Financial Crime World

Credit Card Fraud Statistics in India: A Staggering Surge

The Reserve Bank of India’s (RBI) Trends and Progress in Banking report has revealed a shocking surge in card and internet-related frauds in the country. According to the data, banks witnessed an exponential increase in such cases from approximately 2,500 in 2020-21 to a whopping 12,069 in April-September 2023-24.

Fraudulent Transactions Reach Alarming Levels

The total value of these fraudulent transactions has also seen a significant jump, rising from Rs 119 crore in 2020-21 to Rs 630 crore in the same period this year. This surge underscores the urgent need for financial institutions to strengthen their cybersecurity measures and implement robust fraud detection mechanisms.

In recent years, the number of frauds has been steadily increasing. Here are some key statistics:

  • Financial Year 2020-21: A total of 3,401 frauds involving Rs 1,17,018 crore were reported.
  • Financial Year 2021-22: 3,789 frauds worth Rs 43,512 crore were reported.
  • Financial Year 2022-23: The number of frauds increased to 4,101, with a total value of Rs 25,177 crore.

However, in April-September 2022-23, the number of frauds saw a slight decrease to 1,998, involving Rs 16,968 crore. But in the same period this year, the number of frauds increased again to 12,069, with a total value of Rs 630 crore.

Types of Frauds

The RBI data also highlights instances of various types of frauds, including:

  • Off-balance sheet frauds: The number of cases decreased from 23 worth Rs 535 crore in 2020-21 to 4 worth Rs 73 crore in April-September 2023-24.
  • Forex transactions: The number of cases increased from 4 worth Rs 129 crore in 2020-21 to 5 worth Rs 5 crore in April-September 2023-24.
  • Deposits-related frauds: The number of cases ranged from 504 worth Rs 434 crore in 2020-21 to 915 cases worth Rs 103 crore in April-September 2023-24.
  • Others: This category reported a significant decrease from 278 cases worth Rs 54 crore in 2020-21 to 79 cases worth Rs 21 crore in April-September 2023-24.

Conclusion

The staggering surge in credit card fraud statistics in India underscores the need for financial institutions to prioritize cybersecurity and implement robust fraud detection mechanisms. As fraudulent transactions continue to rise, it is essential for banks and financial organizations to stay vigilant and take proactive measures to protect their customers’ data and prevent future instances of fraud.