Online banking, ATM fraud cases declined by 4.56%, 7.9% over 2 years: Govt

Minister of state for finance Bhagwat Karad said that the Bank of India, Bank of Maharashtra, and AU Small Finance Bank reported zero frauds in 2020-2021

Published on: Mar 16, 2023, 08:49:39 IST

By Shweta Mudaliar

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Online banking and ATM fraud cases declined by 4.56% in 2020-21 and 7.9% in the following financial year, the government has informed Parliament.

Mizoram was the only state that did not report online banking or ATM fraud cases in 2021. (Getty Images/iStockphoto)

Minister of state for finance Bhagwat Karad gave the information in Lok Saba on Wednesday in response to a question by Bharatiya Janata Party (BJP) member Rahul Kaswan. He added the Reserve Bank of India (RBI) has enhanced the security of digital transactions to check fraud.

Karad said that the Bank of India, Bank of Maharashtra, and AU Small Finance Bank reported zero frauds in 2020-2021. Maharashtra reported the most internet banking fraud cases (26,844) worth ₹75.7 crores followed by Delhi (8,003) amounting to ₹22.09 crore.

Mizoram was the only state that did not report online banking or ATM fraud cases in 2021. Last year, the state reported two such cases.

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