New Delhi: India’s rapid digitalization drive is propelling the nation toward a future of increased connectivity and convenience. However, this transformation has also given rise to a surge in cybercrime incidents, leaving millions of Indians grappling with financial losses. In just the first four months of 2024, over 7 lakh cyber crime cases have been recorded nationwide.
The Rising Tide of Cyber Crime
According to a report by ET, the Indian Cyber Crime Coordination Center has sounded the alarm on the escalating cyber threats. In this period, Indians have collectively lost crores of rupees due to online fraud. Specifically, from January to April 2024, millions of individuals suffered a staggering loss of Rs 1,750 crore as a result of cyber attacks. These incidents have been meticulously documented on the National Cybercrime Reporting Portal, where approximately 7 lakh 40 thousand cases have been registered.
Daily Struggles: Financial Fraud Takes Center Stage
The Indian Cyber Crime Coordination Centre reveals that an average of 7,000 complaints flood their channels every day in May. Shockingly, 85% of these cases pertain to online financial fraud. Clearly, the most prevalent form of cybercrime involves monetary losses, surpassing last year’s figures by a significant margin.
A Five-Year Surge
The trajectory of cyber crime cases in India has been on a steep upward curve. Consider the following progression:
- 2019: A modest 26,049 cases
- 2020: A substantial leap to 2,57,777 cases
- 2021: Further escalation to 4,52,414 cases
- 2022: Nearly 10 lakh cases
- 2023: A staggering figure exceeding 15 lakh cases
- 2024 (first four months): A record-breaking 7,40,957 cases
The Financial Sector Under Siege
The majority of cybercrime incidents target the financial sector. Trading scams, in particular, have wreaked havoc, resulting in losses of approximately Rs 1,420 crore. During the initial four months of this year alone, authorities received 20,043 complaints related to trading fraud.
As India continues its digital journey, bolstering cyber security measures and raising awareness among citizens becomes paramount. The government’s commitment to modernizing the National Knowledge Network, rolling out AI-powered translation tools like ‘Bhashini,’ and supporting startups in Tier 2/3 cities will be crucial in safeguarding the nation’s digital landscape.
