New Delhi: In the first 10 months of 2024-25, the total amount involved in digital financial frauds reached Rs. 4,245 crore, with 2.4 million incidents of frauds being reported.
According to data tabled in the Rajya Sabha by the Ministry of Finance, the figure of Rs. 4,245 crore marks a 67 per cent increase from 2022-23, when the amount was Rs. 2,537 crore in two million cases, reported Business Standard.
In 2023-24, financial frauds adding up to Rs. 4,403 crore were reported across 2.8 million cases.
The Ministry of Finance said in Parliament that Reserve Bank of India (RBI) has implemented the Central Payments Fraud Information Registry, which is a web-based system for reporting payment-related frauds.
For immediate reporting of financial frauds, the Citizen Financial Cyberfraud Reporting and Management System has been introduced, which has so far saved around Rs. 4,386 crore based on 1.3 million complaints, said the Ministry of Finance.
“RBI issued Master Directions on Digital Payment Security Controls in February 2021 to combat web and mobile application threats. These guidelines mandate banks to implement common minimum security standards for various payment channels, including internet banking, mobile banking, and card payments. RBI has also launched an artificial intelligence (AI)-based tool, MuleHunter.AI, to identify money mules and has advised banks and financial institutions to use it,” said Minister of State for Finance Pankaj Chaudhary.
