Rise in average value of card, internet banking frauds: Govt data

Average fraud value up at Rs 34,802 in 2021-22, but number of such instances down 8% to 65,045

The value of the average banking fraud involving cards and internet banking was up 8.5 per cent to Rs 34,802 in 2021-22 (FY22), even as the number of such instances declined year-on-year.

There were 65,045 such instances of fraud in FY22, according to data released in the Lok Sabha (LS) on Monday.

The total value involved was Rs 226.4 crore. The data covered fraud in scheduled commercial banks for automated teller machines (ATMs) and other kinds of cards, besides transactions covered under the category ‘card/internet-ATM/debit cards, credit cards, and internet banking’.

By comparison, there were 70,655 instances in 2020-21 (FY21),