News: Cyber Crime losses rise to 63 crore in fy20-21: Govt.

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News: Cyber Crime losses rise to 63 crore in fy20-21: Govt.

New Delhi: The extent of loss due to cyber crime, which is frauds related to ATM/Debit Card, Credit Card and Internet Banking, based on the date of reported by public and private banks, has increased to Rs 63.40 crore in FY20-21 from Rs 58.61 crore in FY19-20, the government informed Parliament on Monday.


In case of financial fraud related to cards and internet banking, the RBI has issued instructions providing for zero liability of a customer, if she or he informs the bank regarding an unauthorized electronic transaction within three working days of receipt of information in respect of the transaction from the bank and for the bank to credit the amount involved in such transaction to the customer’s account in such cases.

Moreover, the maximum liability of the customer shall range from Rs 5,000 to Rs 25,000 if she or he reports the unauthorised electronic transaction within four to seven working days, and if she or he reports after seven days, the liability shall be determined as per the bank’s Board-approved policy.


RBI has also advised banks to ensure that complaints in this regard are resolved and the liability of the customer, if any, is established within such time as may be specified in the bank’s Board–approved policy, not exceeding 90 days.

To spread awareness against cyber-crimes, several steps have been taken such as dissemination of messages on cyber-crime through short message service (SMS), radio campaigns, publicity on prevention of cyber-crime and cyber safety tips through social media accounts of the Indian Cybercrime Coordination Centre (I4C), publishing of a handbook for adolescents/students, publishing of Information Security Best practices for government officials, organising of cyber safety and security awareness weeks in association with States and Union territories, conducting of electronic-banking awareness and training (e-BAAT) programmes by RBI focussed, inter alia, on awareness about frauds and risk mitigation.

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Banks are required to conduct an annual review of the frauds and place a note before the Board of Directors/Local Advisory Board for information, and this include, inter alia, amount recovered. Banks are also required to constitute a Special Committee of the Board for monitoring and follow up of cases of frauds (SCBF) involving amounts of Rs 1 crore and above, which, inter alia, monitors progress of CBI/Police investigation and recovery position in such fraud accounts.

Source: https://timesofindia.indiatimes.com/business/india-business/cyber-crime-losses-rise-to-rs-63-crore-in-fy20-21-govt/articleshow/90532711.cms

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