Indians lost nearly Rs 1800 crore in Cyber Fraud
Starting from
January to April 2024, Indian citizens losses nearly Rs 1,800 crore in cyber fraud.
The amount was reported through over 740,000 complaints lodged on the National
Cybercrime Reporting Portal, which is managed by the Ministry of Home Affairs.
The Indian
Cyber Crime Coordination Centre specified that in May 2024, an average of 7,000
cybercrime complaints were recorded daily, marking a significant surge of 113.7
per cent compared to the period between 2021 and 2023, and a 60.9 per cent
increase from 2022 to 2023.
Most victims
fell target to online investment fraud, gaming apps, algorithm manipulations,
illegal lending apps, sextortion, and OTP scams. Trading scams accounted for
20,043 cases, leading to a loss of Rs 1,420 crore to cybercriminals during the
same period.
The National
Cybercrime reported its ongoing collaboration with regulatory bodies such as
the Reserve Bank of India and fintech companies, among others, to address
issues related to cybercriminals' misuse of mule accounts and telecom
infrastructure. Additionally, it continues to monitor and disrupt cybercrime
operations, including blocking Skype accounts, Google and Meta advertisements,
SMS headers, SIM cards, and bank accounts.
