Wednesday, February 18, 2009

Online, Credit Card frauds cost banks Rs 42 crore

New Delhi:

Banks across the country reported a loss of over Rs 42 crore to internet/online banking and credit cards frauds during April-December last year with the maximum amount being fraudulently withdrawn using credit cards.

Though the states collectively reported 233 such crimes in 2008, Maharashtra reported 23 incidents — the maximum — during the nine month period last year. Tamil Nadu, on the other hand, has topped the list in terms of losing the maximum amount (Rs 2.09 crore) to internet frauds.

While different private and public sector banks on their part collectively reported a loss of Rs 36.54 crore to credit card frauds, the states reported a loss of Rs 6.57 crore to internet frauds.


According to figures released in Lok Sabha in response to a question on Tuesday, the lending institutions in Maharashtra lost Rs 55.54 lakh to online fraudulent practices.

Rajasthan, Andhra Pradesh and West Bengal lost Rs 89.93 lakh, Rs 64.29 lakh and Rs 35.72 lakh, respectively while Kerala and Delhi lost Rs 17.60 and Rs 10.90 lakh, respectively, owing to cyber frauds.

Eleven cases of internet fraud were reported from Andhra Pradesh, eight from Delhi, seven from Tamil Nadu, six from Karnataka and five from West Bengal during April-December 2008.


However, banks in Bihar, Goa and Jharkhand did not lose a single penny to such fraudulent activities.

According to data updated till 2007, out of the total 355 people arrested across the country, a maximum of 156 people were arrested in Madhya Pradesh in connection with cheating-related cases under IT Act — fake digital signature (Section 64) and breach of confidentiality/privacy (Section 72) — and IPC — forgery and criminal breach of trust/fraud).

Source: The Times of India, 18/02/09

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