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Digital payment frauds in the banking sector have experienced a notable increase in FY23, as per the Reserve Bank of India’s (RBI) FY23 annual report. The data shows nearly double the count of reported digital frauds, reaching 6,659 cases amounting to Rs. 276 crores, compared to 3,596 frauds amounting to Rs. 155 crores in FY22. While the overall value of reported frauds by Indian banks has decreased, using cards and internet-based payment methods in digital scams has significantly risen.