Cyber Fraud Becomes a ‘Headache’, I4C Releases Shocking Data

Cyber Fraud Becomes a 'Headache', I4C Releases Shocking Data

Cyber fraud has become a major headache for people worldwide, resulting in the theft of thousands of crores of rupees every year. In India, cybercrime cases have surged significantly this year. Between January and April alone, Indians lost hundreds of crores due to this fraud. According to the latest report from the Indian Cybercrime Coordination Centre (I4C), more than 7,000 cybercrime reports are filed daily in the country. The National Cyber Crime Reporting Portal is flooded with complaints about cyber fraud.

Massive Financial Losses in Four Months

The I4C report highlights that in the first four months of this year, 4.70 lakh cyber fraud complaints were lodged. In May, around 7,000 complaints were reported daily. This figure is 113.7% higher than the complaints registered in 2021 and 60.9% more than last year’s complaints.

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Trading scams have emerged as the most prevalent form of cyber fraud, with people losing 1,420 crores in these scams. The initial four months of 2024 saw 20,043 cases of trading scams. Fraudsters lure individuals by promising high returns on investments. Alongside trading scams, cases of online investment fraud, gaming scams, sextortion, gift fraud, and banking fraud are also rising rapidly in India.

Combating Fraud through I4C

The current government established the Indian Cyber Crime Coordination Centre to tackle cyber fraud. This center collaborates with the Reserve Bank of India (RBI), fintech companies, and telecom firms to curb cybercrime. The coordination center works to block fraudsters’ SIM cards, bank accounts, and social media accounts. Additionally, this agency monitors emerging cyber fraud techniques in the country.

Recently, authorities have blocked thousands of mobile handsets and millions of SIM cards used for cybercrime and financial fraud. Furthermore, the Department of Telecommunications has ordered the blocking of approximately 1.8 million mobile numbers.