25k Cases Of Online Banking Fraud In 2017; Here Are Our Top Digital Fraud News!

Most of the crimes took advantage of people's lack of digital knowledge and tricked them into giving out their banking details.


25k Cases Of Online Banking Fraud In 2017

As we enter 2018, one of the most crucial and vital aspects which we need to focus is online frauds. Be it frauds related to online banking or using OTP to syphon off funds, we need to stay alert, and vigil.

We will share top 5 online transactions related fraud which we covered in 2017; but before that, let us know the official numbers when it comes to online banking frauds.

25,800 Frauds Recorded; Maharashtra Tops The List

In a written reply to a question in Rajya Sabha, IT minister Ravi Shankar Prasad informed the nation that as of December 21st, 2017, there were a total of 25,800 cases of fraud related with online banking recorded.

A total amount of Rs 179 crore has been swindled in these 25,800 fraud cases, which includes instances from net banking and usage of debit/credit cards.

The cases are increasing, as the December quarter (Till December 21st) witnessed 10,220 cases alone, worth Rs 111.85 crore

Here is the breakdown:

  • September quarter: 7,372 cases
  • June quarter:  5,148 cases
  • March quarter: 3,077 cases

Only Rs 67.13 crore was involved in fraud cases for March quarter, which is the minimum; while December quarter has witnessed maximum cases and amount.

Maharashtra has topped the list of online frauds, among all states, with 380 cases involving Rs 12.10 crore.

Here is the fraud ranking:

  1. Maharashtra: 380 cases worth Rs 12.10 crore
  2. Haryana: 238 cases worth Rs 8.27 crore
  3. Karnataka: 221 cases worth Rs 9.16 crore
  4. Tamil Nadu: 208 cases worth Rs 4.38 crore
  5. Delhi: 156 cases worth Rs3.43 crore

Top Digital Fraud Cases Of 2017!

2017 witnessed several online frauds, involving e-commerce customers, Aadhaar users, senior citizens who gave away their OTP and along with lakhs of rupees to the scammers and more.

Here are our top picks:

Rs 3700 Crore Online Scam

In terms of value, this is hands-down, the biggest online fraud which we reported last year. In the name of ‘Social Trade’, a so-called entrepreneur looted 7 lakh people, and the case is still pending.

Aadhaar-Scam With ICICI Bank

The chaos and panic related to Aadhaar linking led to this scam worth Rs 1.3 lakh, wherein scammers posed as bank officials and tricked the customer to give away their OTP. And the rest, was history.

Aadhaar-Scam With LIC

This was more of a warning, rather than an actual scam; but still, due to the importance of LIC, we included this scam in the list. After Govt. made Aadhaar linking of insurance policies compulsory, some fraudsters created fake websites to syphon-off money.

Aadhaar-Scam With Bank

This was yet another Aadhaar related scam, wherein the fraudsters exploited the trust of non-tech savvy bank customers and tricked them into revealing their OTP. We have repeated this earlier as well: Never, ever reveal your OTP to anyone.

Zero Liability For Online Fraud Transactions

Finally, some good news. RBI has declared that in case of negligence from the bank in an online fraud, the customer will have zero liability. Besides, Rs 5000 as the customers’ liability has already been announced, in case of bank transactions fraud.

Did we miss any fraud related news? Do let us know by commenting right here!

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