Cyber fraud Soars: Here's how much Indians have lost

Today, we have a pressing issue to discuss that's affecting millions of Indians – cyber fraud. Did you know that in the fiscal year 2023-24, a staggering Rs 177 crore was lost due to credit, debit card, and internet banking fraud? Let's dive into the details and understand what this means for you.

In a recent statement to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary revealed some alarming statistics.

The amount lost to cyber fraud has more than doubled from Rs 69.68 crore in FY23 to Rs 177.05 crore in FY24. This is a significant jump from previous years, highlighting an urgent need for awareness and precaution."

These numbers are more than just statistics; they represent the financial distress faced by countless individuals and businesses. But what can we do to protect ourselves

To mitigate these losses, the Reserve Bank of India has issued clear guidelines to limit the liability of customers in cases of unauthorized electronic banking transactions. Here’s what you need to know

• If bank's fault: You bear no loss
• If neither yours nor bank's fault: Report within 3 days
• If your fault: You bear the loss until reported
• If the fault is on the bank's part: You bear no loss.
• If the fault is neither yours nor the bank's: Report within three working days, and you bear no loss.
• If reported between 4-7 days, your liability ranges from Rs 5,000 to Rs 25,000, depending on the account type.
• If the fault is due to customer negligence: You bear the entire loss until you report the unauthorized transaction.
• Reporting beyond seven days: Your liability will be determined by the bank’s policy.

So, what should you do if you fall victim to cyber fraud? The Home Ministry has set up a National Cybercrime Reporting Portal at www.cybercrime.gov.in and a National Cybercrime Helpline Number '1930'. Additionally, you can report financial fraud through your bank’s customer care website or visit the nearest branch.

Taking these steps can significantly reduce your risk and help recover lost funds. Let's stay vigilant and protect our hard-earned money from cybercriminals. It's crucial to act swiftly if you notice any unauthorized transactions. Remember, the sooner you report, the better protected you are.

That's all for today on Business Hook. Don't forget to like, share, and subscribe for more insightful updates. Stay safe, stay informed. See you next time.