Here is how much Indians lost to cyber frauds between Jan and Apr of 2024

Most victims fell prey to online investment fraud, gaming apps, algorithm manipulations, illegal lending apps, sextortion, and OTP scams. Here is how much they lost

Between January and April 2024, Indian citizens suffered losses exceeding Rs 1,750 crore due to cybercriminal activities. This was reported through over 740,000 complaints lodged on the National Cybercrime Reporting Portal, which is managed by the Ministry of Home Affairs.

The Indian Cyber Crime Coordination Centre (I4C) stated that in May 2024, an average of 7,000 cybercrime complaints were recorded daily, marking a significant surge of 113.7 per cent compared to the period between 2021 and 2023, and a 60.9 per cent increase from 2022 to 2023, according to a report in the Economic Times.

Additionally, 85 per cent of these complaints pertained to financial online fraud.

The I4C, established by the Ministry of Home Affairs, serves as a framework for law enforcement agencies to combat cybercrime. The significant escalation in reported cases is evident from 2019 to 2024, with 26,049 complaints recorded in 2019, 257,777 in 2020, 452,414 in 2021, 966,790 in 2022, 1,556,218 in 2023, and 740,957 in the first four months of 2024 alone.

Most victims fell prey to online investment fraud, gaming apps, algorithm manipulations, illegal lending apps, sextortion, and OTP scams. In 2023, the I4C reported over 100,000 investment fraud incidents. Digital arrests resulted in a loss of Rs 120 crore across 4,599 cases in the initial four months of 2024. Trading scams accounted for 20,043 cases, leading to a loss of Rs 1,420 crore to cybercriminals during the same period.

According to the data from I4C, investment scams resulted in a loss of Rs 222 crore across 62,687 complaints, while dating apps caused losses amounting to Rs 13.23 crore in 1,725 complaints. The total financial toll inflicted by cybercriminals on Indians from January to April 2024 reached Rs 176 crore.

The I4C reported its ongoing collaboration with regulatory bodies such as the Reserve Bank of India and fintech companies, among others, to address issues related to cybercriminals' misuse of mule accounts and telecom infrastructure. Additionally, it continues to monitor and disrupt cybercrime operations, including blocking Skype accounts, Google and Meta advertisements, SMS headers, SIM cards, and bank accounts.

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