According to the Reserve Bank of India (RBI), reported digital banking fraud cases in the financial sector increased from 13,564 cases in FY 2022–23 to 36,075 cases in FY 2023–24, registering a rise of over 165% (RBI Annual Report 2023–24).
Further, the National Crime Records Bureau (NCRB) has reported a steady rise in cybercrime incidents across India, many of which are linked to online and digital banking. In 2024 alone, losses exceeding ₹23,000 crore were attributed to cyber and digital frauds.
These figures clearly indicate that while digital banking is safe when used responsibly, even small lapses in security awareness can result in significant financial loss.
Through this customer awareness initiative, Shiva Sahakari Bank Niyamita, Davangere aims to educate customers on digital banking security practices to help prevent online banking frauds.
Digital transactions are processed instantly, unlike traditional banking transactions that may take time to settle. Once money is transferred through unauthorised access, it can quickly move across multiple channels, making recovery extremely difficult.
As per RBI data, card-based and internet banking transactions account for the majority of reported banking frauds, with account takeover frauds contributing to nearly 56% of total incidents.
For individual customers, adopting safe practices such as strong passwords, secure devices, and regular account monitoring is essential.
For banks and businesses, digital security is critical not only to safeguard funds but also to maintain customer confidence and trust.
Fraudsters often rely on deception and lack of awareness, rather than complex hacking techniques. The most common scams include:
Fraudsters send emails, SMS, or messages that appear to be official bank communication. These messages may claim:
Criminals obtain a duplicate SIM card in the customer’s name, enabling them to receive OTPs and transaction alerts, leading to unauthorised access to bank accounts.
Fraudsters send UPI “collect requests”, misleading customers into approving payments. Instead of receiving money, customers unknowingly transfer funds to the fraudster.
Malicious apps resembling official banking apps are circulated through unofficial sources. Once installed, these apps can steal login details and compromise device security.
Fraudsters impersonate bank officials, customer care executives, or government authorities and pressure customers to share PINs, CVVs, or OTPs under the pretext of resolving urgent issues.
Avoid predictable passwords. Use a combination of letters, numbers, and symbols, and do not reuse passwords across platforms.
Always activate OTP, biometric, or app-based authentication for an additional layer of security.
Do not click on suspicious links. Always verify messages directly with the Bank.
Install apps only from official app stores and verify the developer name before downloading.
Check account statements and enable SMS alerts to identify unauthorised transactions early.
Keep devices updated, use antivirus software, and lock phones with biometrics or strong passwords.
Use secure mobile data or trusted private networks for online banking.
Shiva Sahakari Bank Niyamita will never ask for these details through calls, SMS, or emails.
Set daily limits on cards and accounts and enable alerts for all debit transactions.
Promptly inform your branch or the Bank if you notice any suspicious or unauthorised activity.
Stay alert. Stay informed. Bank safely with Shiva Sahakari Bank Niyamita, Davangere.
