Cyber Fraud Cases Surge Nearly Threefold in India from 2020 to 2024

Recent statistics from the Union government reveal a dramatic rise in cyber fraud incidents across India, with cases soaring from 10,395 in 2020 to a staggering 29,758 in 2024. This alarming surge underscores the growing threat posed by cyber criminals targeting individuals and businesses alike.

Among the various types of cyber fraud recorded in 2024, online banking fraud emerged as the leading category, accounting for 4,659 cases. This was closely followed by credit and debit card fraud, which involved 3,829 incidents. Additional notable categories included marketing and investment scams (3,044 cases), ATM fraud (1,659 cases), fraudulent calls (1,264 cases), and gaming app or website fraud (1,019 cases). The report also highlighted OTP fraud with 965 incidents and e-wallet or UPI fraud with 723 cases. It is worth noting that the government began tracking specific data related to fraud from gaming apps, investment scams, and e-wallets only beginning in 2024.

Geographically, Telangana recorded the highest number of cyber fraud cases, totaling an alarming 18,922 incidents. Bihar followed with 4,020 cases, while Maharashtra reported 2,827 occurrences. This data suggests that certain regions are becoming hotspots for cyber fraud, prompting concerns about the effectiveness of current security measures.

Despite the rising numbers, the National Crime Records Bureau has not compiled data regarding the financial losses incurred or the recovery of stolen funds in these cases, leaving a significant gap in understanding the full impact of cyber fraud on victims. To combat this growing menace, the Union Home Ministry has established the Indian Cyber Crime Coordination Centre, which aims to enhance the country’s response to cyber threats. Additionally, the Citizen Financial Cyber Fraud Reporting and Management System, launched in 2021, facilitates swift reporting of financial fraud, providing a crucial tool for victims seeking to address their losses.

As cyber fraud continues to evolve, it is vital for individuals and businesses to stay informed and vigilant against potential threats. With technology advancing rapidly, so too do the tactics employed by cybercriminals, making awareness and proactive measures essential in the fight against digital crime.

Source: scroll.in