Indians reported losing Rs 11,333 cr to cyber fraud in the first nine months of 2024
New Delhi: India reported losses of Rs 11,333 crore due to cyber fraud in the first nine months of 2024, as per data from the Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs (MHA).
Stock trading scams were the most prevalent, with 228,094 complaints resulting in losses of Rs 4,636 crore.
Investment scams came next, accounting for Rs 3,216 crore in losses across 100,360 complaints.
"Digital arrest" frauds caused another Rs 1,616 crore in damages from 63,481 complaints, according to The Indian Express.
Data from the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) revealed that nearly 12 lakh complaints of cyber fraud were filed in 2024. Notably, 45% of these cases were traced to Southeast Asian countries, including Cambodia, Myanmar, and Laos.
Since its inception in 2021, the CFCFRMS has recorded 3.005 million complaints, with cumulative losses of Rs 27,914 crore.
In previous years, 1,131,221 complaints were registered in 2023, 514,741 in 2022, and 135,242 in 2021.
During the 115th Mann Ki Baat radio programme, Prime Minister Narendra Modi cautioned against "digital arrest" scams, emphasizing that no government agency contacts people via phone or video calls for investigations.
“There is no system like digital arrest under the law,” PM Modi said, urging citizens to stay alert and report suspicious activities.
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