Reserve Bank of India recently released statistics on Cyber Frauds pertaining to Internet Banking, ATMs, Debit Cards and Credit Cards for past 4 years and even after all the security and policies introduced, cyber fraud in terms of total amount is on the rise.
As per the report, in 2010, cyber frauds accounted for close to 40.5 crore rupees as compared 52.7 crores in 2012. On the other hand, the cases reported have seen a decrease from 15018 cases reported in 2010 as compared to 8322 cases reported in 2012. This also show that average value per cyber fraud case has also increased alarmingly!
Bank-wise Cyber Fraud Data
ICICI Bank customers have been the biggest victims of Cyber Frauds. In last 4 years (from 2009 to 2012) ICICI Bank alone reported 34918 cases amounting to 74.25 crore rupees. Though, ICICI Bank is one of the biggest private commercial Banks in India, the number of cases are relatively very high. With the measures that ICICI Bank has taken over the years, the number of cases as well as the value of cyber frauds in dropping. In 2009, ICICI Bank had 15,666 cases, 9811 in 2010, 6013 in 2011 and 3428 in 2012. Even the value has been progressively down.
American Express ranked 2nd based on the value of cyber frauds with 4 years (2009 to 2012) amounting to 26 crore rupees nearly 3 times less than ICICI Bank. Citibank came in at 3rd reporting 24 crores worth of cyber frauds followed by Axis (15.9 crore) and HSBC (13.8 crore).
The surprising aspect is low number of cyber fraud cases witnessed by HDFC Bank. In past 4 years, they witnessed only 1330 cases valued 9.77 crore rupees. Given that it is one of the largest bank in India, they have effectively managed the security of their customers against cyber frauds.