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Report Reveals Alarming Rise of Online Financial Fraud in India, Urges Enhanced Cybersecurity Measures

Fraud, Bribery & CorruptionReport Reveals Alarming Rise of Online Financial Fraud in India, Urges Enhanced Cybersecurity Measures

A recent report by the Future Crime Research Foundation (FCRF) reveals that online financial fraud accounted for 77.41% of total reported cybercrimes in India from January 2020 to June 2023. The FCRF, a non-profit startup incubated at IIT Kanpur, released the report, titled ‘A Deep Dive into Cybercrime Trends Impacting India,’ which underscores the urgent need for enhanced cybersecurity measures and increased awareness among individuals and organizations.

The report categorizes cybercrimes into various groups, with financial fraud being the most prevalent at over 77%. Subcategories within this group include debit/credit card fraud, business email compromise, internet banking-related fraud, and UPI fraud (Unified Payments Interface). The report emphasizes the importance of robust cybersecurity measures to protect online financial transactions.

The second-largest category is ‘Online and Social Media-Related Crime’ at 12.02%, encompassing a wide range of crimes associated with online platforms and social media, including cyberbullying, impersonation, phishing, and more.

Other categories explored in the report include hacking and damage to computer systems (1.57%), online cyber trafficking, online gambling, ransomware, cryptocurrency crime, and cyberterrorism. These findings underscore the need for cybersecurity awareness and preparedness against various threats.

The report also identifies the top 10 districts most susceptible to cyber threats, accounting for 80% of reported cybercrime incidents in India. Bharatpur leads the list, followed by Mathura and Nuh. The vulnerability of these districts is attributed to factors such as proximity to major urban centers, limited cybersecurity infrastructure, socio-economic challenges, and low digital literacy.

Read full report here.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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