Online fraud is rapidly increasing in the country. From January to April 2024, 20,043 trading scams and 62,687 investment scams were reported, resulting in a total loss of over 16,429 crore rupees. Scammers exploit people's emotions and psychology by using fake trading platforms, loan apps, gaming, and dating apps. Awareness and caution are the primary ways to avoid online fraud.
Online Fraud Protection: Online fraud is rapidly increasing in the country and is not limited to financial losses. According to the Indian Cybercrime Coordination Centre (I4C), 20,043 trading scams and 62,687 investment scams were reported from January to April 2024. Scammers exploit people's emotions and trust through fake trading platforms, loan apps, gaming, and dating apps. Men typically fall victim to investment scams, while women often become targets of romance scams. Experts state that not making immediate decisions on any offer or call, investigating, and staying vigilant are key to safe digital transactions.
The Growing Threat of Online Fraud
Online fraud is rapidly increasing in the country. According to the Indian Cybercrime Coordination Centre (I4C), 20,043 trading scams were reported from January to April 2024, resulting in losses of approximately 14,204 crore rupees. Meanwhile, 62,687 investment scams caused losses exceeding 2,225 crore rupees. In most cases, fake trading platforms, loan apps, gaming, and dating apps were used.
Scammers not only take money but also manipulate people's thoughts and emotions to their advantage. Even police officers and cybersecurity experts sometimes fall victim to these cunning fraudsters. The fraudsters' objective is to exploit your human psychology.
Fraudsters' Psychological Tactics
Online fraudsters offer various types of propositions that align with your needs and desires. In romance scams, love is dangled; in investment scams, money; and in job scams, employment. Fraudsters gain people's trust by impersonating officials from prominent institutions like CBI, RBI, NIA, or ED.
Sometimes, they siphon off money in the name of charity donations by faking NGOs or relief campaigns; sometimes they install malware under the guise of a VPN; and sometimes they transfer money from accounts through money mule schemes – these are some of the most dangerous methods. Scammers compel people to make immediate decisions with messages like "limited-time offer" or "only a few slots left."
How to Avoid Online Fraud
According to the Stop. Check. Protect campaign run in Australia, do not respond immediately to any offer or call. First, stop, check, and then decide. Ask yourself three questions: What is its real motive? Who will benefit from this? Do I have the freedom to make an informed choice?
Men typically fall victim to investment scams, while women often get caught in romance scams. Overconfidence compels people to take risks and overlooks subtle warning signs.
