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.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Tamil Nadu: 38 dead in stampede at TVK chief Vijay’s rally in Karur; DMK calls it criminal negligence
Bhutan PM backs India and Japan for permanent UNSC seats, calls for sweeping UN reforms
Bhutan PM backs India and Japan for permanent UNSC seats, calls for sweeping UN reforms
'Epicentre of global terrorism': Jaishankar slams Pakistan at UN