India has lost ₹107.21 crore to cyber fraud in the first three quarters of the ongoing financial year (FY25), with 13,384 cases reported so far, according to data presented in the Lok Sabha.
India’s rapid adoption of digital payments has brought convenience but also a surge in cyber fraud. With more transactions happening online, fraudulent activities — particularly in card, internet, and digital payments — have seen a sharp rise in recent years.
While the Reserve Bank of India (RBI) does not maintain a centralised database of cyber fraud cases, data from commercial banks and financial institutions reveal a worrying trend.
The data shows that cases of fraud involving ₹1 lakh and above have steadily increased over the years, with losses peaking in FY24 at ₹177.05 crore. In contrast, the lowest recorded loss was ₹18.46 crore in FY15, when only 845 fraud cases were reported.
Also read: 1,800 fake websites, 167,000 counterfeit KYC documents: Inside India’s massive identity fraud network
The finance ministry has highlighted an increasing number of scams related to non-KYC-compliant accounts, money mule operations, and phishing attacks targeting unsuspecting users.
| Financial Year | Number of Cases (₹1 lakh and above) | Total Loss |
|---|---|---|
| 2014-15 | 845 | ₹18.46 crore |
| 2015-16 | 1,191 | ₹26.90 crore |
| 2016-17 | 1,372 | ₹27.78 crore |
| 2017-18 | 2,058 | ₹79.79 crore |
| 2018-19 | 1,866 | ₹51.74 crore |
| 2019-20 | 2,677 | ₹44.22 crore |
| 2020-21 | 2,545 | ₹50.10 crore |
| 2021-22 | 3,596 | ₹80.33 crore |
| 2022-23 | 6,699 | ₹69.68 crore |
| 2023-24 | 29,082 | ₹177.05 crore |
| 2024-25* | 13,384 | ₹107.21 crore |
| Total | 65,315 | ₹733.26 crore |
(*till December 2024)
Steps taken to curb digital fraud
To tackle this growing crisis, the RBI issued Fraud Risk Management guidelines in July 2024, which mandate:
- Early warning signals (EWS) to monitor suspicious transactions.
- Stricter scrutiny of non-KYC-compliant and high-risk accounts.
- A dedicated Market Intelligence Unit to analyse fraud patterns.
Additionally, the government has launched multiple digital safety initiatives:
- CERT-In (Indian Computer Emergency Response Team) conducts cybersecurity audits and mock drills to assess risks in digital platforms.
- Chakshu, a feature under the Sanchar Saathi portal, allows users to report fraudulent messages and calls linked to scams.
- National Cybercrime Reporting Portal and Helpline 1930 help victims report financial frauds.
With India’s digital payments ecosystem growing rapidly, the challenge now is to ensure that innovation does not come at the cost of security.
Also read: ‘Hacktivism’ flares up in India, finds CloudSEK report
