The cybersecurity sector noticed an alarming spike in cybercrime complaints in May. This worrying development highlights the rising menace posed by cybercriminals and underscores the necessity for elevated vigilance and robust cybersecurity measures.
Between January and April 2024, Indians reported losses of over Rs 175 billion because of cybercrime, and over 740,000 complaints had been acquired on the National Cybercrime Reporting Portal managed by the Ministry of Home Affairs. The Indian Cybercrime Coordination Centre (I4C) revealed that a median of seven,000 cybercrime complaints had been recorded per day in May 2024, a big improve over the earlier yr. These complaints had been primarily associated to monetary on-line frauds, accounting for 85% of the overall circumstances reported.
Established by the Ministry of Home Affairs, I4C serves as a framework for regulation enforcement companies to combat cybercrime. There has been a transparent rise in reported circumstances between 2019 and 2024, with a big improve yearly. Most victims fell prey to quite a lot of on-line scams, together with funding scams, gaming apps, algorithmic manipulation, unlawful lending apps, intercourse blackmail, and OTP scams. In the primary 4 months of 2024 alone, digital arrests accounted for 4,599 circumstances leading to losses of Rs 1.2 billion, whereas buying and selling frauds accounted for 20,043 circumstances leading to losses of Rs 142 billion. The complete financial loss inflicted by cybercriminals to Indians throughout this era stood at Rs 1.76 billion.