Security

Cyber Fraud Cases in India Quadruple in FY24

by VARINDIA 2025-03-12

The total number of cases where the amount involved was 100,000 rupees or more, jumped to 29,082 from 6,699 the year before, it showed.

Cyber fraud cases in India saw an alarming fourfold increase in the financial year 2023-24 (FY24), leading to losses exceeding $20 million (approximately ₹165 crore). According to government data, the surge in online scams is attributed to the rapid expansion of digital transactions, sophisticated cybercrime tactics, and increased internet penetration.

Rising Cybercrime in the Digital Era

With India becoming one of the largest digital economies in the world, cyber fraud has grown at an unprecedented rate. Fraudsters are leveraging advanced technologies, social engineering tactics, and artificial intelligence (AI)-driven scams to exploit users and businesses. The rise in Unified Payments Interface (UPI) transactions and mobile banking has also made individuals more vulnerable to phishing attacks, identity theft, and financial fraud.

Key Factors Behind the Surge in Cyber Fraud

Widespread Digital Adoption – Increased use of digital payments and online banking has provided more opportunities for fraudsters.
AI-Powered Scams – Hackers are now using AI-generated deepfake voices and messages to deceive victims.
Phishing & Social Engineering – Attackers trick users into revealing sensitive information through fake websites, emails, and phone calls.
Lack of Awareness – Many users, especially in rural areas, fall prey to online scams due to limited knowledge of cybersecurity practices.
Rise of Online Investment Scams – Ponzi schemes, fraudulent trading platforms, and fake cryptocurrency investments have contributed significantly to financial losses.

The Indian government has ramped up efforts to combat cybercrime through various initiatives:
Cyber Swachhta Kendra: A national initiative to raise awareness and provide tools for cyber hygiene.
National Cyber Crime Reporting Portal: An online platform to report cyber fraud cases.
Strict Regulations & Monitoring: The Reserve Bank of India (RBI) and law enforcement agencies are working closely to track suspicious transactions and implement stronger security measures for digital payments.
AI & Blockchain Security: Authorities are exploring AI-driven fraud detection and blockchain-based secure transactions to mitigate cyber threats.