Credit Card Fraud Statistics in India Show Alarming Rise Amid Pandemic

A Shocking Revelation: Online Financial Fraud Soars by 225%

According to data released by the National Crime Records Bureau (NCRB), cases of online financial fraud using credit or debit cards have increased dramatically during the pandemic. The NCRB’s Crime In India 2020 report reveals that while there were only 367 reported cases in 2019, this number jumped to 1,194 in 2020, representing a staggering rise of over 225%.

Phishing and Online Banking Fraud: A Growing Concern

The report highlights the significant increase in phishing cases last year, with many of these cases involving the Aarogya Setu app. Additionally, online banking fraud, OTP frauds, and credit/debit card fraud have all seen a substantial rise.

ATM-related fraud cases more than doubled to 2,160
Phishing cases increased significantly, with many involving the Aarogya Setu app
Online banking fraud, OTP frauds, and credit/debit card fraud also saw significant increases

Motive Behind Most Cybercrimes: Financial Gain

The motive behind most of these cybercrimes is financial gain, with a staggering 60.2% of all reported cases lodged for the sake of fraud. The rate of cybercrime incidents per lakh population also increased from 3.3% in 2019 to 3.7% in 2020.

Despite a drop in traditional crimes such as theft, robbery, and assault on women and children due to pandemic-related lockdowns, there was an alarming increase in disobedience to government orders primarily arising from violations of COVID-19 norms. The total number of cognizable crimes registered in 2020 stood at 66,01,285, with an increase of 14,45,127 (28%) over 2019.

A Grim Picture: India’s Struggle to Combat Cybercrime

The NCRB report has been releasing data on crime rates in India since 1953, and the latest figures paint a grim picture of the country’s struggle to combat cybercrime. The increasing trend in credit card fraud statistics is a cause for concern, emphasizing the need for urgent measures to prevent such crimes from occurring in the future.

Conclusion

The alarming rise in credit card fraud statistics in India amid the pandemic serves as a wake-up call for authorities and individuals alike. It is crucial that we take immediate action to prevent and combat cybercrime, ensuring the safety and security of our financial transactions.