Jammu, July 28 -- More than 5.83 lakh digital payment frauds involving over Rs 3,588 crore have been reported by banks and financial institutions across the country since 2021, with barely Rs 238.83 crore recovered and returned, the Union Government informed the Rajya Sabha on Tuesday.
Replying to a question by Rajya Sabha MPs Ranjeet Ranjan and Jebi Mather Hisham, Minister of State for Finance Pankaj Chaudhary said the rapid expansion of digital payment transactions has been accompanied by a steady rise in cyber frauds, including frauds involving credit cards, internet banking and other digital payment platforms.
According to data provided by the Reserve Bank of India (RBI), a total of 5,83,291 digital payment fraud cases involving Rs 3,...