Fraudsters use sophisticated scripts or malware to bypass banking authentication.

The surge in digital financial transactions has increased the risk of such attacks.

Scammers often use social engineering to gather victim details and execute fraud.

  Surge in Cyber Fraud Cases in India

• Modus Operandi: Fraudsters employ various techniques, including impersonation and advanced technological methods, to deceive victims and conduct unauthorized transactions without requiring OTPs.
  
• Details:
  
  • In the fiscal year 2024, India witnessed a significant increase in high-value cyber fraud cases, with incidents involving amounts over ₹1 lakh rising from 6,699 to 29,082.
  • The total losses from these frauds amounted to $20 million.
  • The proliferation of digital financial transactions has exposed users to such frauds, often due to a lack of cybersecurity awareness.
  • Authorities are implementing measures like blacklisting spam calls and freezing suspicious bank accounts to combat these frauds.