Credit Card Fraud Statistics in India Surge for Second Consecutive Year: Report

A recent report by the National Crime Records Bureau (NCRB) has revealed that fraudulent credit and debit card transactions have increased for the second straight year in 2021. This alarming trend highlights the growing concern of financial fraud in India.

Key Statistics

• A total of 3,432 cases of credit and debit card frauds were reported in 2021, representing a nearly 20% increase from the previous year.
• Fraudulent transactions have almost doubled in just two years.
• The number of bank frauds decreased by 20.8%, while ATM-related fraud saw a decline of 1.5%.
• The total number of economic offences reported in 2021 stood at 174,013, an increase of 19.4% from the previous year.

State-wise Breakdown

• Telangana was found to be the worst-affected state with 1,092 cases of debit and credit card frauds in 2021.
• Bihar ranked second on the list with less than half the number of reported frauds (444).

Categories of Offences

The NCRB classified these offences under three categories:

• Criminal Breach of Trust: Not applicable
• Counterfeiting and Forgery: Not applicable
• Cheating: 16% increase from the previous year
• Fraud: Not applicable

Proposed Fraud Registry

The Reserve Bank of India is considering setting up a fraud registry to combat rising incidents of fraud in the banking sector. The proposed registry will maintain a database of fraudsters’ IP addresses and phone numbers, enabling agencies to identify and eventually blacklist them.

This report assumes significance as it highlights the need for stricter measures to prevent financial fraud in India. As the country continues to grapple with this issue, it is essential that authorities take proactive steps to safeguard the interests of citizens and ensure a safer financial landscape.