Cyber Fraud Surges in India: A Digital Dilemma

High-value cyber fraud cases in India surged over four times in fiscal 2024, causing $20 million in losses. Despite an extensive $1 trillion mobile payment market, cyber literacy lags have left citizens vulnerable to scams. The government is taking measures to enhance cybercrime awareness and prevention.

High-value cyber fraud incidents in India soared more than fourfold in fiscal 2024, resulting in losses totaling $20 million. Official data highlights the growing risk in a nation increasingly reliant on digital financial transactions.

While affordable data rates have expanded internet access, creating a vast $1 trillion mobile payments market for companies like Paytm, Google Pay, and PhonePe, cyber literacy remains insufficient. As a result, individuals are increasingly susceptible to scams, including those involving impersonation and artificial intelligence.

In response to the rising fraud cases, the telecommunications regulator and the central bank are implementing measures such as blacklisting spam callers and allowing banks to freeze suspect accounts. The finance ministry's awareness campaigns, leveraging celebrities and media collaborations, aim to educate the public, particularly vulnerable senior citizens, about cybercrime prevention.

(With inputs from agencies.)