RBI Urges Vigilance: Rising Cyber Frauds Amid Digital Surge

A recent Reserve Bank of India report highlights the surge in cyber frauds amidst increasing digital transactions. The report calls for greater public awareness and efforts to identify mule accounts, noting a significant rise in financial fraud cases and amounts involved year-on-year.

As digital transactions continue to rise, the Reserve Bank of India (RBI) has voiced concerns over the growing incidents of cyber fraud. In its recent Financial Stability Report, the RBI emphasized the need for increased public awareness and identification of mule accounts.

The report, covering the banking trends of 2023-24, reveals a substantial surge in bank fraud cases, with 18,461 incidents reported involving significant sums. The financial losses from frauds have drastically increased, stressing the urgent need for preventive measures.

To safeguard the financial system's robustness, the RBI continues to focus on enhancing cyber resilience and fraud prevention through vigilant regulatory efforts. Regulators aim to adapt swiftly to evolving financial environments to ensure customer protection.

(With inputs from agencies.)