The Crossbill News Desk
India faced significant cyber fraud losses totalling approximately Rs 11,333 crore in the first nine months of 2024, The Indian Express reported, citing data from the Indian Cyber Crime Coordination Centre (I4C), under the Ministry of Home Affairs (MHA).
Stock trading scams accounted for the largest chunk, with Rs 4,636 crore lost across 2,28,094 complaints. Investment scams followed, with Rs 3,216 crore lost in 1,00,360 cases, while “digital arrest” frauds resulted in losses of Rs 1,616 crore from 63,481 complaints.
Data from the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS), accessed by the newspaper, highlighted that nearly 12 lakh cyber fraud complaints were registered in 2024 alone, with 45% originating from Southeast Asian nations such as Cambodia, Myanmar, and Laos.
Since its inception in 2021, the CFCFRMS has recorded 30.05 lakh complaints, leading to cumulative losses of Rs 27,914 crore. Annual complaint figures include 11,31,221 in 2023, 5,14,741 in 2022, and 1,35,242 in 2021.
Prime Minister Narendra Modi, in the 115th edition of his Mann Ki Baat radio address, warned citizens about “digital arrest” frauds, stressing that no government agency contacts individuals via phone or video calls for investigations.
“There is no system like digital arrest under the law,” he stated, urging people to stay vigilant and informed to counter these scams.
Analysis of cyber fraud trends in 2024 revealed that stolen funds are often laundered through cheques, central bank digital currency (CBDC), fintech crypto platforms, ATMs, merchant payments, and e-wallets.
To counter this, the I4C has frozen approximately 4.5 lakh mule bank accounts, commonly used for laundering illicit proceeds.
The I4C, in a recent anti-terror conference, flagged significant challenges in cyber fraud investigations, including the anonymity associated with digital wallets, cryptocurrency frauds, foreign money exchanges, VPN usage, and weak Know Your Customer (KYC) protocols.
In collaboration with the telecom ministry, the I4C has blocked 17,000 WhatsApp accounts linked to cybercriminal networks operating out of Southeast Asia. These efforts aim to disrupt offshore criminal activities and enhance India’s digital security infrastructure.
Stock trading scams accounted for the largest chunk, with Rs 4,636 crore lost across 2,28,094 complaints. Investment scams followed, with Rs 3,216 crore lost in 1,00,360 cases, while “digital arrest” frauds resulted in losses of Rs 1,616 crore from 63,481 complaints.
Data from the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS), accessed by the newspaper, highlighted that nearly 12 lakh cyber fraud complaints were registered in 2024 alone, with 45% originating from Southeast Asian nations such as Cambodia, Myanmar, and Laos.
Since its inception in 2021, the CFCFRMS has recorded 30.05 lakh complaints, leading to cumulative losses of Rs 27,914 crore. Annual complaint figures include 11,31,221 in 2023, 5,14,741 in 2022, and 1,35,242 in 2021.
Prime Minister Narendra Modi, in the 115th edition of his Mann Ki Baat radio address, warned citizens about “digital arrest” frauds, stressing that no government agency contacts individuals via phone or video calls for investigations.
“There is no system like digital arrest under the law,” he stated, urging people to stay vigilant and informed to counter these scams.
Analysis of cyber fraud trends in 2024 revealed that stolen funds are often laundered through cheques, central bank digital currency (CBDC), fintech crypto platforms, ATMs, merchant payments, and e-wallets.
To counter this, the I4C has frozen approximately 4.5 lakh mule bank accounts, commonly used for laundering illicit proceeds.
The I4C, in a recent anti-terror conference, flagged significant challenges in cyber fraud investigations, including the anonymity associated with digital wallets, cryptocurrency frauds, foreign money exchanges, VPN usage, and weak Know Your Customer (KYC) protocols.
In collaboration with the telecom ministry, the I4C has blocked 17,000 WhatsApp accounts linked to cybercriminal networks operating out of Southeast Asia. These efforts aim to disrupt offshore criminal activities and enhance India’s digital security infrastructure.
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