Cyber fraud refers to crimes committed using digital technology, encompassing online scams, phishing attacks, digital payment fraud, identity theft, and unauthorized financial transactions.
Over the past decade, losses from cyber fraud in India have surged nearly 10-fold, escalating from ₹18.46 crore in 2014-15 to a staggering ₹177.05 crore in 2023-24.
The number of cyber fraud cases involving ₹1 lakh or more has dramatically increased, rising from 815 in FY15 to 29,082 in FY24. In the first nine months of FY25 alone, 13,384 cases were reported.
The increase in cyber fraud is closely associated with the rise in digital transactions, greater reliance on online banking, and the adoption of digital wallets. Fraudsters take advantage of vulnerabilities in these systems through phishing, social engineering, and various hacking techniques.
The Indian government has implemented several measures to tackle cyber fraud, including:
According to the Indian Cyber Crime Coordination Centre, it is projected that Indians could lose approximately ₹1.2 trillion in the coming year due to cyber fraud.
The responsibility for preventing, detecting, investigating, and prosecuting cyber crimes falls on states and union territories. The central government provides financial aid and advisory support to law enforcement agencies to bolster their efforts.
The Digital Intelligence Platform assists citizens in reporting suspicious communications, including fake calls, SMS, and WhatsApp messages related to KYC expiry or bank updates. This aids law enforcement in tracking and preventing fraud.
Banks and fintech companies play a crucial role in preventing cyber fraud by implementing stronger security protocols, educating customers on safe banking practices, and promptly addressing fraudulent transactions.
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