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Informist, Tuesday, Mar. 18, 2025

MUMBAI – The amount involved in cases of digital financial fraud so far in 2024-25 till January was INR 42.45 billion, compared with INR 44.03 billion in 2023-24 (Apr-Mar), Pankaj Chaudhary, minister of state for finance, said in response to a question in the Rajya Sabha on Tuesday. The number of digital financial frauds reported till January were 2.40 million as against 2.80 million in FY24, the minister said.

All payment related frauds are reported by banks, non-bank prepaid payment instrument issuers, and non-bank credit card issuers on central payments fraud information registry, a web-based payment related fraud reporting solution introduced by the Reserve Bank of India. Chaudhary said about INR 43.86 billion, involving 1.34 million cases of digital financial fraud, has been saved from siphoning off through citizen financial cyber fraud reporting and management system, which was launched for immediate reporting of financial frauds. 

The minister said the government, the RBI, and the National Payments Corp. of India have introduced various measures to prevent digital financial frauds. The RBI had issued Master Directions on Digital Payment Security Controls in February, 2021 to address web and mobile app threats, Chaudhary said. The central bank has launched an artificial intelligence based tool 'MuleHunter' to identify money mules, he added.  End

Reported by Ashna Mariam George 

Edited by Ashish Shirke

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