Card cloning, OTP scams and more: Mumbai sees 20,000 cyber-financial frauds in 5 years, victims lose Rs 2,000 crore

Mumbai faces a surge in cyber financial fraud, with over 20,000 cases and Rs 2,000 crore lost since 2020, yet recoveries are minimal. Victims are often left to bear losses as banks frequently deny reimbursements, despite RBI's zero-liability rules, highlighting systemic vulnerabilities.