Indians Lost Rs 107 Crore To Digital Payment Frauds Between April And December

Cyber frauds continue to drain Indian consumers of their money, with individuals losing Rs 107 crore to internet, card, and digital payment frauds in the first nine months of the current fiscal.

According to official data, 13,384 fraud cases—each involving Rs 1 lakh or more—were reported in this period. The total loss for the full financial year 2024 had stood at Rs 177 crore across 29,082 cases.

The surge in online transactions has also fueled a rise in financial frauds, Minister of State for Finance Pankaj Chaudhary told the Lok Sabha in a written reply.

Over the years, the scale of such frauds has increased. In 2022-23, there were 6,699 reported cases, leading to a loss of Rs 69.68 crore. The year before that, 3,596 cases resulted in a higher loss of Rs 80.33 crore.

Rapid digitisation exposed 95 entities to cyberattacks in 2024 in India, making it the second most attacked nation, according to a recent report by CloudSEK, a provider of artificial intelligence-driven threat intelligence. India was second only to the United States, which was the most targeted country, with 140 attacks.

The report offer insights into the scale, sophistication, and implications of cybercriminal activity in 2024, revealing the vulnerabilities and industries most at risk.

No industry or geography was immune to cyber threats in 2024. According to the report, retail, IT and technology, and communication sectors were hit the hardest. Retail alone accounted for over 230 victims, underscoring the value of customer data like payment card information.

To curb cyber crimes, the government has been running awareness campaigns, including social media advisories, a cyber safety handbook for students, and RBI-backed initiatives like SMS alerts and radio campaigns on digital security. However, as the numbers suggest, scammers are staying a step ahead, exploiting the rapid shift to digital payments.

(With inputs from PTI.)