Cyber and Financial Frauds Surge in India: Over 1.45 Lakh Cases, ₹101.8 Crore Lost in 2024-25: Government to ramp up Security and Recovery Efforts
The Ministry of Finance disclosed that 145,738 cases of digital payment, card/internet, and app-based lending frauds were reported by banks to the Reserve Bank of India (RBI) in 2024-25 alone.
India witnessed a sharp increase in cyber and financial frauds in the financial year 2024-25, with more than 1.45 lakh cases reported and losses exceeding ₹101.8 crore, according to official data shared by the Ministry of Finance in the Lok Sabha.
Responding to Unstarred Question No. 90, the Ministry of Finance
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disclosed that 145,738 cases of digital payment, card/internet, and app-based lending frauds were reported by banks to the Reserve Bank of India (RBI) in 2024-25 alone. The total quantum of money lost to these frauds during the period stood at ₹101.82 crore, while the amount recovered by banks was ₹48.37 crore.
This marks a dramatic surge compared to previous years:
2023-24: 2,93,488 fraud cases, ₹189.96 crore lost
2022-23: 75,820 fraud cases, ₹85.28 crore lost
Major states such as Maharashtra, Tamil Nadu, and Uttar Pradesh recorded the highest number of cases and financial losses. Maharashtra alone reported 31,658 cases with losses of ₹27.44 crore in 2024-25. Tamil Nadu saw 37,497 cases with losses of ₹5.54 crore. Urban centers and tech-savvy states are particularly vulnerable due to higher digital adoption.
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To combat the rising tide of cybercrime, the government and RBI have taken significant steps, including:
Master Directions on Digital Payment Security Controls (2021) - Mandating minimum security standards for internet, mobile, and card payments.
AI-based ‘MuleHunter’ Tool - Launched by RBI to help banks identify money mule accounts and prevent fraudulent fund flows.
Awareness Campaigns - Nationwide SMS, radio, and digital campaigns to educate the public on preventing cyber fraud.
UPI Security Enhancements - NPCI has enforced device binding, two-factor authentication, transaction limits, and AI-driven fraud monitoring for UPI transactions.
The central government has reiterated its commitment to work alongside states and financial institutions to intensify cyber security measures and bolster efforts for recovery of lost funds. The Ministry of Finance highlighted that ‘Police’ and ‘Public Order’ are state subjects, but the Centre continues to supplement state efforts through advisories and funding for law enforcement capacity building.
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For Odisha, a total of 753 cases were reported in 2024-25, with losses amounting to ₹2.58 crore a notable increase from previous years, reflecting the broader national trend.
With digital payments and online banking now mainstream, the rising incidence of cyber and financial frauds remains a significant challenge for India’s financial sector.
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