1,750 crore already lost by Indians to cyber fraud in 2024

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₹1,750 crore already lost by Indians to cyber fraud in 2024
₹1,750 crore already lost by Indians to cyber fraud in 2024

Between January and April of 2024, Indian cybercriminals stole ₹17.6 billion in total.

In the first four months of 2024, Indians lost over Rs 1,750 crore to cybercriminals, and from January to April, the Ministry of Home Affairs’ National Cybercrime Reporting Portal received over 7,000,00,000 cybercrime complaints. A total of 7,000 cybercrime complaints have been filed daily on an average in May 2024, up 60.9% from 2022–2023 and 113.7% from 2021–2023, according to the Indian Cyber Crime Coordination Centre (I4C). Of these, 85% involved financial online crimes.

The MHA created the I4C to give law enforcement organizations a platform for combating cybercrime. With 26,049 complaints reported in 2019; 2,57,777 in 2020; 4,52,414 in 2021; 9,66,790 in 2022; 15,56,218 complaints in 2023; and 7,40,957 complaints in 2024 in the first four months of the year, it is evident that there has been a significant increase in the number of instances between 2019 and 2024.

Online investment fraud, gambling applications, sextortion, unlawful loan apps, algorithm manipulations, and OTP forwarding were among the tactics used to target the majority of victims. According to I4C, more than a lakh cases of investment scams were reported in 2023. In the first four months of 2024, Indians lost ₹1.2 billion in 4,599 cases of digital arrests. During the same period, 20,043 incidents involved trading scams, resulting in ₹14.2 billion being lost to cybercriminals.

According to I4C data, ₹2.22 billion was lost in 62,687 complaints about investment scams, and ₹132.3 million was lost in 1,725 complaints about dating apps. Between January and April of 2024, Indian cybercriminals stole ₹17.6 billion in total.

Regarding the exploitation of mule accounts and the misuse of telecom infrastructure by cybercriminals, the I4C claimed that it is in constant collaboration with the RBI, DFS, Banks, FIU, DOT, DIU, and Fintech Companies. Additional monitoring and blocking of cybercrime infrastructure is being done, including bank accounts, SIM cards, Skype accounts, Google and Meta ads, and SMS headers.

Also readUnveiling the Ethical Imperatives: Navigating the Intersection of AI and Cybersecurity

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