electronic banking frauds in india · executive summary no encryption or ... pace of electronic...
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ELECTRONICBANKING FRAUDSIN INDIADecember 2017
A Report Based on Primary Case Data from Victims www.cyberblogindia.in
2 The Cyber Blog India
Executive SummaryNo encryption or authentication technology can protect unaware customers, technology without its know how will lead to disruption and it is only through awareness that the problem of growing cyber crime can be solved.
Started as a blog in 2014, The Cyber Blog India has ventured into the space of spreading cyber awareness and helping
victims of cyber crime over the last couple of years. In this endeavor, our small team started receiving cases through a
WhatsApp and Email based helpline. Recently, we wrote an article about fraudulent money withdrawals which picked up
great pace. Since then, there has not been even a single day on which there are no complaints. Appalled by the growing
pace of electronic banking frauds in India, we started out helping victims and documenting cases six months ago.
We present this report as the first of its kind and primary data based research conducted by the team. This report has
been made with no funding, financial support or mandate of any project. We are a small team of young people striving to
tackle and solve the growing menace of cyber crime in India.
In our experience through the cases that we have received, we have observed that intermediaries like payment aggrega-
tors, online wallets and mobile service providers are quick and responsive to complaints. Procedural hassles in some cases
lead to blockades even when the disputed money sits in the fraudulent accounts. We hope that through this report all
functionaries of electronic banking frauds realize it is time to act and governments and organizations take up the agenda
of spreading cyber awareness among citizens.
The data used in this report represents a small variable of the actual electronic banking frauds in India. We have not
used data from news reports and informal information to build this report.
““
3Electronic Banking Frauds in India
Key Findings
4 The Cyber Blog India
STATE WISE HEAT MAP
24,999 9,46,300
Uttar Pradesh, Delhi and Maharashtra have the highest reported amount of total frauds.
I earn 25,000 per month. It was the day when
my salary got credited. With all of it gone and
just 16 left in my account, it was avery difficult
month.
5Electronic Banking Frauds in India
AMOUNT OF FRAUDS REPORTED PER STATE
ATM WITHDRAWAL ONLINE TRANSACTIONS
Uttar Pradesh recorded the maximum amount of frauds worth 7,47,000
Amount
Uttar Pradesh Delhi Maharashtra Tamilnadu West Bengal Andhra Pradesh Chhattisgarh Gujarat Bihar Chandigarh0
80K
160K
240K
320K
400K
480K
560K
640K
720K
800K
Maharashtra : 5,83,547 Delhi : 3,85,719
Uttar Pradesh : 5,76,000 West Bengal : 1,90,688
Delhi : 3,43,873.8 Uttar Pradesh : 1,71,000
Tamil Nadu : 2,98,376 Maharashtra : 1,44,085
Andhra Pradesh : 2,08,000 Gujarat : 1,41,356
TOP 5 STATES
6 The Cyber Blog India
AMOUNT OF FRAUDS PER BANK
Amount
SBI HDFC Axis Bank ICICI Bank OBC Bank Canara Bank Bank of India Central Bank of India South Indian Bank UCO Bank0
350K
700K
1.1M
1.4M
1.8M
2.1M
2.5M
2.8M
3.2M
3.5M
State Bank of India recorded the maximum amount of frauds worth 30,45,761.8
ATM WITHDRAWAL ONLINE TRANSACTIONS
SBI : 15,91,736.8 SBI : 14,54,025
HDFC : 2,58,000 ICICI : 73,688
Axis : 1,61,800 Axis : 69,839
ICICI : 1,34,847 Canara : 60,000
OBC : 1,28,500 UCO : 50,000
TOP 5 BANKS
7Electronic Banking Frauds in India
AMOUNT OF FRAUDS REPORTED TO US MONTHLY
CONCLUSION
Over 490% increase in 3 months
August : 7,23,662 November : 9,81,356
September : 10,25,227
July : 2,55,200
June : 3,52,687
October : 12,58,885
Total Amount
May 2017 Jun 2017 Jul 2017 Aug 2017 Sep 2017 Oct 2017 Nov 20170
175K
350K
525K
700K
875K
1.1M
1.2M
1.4M
The crimes reported to us are just a handful from the ocean which actually makes us wonder of the vastness of the issue.
Our silence and inactivity over the issue is what the criminals are misunderstanding for our inability and continuing to
exploit the hard earned money of so many victims. Its time all banks, authorities, organisations, experts and individuals in
their own capacity and to the extent possible join hands to help the victims and educate people about safe transactions
because we believe,
“Awareness and Sensitisation is the key to a Safe and Cyber Secure Nation.”
