union finance ministry.Fraudulent activities, especially in card, internet, and digital payments, have surged in recent years.Although the Reserve Bank of India (RBI) does not maintain a centralised database of cyber fraud cases, data from commercial banks and financial institutions indicate a concerning trend.According to the data, fraud cases involving ₹100,000 or more ($1,150) have risen drastically over the years.The amount lost to these cybercrimes reached a record ₹177 crore ($20.2 million) in FY 2024.On the flip side, the lowest number of fraud cases were reported in FY15. That year, only 845 cases were registered, leading to losses of over ₹18 crore.The finance ministry has raised concerns over the rising number of scams involving non-KYC-compliant accounts, money mule operations, and phishing attacks that exploit unsuspecting users.What is RBI doing to stop digital scams?India’s central bank, the RBI, in July 2024 issued Fraud Risk Management guidelines that mandated:Early warning signals (EWS) to monitor suspicious transactions.Stricter scrutiny of non-KYC-compliant and high-risk accounts.A dedicated Market Intelligence Unit to analyse fraud patterns.The government also launches schemes like CERT-In (Indian Computer Emergency Response Team) and Chakshu to help people stay clear of online fraud.AdvertisementNational Cybercrime Reporting Portal and Helpline 1930 have also been strengthened to make it easier for people to report cases.More from India
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Cyber fraud in India: $12.2 mn lost, 13,384 cases reported in first nine months of 2024-25
