The year 2024 has marked a new high in cyber crimes in India. As per data, the number of average complaints has increased to 7000 per day.
This number is around 113.7% more in comparison to 2021–2023 and 60.9% higher than 2022–2023.
In just the first 4 months, around 7,40,000 cases were registered on the Cyber Crime portal, and this number surged to 12 lakh by September 2024.
Beyond the shocking case numbers, there are huge losses of capital too.
Victims have collectively lost over ₹120 crores to cyber frauds in the first nine months of 2024 alone. This depicts that cybercrime in India is increasing significantly, demanding immediate attention and action.
Key Statistics of Cybercrime in 2024
- Daily Average Cases: Every day almost 7,000 cyber frauds are reported.
- Cumulative Cases: 7,40,000 cases registered by May 2024, increasing to 12 lakh by September 2024.
- Financial Losses: Victims lost over ₹120 crores in one or another form of cybercrime.
As per the Investigation, most of these scams are operated from outside India. The list includes countries like Cambodia, Myanmar, and Laos.
Common Types of Cyber Crimes in India (2024)
Cybercriminals are evolving their tactics, targeting individuals through sophisticated schemes. Here are the most prevalent scams this year:
1. Investment Scams
Fraudsters lure victims with fake investment platforms, promising high returns. Once the victim transfer enough money, the platform and scammer both vanish.
- Cases Reported: 1,00,000
- Total Loss: ₹3,216 crores
2. Trading Scams
Clone trading apps offer fake options or forex trading opportunities. Victims’ funds are often converted into cryptocurrency, making it difficult to trace.
- Cases Reported: 20,043
- Total Loss: ₹1,420 crores
3. Digital Arrest Scams
Scammers impersonate as law enforcement officials and trap victims in fake legal cases demanding hefty sums to avoid “arrest.”
- Cases Reported: 63,481
- Total Loss: ₹1,616 crores
State-Wise Impact of Cyber Crimes in India
Although detailed state-wise data for 2024 is limited, however as per the news reports and data Tamil Nadu reported an alarming ₹1,100 crore in cyber fraud losses by September 2024, leading the list of states with the highest financial impact.
Considering the historical trends indicate that certain states bear huge numbers of cyber fraud. Here’s a look at past data and 2024 projections:
- Tamil Nadu: ₹1,100 crore in losses reported in 2024.
- Telangana: Cybercrime cases increased from 1,205 in 2018 to 15,297 in 2022.
- Karnataka: Cases rose from 5,839 in 2018 to 12,556 in 2022.
- Maharashtra: Recorded 8,249 cases in 2022, with steady growth since 2018.
- Uttar Pradesh: Registered 10,117 cases in 2022, maintaining high numbers over the years.
Other than these states, the Union Territory & National Capital of India, Delhi has seen an uptrend in cyber crime. The number of cases rose from 189 in 2018 to 685 in 2022.
Government and Regulatory Efforts to Combat Cyber Frauds
If you are a victim of cyber fraud, then you can either call to 1930 helpline number or file a complaint in the cyber crime portal. For this, you need to follow a few simple steps of registration and then enter the details of the incident with proof.
Other than this to address the surge in cybercrimes, the Indian government and regulatory bodies have initiated various measures:
- Disconnection of Fraudulent Numbers
Over 2.75 lakh fraudulent phone numbers were blocked in 2024 to prevent further scams.
- Prevention of Financial Fraud
Government intervention helped prevent potential fraud worth ₹4,000 crores.
- AI-Powered Tools: Mule.AI
The Reserve Bank of India (RBI) launched Mule.AI, an AI-based tool to track fraudulent transactions. The tool analyzes dormant and low-transaction accounts to identify mule accounts and freeze them promptly, preventing fund transfers.
- Collaborations with Fintech Companies
The Indian Cyber Crime Coordination Center (14C) collaborates with fintech firms and regulatory bodies like RBI to enhance fraud detection and mitigation.
How to Protect Yourself from Cyber Frauds?
While government efforts are commendable, individuals must take proactive steps to safeguard themselves. Here are some tips:
- Verify Investment Platforms
- Avoid Clicking on Suspicious Links
- Enable Two-Factor Authentication
- Report Fraud Immediately
Conclusion
The alarming rise in cybercrime cases and financial losses in India underscores the urgent need for heightened cybersecurity, public awareness, and robust regulatory measures.
As cybercriminals become increasingly sophisticated, staying informed and vigilant is the key to protecting yourself in this digital era.
In case you have lost your hard-earned capital in one or the other cyber fraud, feel free to reach out to us. Just fill in the detail in the form below and a callback will be arranged in no time.
