Cyber fraud cases are rapidly increasing in India, causing significant financial losses to ordinary citizens. In the first nine months of the current fiscal year 2024, ₹107.21 crore (approximately $13 million USD) has been fraudulently obtained. Data presented in the Lok Sabha indicates that as digital transactions increase, cybercriminals are employing increasingly sophisticated methods to target individuals.
Rise in Digital Payments Fuels Cybercrime Surge
The prevalence of digital payments has significantly increased in recent years, simplifying transactions. However, this has also led to a sharp rise in cyber fraud cases. According to data from banks and financial institutions, in 2015, there were 845 cyber fraud cases exceeding ₹1 lakh (approximately $12,000 USD), resulting in losses of ₹18.46 crore (approximately $2.2 million USD).
By 2024, this figure has escalated to over 29,000 cases, with fraudulent transactions totaling ₹177.05 crore (approximately $21 million USD). As of now in 2024, 13,384 cyber fraud cases have been registered, resulting in losses of ₹107.21 crore (approximately $13 million USD).
Methods Used to Target Individuals
According to the Ministry of Finance, cybercriminals employ various methods to defraud people. These include:
• Phishing Attacks: Stealing personal information through fake websites or links.
• Incomplete KYC Accounts: Committing fraud under the guise of updating KYC information for banks or wallet companies.
• Fake Hotel Bookings and Courier Scams: Extorting money by creating fake hotel booking websites.
• Fake Lottery and Reward Schemes: Soliciting money by informing people of fake lottery wins or rewards through phone calls or emails.
How to Avoid Online Scams
To avoid becoming a victim of cyber fraud, follow these precautions:
• Avoid clicking on unknown links – Refrain from clicking on suspicious emails, messages, or WhatsApp links.
• Book only through official websites – Use only official websites for hotels, courier services, and other services.
• Beware of fake offers on social media – Do not fall for attractive advertisements or heavy discounts.
• Do not share your banking details with anyone – Do not share OTPs, passwords, or banking information with unknown individuals.
• Verify the website before making a payment – Check the authenticity of the website before making any payment.
Stay Alert, Stay Safe from Cyber Fraud
While the government and financial institutions are taking strict measures to curb cybercrime, your vigilance is paramount. Utilize digital payments, but always remain vigilant to avoid fraud.
