Online fraud cases have skyrocketed by 708% over the past two years, with private banks reporting the majority of these incidents, according to a recent RBI report. The surge underscores growing concerns about digital security in the banking sector. Private lenders accounted for 83% of the total fraud cases, highlighting their vulnerability. This sharp increase is attributed to the rapid growth in digital transactions and the evolving tactics of cybercriminals. The RBI emphasizes the need for enhanced security measures and awareness to protect consumers from online fraud.