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Cybercrimes Cost Banks Rs. 88,000 an Hour for 3 Years
July 31, 2017
The total money lost by the banks in the past three years and three months i.e. from April 1, 2014, to June 30, 2017, is Rs. 252 crore. This money that was lost to cyber crimes amounts to Rs. 88,553 per hour.
According to the data covering 102 banks provided by the Reserve Bank of India, about 40 cases involving cyber crimes with an average cost per day of Rs. 21,24 lakhs were reported per day. The total number of cases during the period were 46,612.
Netrika Consulting Private Limited Managing Director Sanjay Kaushik said that the majority of cyber crimes are debit card and credit card frauds, for which banks are putting security systems in place.