Online banking fraud tops cyber crime list in India

With the development of electronic media and information technology - especially from 1980’s onwards - a new variety of crimes related to computers, commonly called “cybercrimes”, arose. The rapid growth rate of cybercrimes in the new millennium has alarmed world leaders and prompted action to enforce stricter laws to deal with it.

The number of cybercrime cases across India has risen drastically by more than 44 percent between 2013 and 2017 from about 2,400 to approximately 3,474. Police responsible for cyber crime in India blame the ease at which online information can be accessed as well as technological advancement for the drastic rise in the number of cases.

Most of the cybercrimes across India are related to online banking. There were about 2,095 cases of online banking fraud reported in 2017. Due to the increasing number of cases, policy makers across the country have emphasized digital security as the key issue with regard to the government's push towards a cashless economy.