Cyber Frauds

Cyber Frauds

Fraud

Fraud can be defined as “any behavior by which one person intends to gain a dishonest advantage over another". In other words, fraud is an act or omission which is intended to cause wrongful gain to one person and wrongful loss to the other, either by way of concealment of facts or otherwise. Fraud, under Section 17 of the Indian Contract Act, 1872, includes any of the following acts committed by a party to a contract, or with his connivance, or by his agents, with intent to deceive another party thereto or his agent, or to induce him to enter into the contract:

* the suggestion as a fact, of that which is not true, by one who does not believe it to

* be true;

* the active concealment of a fact by one having knowledge or belief of the fact;

* a promise made without any intention of performing it;

* any other act fitted to deceive;

* any such act or omission as the law specially declares to be fraudulent.

Cyber Frauds in Bank

Data submitted to the finance ministry has revealed that cyber criminals have defrauded banks in the country of a whopping Rs 130 crore in the last three years. According to a senior finance ministry official, a record 32,928 cases of frauds pertaining to ATMs, debit and credit cards and Internet banking were registered in the period involving 50 nationalised and other banks across the country. ``The most number of banks are from Mumbai and it appears that the law enforcing agencies have failed to detect the frauds.

The largest number of cases of cyber fraud were registered by ICICI bank. As per official information submitted to the ministry of finance, 24,918 cases were registered by the bank in last three years, totalling Rs 74 crore. Last year, the bank registered 3,428 cases involving Rs 6 crore. Citibank-NA followed, with 1504 cases totalling Rs 6.9 crore, American Express banking corporation, 1231 cases and Rs 8.16 crore, HSBC bank, 709 cases, Rs 1.8 crore, HDFC bank, 525 cases, Rs 4.09...