Cyber Fraud Cases Surge Over The Last Decade, Reports Finance Ministry

Indian consumers continue to face rising cyber fraud, with Rs 107.21 crore lost in the first nine months of FY 2024-25, according to a Lok Sabha response from the Ministry of Finance. According to data from the Reserve Bank of India (RBI), 13,384 fraud instances involving at least Rs 1 lakh were registered between April and December 2024, highlighting the rising risks of online transactions.

In 2023–2024, the situation was much worse with 29,082 incidents resulting in fraud losses totaling Rs 177.05 crore. The sudden increase in cybercrime cases demonstrates that fraudsters are exploiting India's expanding digital economy.

Government’s Response to Rising Cyber Fraud

According to Minister of State for Finance Pankaj Chaudhary, fraud cases involving card payments, internet transactions, and digital payments have surged significantly over the last decade.

As per RBI data, cyber fraud losses were Rs 18.46 crore from 845 cases in 2014-15. In 2015-16, cases rose to 1,191, with losses climbing to Rs 26.90 crore. By 2017-18, fraud cases had reached 2,058, with losses surging to Rs 79.79 crore.

In 2022-23, cyber fraud losses stood at Rs 69.68 crore from 6,699 cases. The numbers spiked sharply in 2023-24, with 29,082 reported cases, causing losses to soar to Rs 177.05 crore.

With data available until December 2024, the total estimates for FY 2024-25 may be considerably higher. Already, Rs 107.21 crore has been lost from April 2024 to December 2024.

As reported by the Reserve Bank of India (RBI), from FY 2014-15 to FY 2024-25 (till December), a total of 65,315 cyber fraud cases (amount involved Rs 1 lakh and above) have been recorded, resulting in a cumulative financial loss of Rs 733.22 crore.

What’s Being Done to Tackle Cyber Frauds?

To address the growing threat, the RBI has implemented Fraud Risk Management guidelines, which require banks to monitor unusual transactions, detect money mule accounts, and employ data analytics to avoid fraud. The administration has also initiated a number of consumer protection initiatives. The National Cybercrime Reporting Portal and the Cybercrime Helpline 1930 are two ways for victims to report fraud.

As reported in the Lok Sabha response, RBI’s July 15, 2024, Master Directions introduced Early Warning Signals (EWS) to track suspicious transactions in non-KYC and money mule accounts. The Indian Computer Emergency Response Team (CERT-In) has been taking proactive steps to enhance cybersecurity. It regularly issues alerts and advisories to prevent cyber fraud and conducts cybersecurity mock drills to help organizations assess and improve their security posture.

Pankaj states that citizens can report fraudulent calls, messages, and scam attempts with the help of the Digital Intelligence Platform (DIP) and Chakshu service on the Sanchar Saathi portal. Also, the government is using cybersecurity handbooks, social media advisories, and SMS notifications to raise public awareness.