Cyber experts say this number is just the tip of the iceberg as less than 2% of cases get reported, and that too by customers. Very few corporates and banks come forward to lodge complaints, fearing for their reputation.
Reluctance on the part of financial institutions to provide fraud-related information hampers investigation, say cyber police. There is no restriction on the amount, though, and FIRs can be filed even for small sums.
In 2015, on an average, 26 card fraud cases were registered every month. Between 2012 and February 2016, a total of 627 cases were filed and 92 fraudsters nabbed.
Experts and cops have zeroed in on eight different types of modus operandi that fraudsters employ to steal card information. A new trick, for instance, involves procuring card details from customers by claiming to call on behalf of the issuer and offering a card upgrade. Experts say even chip cards can be misused.
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