Overview
- T. Rabi Sankar said fraud incidence per transaction fell early in 2025 but has been rising again since July, prompting an RBI data probe into the causes.
- The regulator is deploying digital detection tools, including a “mule hunter,” to identify conduit accounts and flush fraud proceeds.
- FY25 figures show 13,516 card and internet fraud cases totaling Rs 520 crore, while overall reported frauds fell to 23,953 from over 36,000 the previous year.
- Private banks accounted for nearly 60% of fraud cases by number, whereas public sector banks represented over 71% of fraud value as of end-FY25.
- Sankar urged banks to modernize monolithic core systems and said risks from private digital currencies are conceptual yet potentially existential, with CBDC pilots continuing cautiously.