India’s Biggest Cyber Fraud 2024: Cyber crimes hit new heights in India. From fake investment schemes to digital scams using deepfake technology, criminals resorted to cutting-edge technologies to defraud people. These incidents not only caused economic losses but also exposed the weakness of cyber security and lack of digital literacy. In the first nine months of 2024, ₹11,333 crore was defrauded through cyber fraud in India.
Let us discuss the biggest cyber frauds of 2024 in detail:
Fake Supreme Court Hearing-Cyber criminals adopted a unique way to cheat people by organizing fake online court hearings. This scam started when criminals launched a fake website and app that looked like the Supreme Court. The criminals would send a notice to the victims, saying that a legal case was pending against them. A hefty fee was demanded to attend the hearing and ‘solve the case’. This scam duped hundreds of people, who paid money to avoid legal hassles.
Use of deepfake videos – Through deepfake technology, criminals created fake videos, in which people were shown as their family members or officials. Criminals used to scare victims through fake videos and ask for money. In many cases, deepfake videos of high-profile individuals were used to extort money in their names. Cyber criminals duped people using deepfake technology in the names of cricket legends Sachin Tendulkar, Virat Kohli and Bollywood actress Rashmika Mandhana. . Digital Arrest Scam-People were duped by using fake digital arrest warrants and online police station platforms. The criminals claimed that a serious crime case was registered against them. The victims were forced to pay money as ‘bail fee’. In many cases, it was claimed that immediate payment was required to avoid arrest. This scam specifically targeted those who were afraid of the legal system. Fake Trading Apps and Investment Schemes – Fake Trading Apps and Investment Schemes in 2024 Investment schemes duped people on a large scale. These apps used to lure victims into their trap by luring huge profits. After winning people’s trust by giving some returns on the initial investment, they would suddenly disappear. A fake app ‘FastTrade Pro’ duped more than 10,000 investors in India of crores of rupees. A 75-year-old man was duped of crores of rupees through a fake trading app. Fake Investment Schemes-Cyber criminals lured people into fake investment schemes by luring them with huge profits. These schemes were publicized on social media platforms. A scheme called ‘Grovid Invest’ in Delhi targeted many retired persons and usurped their life savings. Online Cyber Blackmail – Cyber criminals blackmailed people by stealing their personal data and photos. Started doing this.Criminals earlier used to hack the data of the victims. Then they used to ask for money by threatening to make it public. A woman from Pune had to pay Rs 1 lakh when her private photos were hacked. E-commerce fraud-Criminals lured by fake e-commerce websites and huge discounts. Cheated people. After ordering on these websites, either fake products were sent or the website disappeared after taking the money. A website called ‘Discount Deals 24’ duped thousands of customers. Data Theft and Social Media Scam-Cyber criminals hacked people’s social media accounts and demanded ransom from them or collected money from their acquaintances. Apart from this, major cases of data theft also came to light, where people’s personal information was misused. Freelancing Platform Fraud – Due to the increasing trend of work from home in 2024, frauds related to freelancing and remote jobs also increased. Many fake platforms took money from people in the name of registration fees and then disappeared.
In FY 2024, India recorded a 334 per cent increase in cyber fraud cases related to banking transactions. 168 cyber fraudsters were arrested in Noida in the last one year, who defrauded about ₹20.86 crore. In Hapur Police arrested 33 cyber fraudsters in 2024 and returned an amount of ₹45 lakh to the victims.
In view of the increasing cyber crimes in India, the need for a dedicated cyber security force has been emphasized. The Government of India regulates cyber crime cases under the Information Technology Act, 2000, the Indian Penal Code, 2023 and the Protection of Children from Sexual Offenses Act, 2012 ( Handled under the provisions of the POCSO Act.
How to avoid such frauds
Be cautious: Avoid clicking on unknown links and do not share your personal information on any suspicious emails or messages.
Check authenticity: Check the authenticity of an app before investing or using it. Security software: Use antivirus and cybersecurity software. Two-Step Verification (2FA): Enable this feature for your online accounts. Cyber Awareness: Participate in awareness campaigns and alert others too. Check Trading Apps: If you want to trade through any platforms, then before you trade even a single rupee, check the platform and Always use a certified platform only. If someone is threatening you in any way through call or message and is trying to blackmail you, then report it to the police as soon as possible.
Cyber crimes in 2024 proved that vigilance and awareness are our biggest security in the digital age. Government and cyber security agencies need to take strong steps.
Along with this, common people will also have to be aware about the security of their digital information. Collective efforts are necessary to prevent such frauds in the coming years. These cyber frauds of 2024 teach us that it is very important to be cautious in the digital world. Cyber security and personal awareness need to be further strengthened in the coming year.