285% Spike In Cyber Banking Frauds, ₹2100 Crore Lost By Public: Raghav Chadha

AAP MP Raghav Chadha raises concerns about the rise in cyber and digital frauds in the banking sector. According to him, there has been an alleged 285% increase in banking fraud cases, with complaints reportedly rising from 75,800 in 2023 to over 2,92,000 in 2024. This surge, Chadha claims, has led to public losses of around ₹2100 crores. Most complaints are said to be linked to UPI-based frauds. He also flagged the growing issue of data theft and questioned whether banks are doing enough to safeguard sensitive customer information from misuse or leaks. Most of these complaints are related to UPI-based banking frauds, which have become a growing concern. Raghav Chadha also highlights the equally dangerous issue of data theft. He questions whether banks are doing enough to protect sensitive customer data like PAN, address, and other personal details from misuse or leakage to marketing companies, credit card firms, and more. 

COURTESY: SANSAD TV