Over 63,000 digital payment frauds worth Rs 733 crore in 10 years: Govt

Government data reveals that India recorded over 63,000 digital payment fraud cases, amounting to a total loss of Rs 733 crore, over the past decade (FY 2014-15 to December 2024). The figures, reported by commercial banks and financial institutions, highlight a significant rise in cyber fraud incidents, particularly those involving amounts exceeding Rs 1 lakh. This alarming trend underscores the persistent challenges in securing digital transactions. While the government has implemented measures like strengthening fraud detection systems and launching awareness campaigns, the surging number of cases demands more robust countermeasures to protect consumers and the integrity of the digital payment ecosystem.