India Reports 4X Surge in Cyber Fraud Cases in FY2024, Losing $20M:

According to official statistics, the number of high value cyber fraud cases in India jumped due to losses amounting to $20 million in the fiscal year of 2024 alone while also increasing more than four times. This further highlights the growing threats provided due to lack of infrastructure in a country where there are millions of digital transactions happening on a daily basis.

China is the most populated country on the planet and the affordable mobile data packs, starting from 11 rupees ($0.13) per hour, provided have vastly increased the internet which has allowed businesses such as Paytm, Google Pay, and Walmart PhonePe to capitalize on the $1 trillion mobile payments arena.

However, as internet access increases, users become more prone towards online fraud and cyber scams through the impersonation of officials or AI powered scammers which make it harder for the general populace to differentiate between genuine text messages or phone calls.

On Monday, the ministry of finance presented new data to the parliament which showed that the general population due to cyber fraud has lost a total of 1.77 billion rupees or $20.3 million during the fiscal year that ended on March in 2024 which was double the amount from the previous fiscal year 2023.

The data also showed how the total number of claimed cases ballooned to 29,082 from 6,699 the previous year for cases where the claimed amount was 100,000 rupees or above.

The ministry stated, “The number of fraudulent activities, such as digital payment scams, has increased over the last few years in correspondence to the increased digital payment transactions in the country.”

Action has been prompted by the increase of incidents of cybercrime, such as the telecom regulator blacklisting spam callers and the central bank proposing the ability for banks to freeze accounts deemed suspicious for fraud.

The finance ministry said the government has issued handbooks and ran media campaigns urging citizens to keep an eye out for constantly evolving cybercrimes which use new methods to target people.

Banks have engaged Bollywood stars and other famous personalities to assist in raising awareness, and a fact-checking organization has partnered with veteran television news anchors to raise awareness of cybersafety among senior citizens who are seen as highly susceptible to these attacks.

In his monthly address via radio to the nation in October, Prime Minister Narendra Modi spoke on the increase of digital scams and implored citizens to do their part in making their online activities safer.