HomeSecurity ArchitectureBengalureans suffered a loss of Rs 1,998 crore due to cyber frauds...

Bengalureans suffered a loss of Rs 1,998 crore due to cyber frauds in 2024

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Bengaluru citizens have fallen victim to cybercriminals in 2024, losing an astonishing Rs 1,998.4 crore despite efforts by law enforcement and various organizations to raise awareness about online scams. This amount is a staggering Rs 944 crore more than the total sum lost in the previous two years combined.

While the number of reported cybercrime cases in 2024 saw a slight decrease compared to 2023, the total monetary losses last year were nearly three times higher. The police have managed to freeze Rs 652 crore and recover Rs 139 crore of the funds lost.

Data from the police reveals that an average of 48 cybercrime cases are being registered daily in Bengaluru, with a total of 17,560 cases reported in 2024. However, only 1,026 of these cases have been successfully solved. The Whitefield division police have had the highest number of cases registered, with 3,680 cases, followed by the South division police.

A senior police officer specializing in cybercrime cases in the southeast division stated that financial illiteracy, greed, and lack of awareness are the main factors contributing to these significant losses. Surprisingly, a majority of the victims of cyber fraud are employees in the IT and banking sectors. Although there has been a decline in OTP-based frauds and other common scams due to increased awareness, investment frauds and digital arrest scams are now major contributors to financial losses in 2024.

The officer also highlighted that the slow rate of recovery is largely due to victims delaying reporting the fraud. By the time victims realize they have been scammed and contact the 1930 cyber helpline, the criminals have likely already withdrawn the stolen funds. Only the remaining funds in mule accounts can be frozen, limiting the effectiveness of recovery efforts.

Investigations into cybercrime operations in India have revealed the involvement of two key teams. The first team focuses on creating mule bank accounts, particularly current accounts, often exploiting students and low-income workers who may not be aware of the fraudulent transactions taking place in their accounts. Fraudsters create these accounts by registering fake companies under the Companies Act, submitting forged GST certificates, and Udyam registration certificates meant for small and medium enterprises.

In conclusion, stricter bank verification processes could potentially eliminate up to 50% of cyber fraud incidents, therefore it is imperative for both financial institutions and individuals to remain vigilant and take proactive measures to safeguard against online scams. Despite the challenges posed by cybercriminals, efforts to enhance cybersecurity awareness and adapt to evolving threats are essential in combating digital fraud.

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