Cyber frauds in Indian banking sector hiked 50% in FY18: RBI
The Indian banking sector witnessed an over 50% hike in cyber frauds in the financial year 2017-18, the annual report by the Reserve Bank of India revealed. Banks collectively lost nearly â¹110 crore to cyber frauds, which amounted to less than 0.5% of the total money lost to frauds in 2017-18. Cyber frauds constituted almost one-third of all banking frauds.