Cyber Fraud concerns grow as Raghav Chadha raises data safety issues.

Cyber Fraud has become a serious concern in India’s banking sector as digital transactions continue to grow. The issue was raised by Raghav Chadha, who highlighted the sharp rise in banking fraud complaints and risks linked to customer data security.
He spoke about the increase in cyber and digital fraud cases and the impact on banking customers across the country.

Cyber Fraud complaints increased from 2020 to 2024

According to figures shared by Raghav Chadha, around 75,000 to 80,000 banking fraud complaints were recorded in 2020. By 2024, the number increased to 2,92,000 complaints.
This reflects a rise of nearly 250 percent in banking fraud cases within four years. He stated that people lost nearly Rs 21,000 crore due to these fraud incidents, with many bank accounts becoming empty after unauthorized transactions.The data shows a rapid increase in risks linked with digital banking services.

UPI-related Cyber Fraud cases highest

Raghav Chadha said that the highest number of complaints were related to UPI-based banking fraud. With the growth of digital payments, cyber criminals have adopted new ways to target users.
He noted that faster payment systems have also created more opportunities for fraud activities.

Data theft concerns linked to Cyber Fraud

Along with money theft, he raised concerns about data theft. Customers provide personal information such as PAN number, name, address, and date of birth to banks while using financial services.
He questioned whether banks are able to fully protect customer data and whether such information reaches marketing companies, credit card agencies, loan providers, or property sellers through leaks or unintended sharing.

Major data leak incidents mentioned

While speaking on the issue, Raghav Chadha referred to earlier data leak reports. According to a report, in 2019, data related to three million customer accounts of SBI was leaked, exposing banking history.

He also mentioned that in 2021, digital wallet company MobiKwik faced a data leak involving 8.2 TB of KYC data. He said customers ultimately face the consequences of such incidents.

Raghav Chadha said that along with money theft, data theft is equally serious. He questioned how private customer information reaches companies that make frequent marketing calls offering credit cards, loans, and property deals.
He asked how such companies obtain personal banking data and raised concerns about customer privacy.

The rising Cyber Fraud cases highlight growing risks for digital banking users. Customers may need to remain cautious while sharing personal details and while using online payment platforms.
The issue has increased focus on stronger data protection and improved security measures to reduce fraud risks in the banking sector.