In 2024, Indians lost a staggering ₹22,842 crore to cyber fraud and digital crimes, as per a report on rising online financial fraud in the country. Alarmingly, the Indian Cybercrime Coordination Centre (I4C) predicts that the total losses could cross ₹1.2 lakh crore by the end of the year.
The stolen amount has seen a sharp jump over the years. It was nearly three times the ₹7,465 crore reported in 2023 and almost ten times the ₹2,306 crore in 2022. The number of cybercrime complaints also rose sharply to nearly 20 lakh in 2024, compared to 15.6 lakh in 2023 and ten times the figures from 2019.
Experts say the growing use of digital payments through apps like Paytm and PhonePe, and increased sharing of financial details on platforms such as WhatsApp and Telegram, have made users more vulnerable. In June 2025 alone, India recorded over 190 lakh UPI transactions, worth ₹24.03 lakh crore.
Digital transactions have surged from ₹162 crore in 2013 to ₹18,120.82 crore in January 2025, making India responsible for nearly half of all digital payments worldwide. While this growth has supported financial inclusion, especially in rural areas, it has also given rise to a highly organised cybercrime network.
Online frauds now target multiple sectors, including banking, insurance, healthcare, and retail. Fraudsters are also using advanced tools like artificial intelligence and deepfakes, often impersonating celebrities or trusted brands to trap victims.
Banking frauds have witnessed an alarming rise, with the Reserve Bank of India reporting losses of ₹21,367 crore in the first half of FY 2025-26, up from ₹2,623 crore in the same period last year. Private sector banks saw more incidents, but public sector bank customers lost more, with total losses at ₹25,667 crore.
Scams in the insurance and investment sectors are also rising, often using well-known brand names and logos to mislead people. Common frauds include phishing messages, fake product listings, and payment confirmation scams.
WhatsApp remains the most common platform used for such crimes, with over 15,000 finance-related complaints reported in January 2024 alone. Telegram, Instagram, Facebook, and YouTube also saw high numbers of fraud reports.
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