Internet Frauds – Banks lose Rs 6.6 Crores

The Internet fraud has resulted in a loss of Rs. 6.6 Crores to Indian Banks.

Here are some gory details:

  • Rs 2.09 crore have been lost by various banks in Tamil Nadu in seven cases reported between April and December 2008.
  • Lending institutions in Maharashtra, which reported the highest number of 23 incidents, have lost Rs 55.54 lakh to online fraudulent practises
  • Banks in Rajasthan, Andhra Pradesh and West Bengal have lost Rs 89.93 lakh, Rs 64.29 lakh and Rs 35.72 lakh respectively while Kerala and Delhi lost Rs 17.60 and Rs 10.90 lakh respectively owing to cyber frauds

Number of cases:

  • 233 Crimes.
  • 11 cases of internet frauds were reported from Andhra Pradesh, 8 from Delhi, 7 from Tamil Nadu, 6 from Karnataka and 5 from West Bengal [source]

What do you think is the core issue? Lack of awareness?

Do you think the current IT Act Amendment Bill ( government has added provisions to deal with cybercrimes like porn, leakage of data and most importantly, e-commerce frauds) will help curb these frauds?

Or do you think a certain amount of *legal* responsibility lies with the companies as well?

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