Cyber fraud surge: SBI records nearly 16,000 cases in 22 months, Rs 118 crore lost

NAGPUR: Nearly 16,000 cyber fraud cases were reported across State Bank of India (SBI) branches nationwide over a 22-month period, highlighting growing concerns about digital security in the banking sector.

A reply by SBI to RTI activist Abhay Kolarkar's query on cyber frauds revealed that between January 1, 2024, and October 31, 2025, SBI recorded 15,956 cyber-related financial frauds, underscoring the rising risks associated with reliance on technology and digital banking platforms. Kolarkar had sought details of financial irregularities across the bank's branches. The bank's reply also revealed that during the same 22-month period, 5,105 cases of other frauds were reported.


The surge in cyber fraud comes at a time when banks are rapidly adopting advanced technologies, including artificial intelligence to improve services. However, experts warn this digital expansion has also opened new avenues for financial crime. Compared to traditional financial frauds, cyber fraud has seen nearly a threefold increase, causing anxiety among account holders.

Financially, the impact has been significant. Cyber frauds accounted for losses of Rs 118.47 crore, while other frauds involved Rs 477.64 crore. Online banking frauds formed a major share, with 6,630 cases involving Rs 62.37 crore. Mobile banking frauds numbered 227 cases, involving Rs 3.23 crore, while 1,085 ATM-related frauds resulted in losses of Rs 7.6 crore.

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