Banks in India are losing Rs 88,553 every hour to cybercrime

Data for the first quarter of 2017-2018 shows 56 cybercrime cases a day occurring in banks.

From April 1, 2014 - June 30, 2017, 46,612 cases of cybercrime were reported by financial institutions in India, leading to a loss of Rs 88,553 every hour on average. 

Rohit Karnatak, Managing Director of Pinkerton India, spoke with The Time of India saying, “For the layman, it is sometimes difficult to differentiate between RB1 and RBI, or similar changes made by fraudsters in phishing emails or SMSes sent out, but banks are alert to these and conduct cyber forensic tests to track the origin of such emails and also report the same.“

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