Increase in cyber fraud: State Bank of India reports nearly 16,000 cases in 22 months, resulting in a loss of Rs 118 crore
Approximately 16,000 cases of cyber frauds were reported within State Bank of India (SBI) branches over a period of 22 months, unveiling the alarming vulnerabilities in digital security within the banking industry. This revelation surfaced from SBI’s response to an RTI inquiry by Abhay Kolarkar, shedding light on the rampant financial scams that took place between January 1, 2024, and October 31, 2025. These staggering numbers underscore the escalating risks associated with the increased reliance on technology and online banking platforms, raising concerns among users and financial institutions alike.
In addition to the cyber fraud cases, the data provided by SBI also disclosed 5,105 instances of other types of fraud recorded during the same duration, indicating a significant surge in financial malpractices as digitization continues to expand in the banking sector. It comes at a time when banks are integrating cutting-edge technologies, such as artificial intelligence, to enhance their services. While these advancements aim to streamline operations and improve customer experiences, they have simultaneously opened up new avenues for fraudulent activities, leaving account holders vulnerable to various forms of financial crime.
The financial repercussions of these cyber frauds have been substantial, with losses totaling a staggering amount of Rs 118.47 crore, highlighting the severe impact on both individuals and financial institutions. Notably, online banking frauds accounted for a significant portion, comprising 6,630 cases involving Rs 62.37 crore. On the other hand, mobile banking frauds and ATM-related scams resulted in losses of Rs 3.23 crore and Rs 7.6 crore, respectively. These figures underscore the need for heightened vigilance and robust cybersecurity measures to combat the growing threats posed by cybercriminals.
The exponential rise in cyber fraud incidents underscores the urgent need for stronger security protocols and stringent measures to safeguard the financial interests of account holders. As banking institutions strive to leverage technological advancements to enhance their services, they must prioritize cybersecurity and invest in cutting-edge solutions to thwart cyber threats effectively. By raising awareness, bolstering security frameworks, and implementing stringent regulations, banks can fortify their defenses against evolving cyber threats and instill confidence among customers in the digital banking ecosystem.