The cybersecurity sector saw an alarming spike in cybercrime complaints in May. This worrying trend highlights the growing threat posed by cybercriminals and underscores the need for increased vigilance and strong cybersecurity measures.
Between January and April 2024, Indian citizens reported losses of over Rs 175 billion due to cybercrime, and over 740,000 complaints were filed on the National Cybercrime Reporting Portal managed by the Ministry of Home Affairs. The Indian Cybercrime Coordination Centre (I4C) revealed that an average of 7,000 cybercrime complaints were recorded per day in May 2024, marking a significant increase compared to the previous year. These complaints were primarily related to financial online frauds, accounting for 85% of the total cases reported.
Established by the Ministry of Home Affairs, I4C serves as a framework for law enforcement agencies to fight cybercrime. There has been a clear rise in reported cases between 2019 and 2024, with a significant increase every year. Most victims fell prey to a variety of online scams, including investment scams, gaming apps, algorithmic manipulation, illegal lending apps, sex blackmail, and OTP scams. In the first four months of 2024 alone, digital arrests accounted for 4,599 cases resulting in losses of Rs 1.2 billion, while trading frauds accounted for 20,043 cases resulting in losses of Rs 142 billion. The total monetary loss inflicted by cybercriminals to Indians during this period stood at Rs 1.76 billion.
As the threat landscape continues to evolve, cybersecurity remains a key priority for individuals, businesses and governments around the world. By remaining vigilant, implementing effective security practices and fostering collaboration within the cybersecurity community, we can work towards creating a safer and more secure digital environment for all.
