Financial frauds accounted for over 75% cyber crimes since 2020: Study

Social media-related crimes such as cheating by impersonation, cyber-bullying, sexting and email phishing accounted for 12 per cent of the online offences during the period, the study showed


Press Trust of India Noida

Listen to This Article

Financial frauds accounted for over 75 per cent of cyber crimes in the country from January 2020 till June 2023, with nearly 50 per cent cases related to UPI and internet banking, according to a new study by an IIT Kanpur-incubated start-up.
Social media-related crimes such as cheating by impersonation, cyber-bullying, sexting and email phishing accounted for 12 per cent of the online offences during the period, the study showed.
The findings have been mentioned by the Future Crime Research Foundation (FCRF), a non-profit start-up incubated at the Indian Institute of Technology (IIT)-Kanpur, in its latest comprehensive whitepaper 'A Deep Dive into Cybercrime Trends Impacting India'.
For online financial frauds, which accounted for the maximum 77.41 per cent offences during the period, the FCRF noted that "this category is a dominant concern, covering fraudulent activities related to online financial transactions".
"Subcategories include debit/credit card fraud, business email compromise, internet banking-related fraud, and the alarmingly prevalent UPI (Unified Payments Interface) fraud (47.25 per cent)", it said.
These figures underscore the need for robust cyber security measures to safeguard financial transactions conducted online, the FCRF said.

Also Read

Financial frauds in India rose 65% between 2021 and 2022: Finance Ministry

UPI-related scams account for 55% of total digital payments frauds in India

Rising online frauds: Gurugram woman loses Rs 76 lakh in movie review scam

No govt jobs for people accused of sex crimes in Rajasthan: CM Ashok Gehlot

Here's how banks are coping with surge in cyber attacks, phishing, fraud

High processing fees hindering growth of e-commerce exports: GTRI report

Time limit under GST to claim input tax credit constitutionally valid: HC

Govt to provide up to 8% interest subsidy for Vishwakarma Yojana: FM

Likely to default on monthly repayment? SBI will send you a chocolate

Sidbi to raise Rs 10,000 cr from rights issue to expand equity capital

Social media-related crimes accounted for 12.02 per cent online offences, according to the whitepaper.
"This category encompasses a wide range of crimes associated with online platforms and social media. Subcategories within this domain include cheating by impersonation, cyber-bullying, sexting, email phishing, and more. While cyber-bullying and impersonation accounted for significant percentages, email phishing and provocative speech for unlawful acts had a comparatively lower impact," it noted.
The FCRF stated that "other notable categories" contributed to nine per cent of the online crimes which delve into several other cybercrime categories with smaller but notable percentages, including online cyber-trafficking, online gambling, ransomware, cryptocurrency crime, and cyber terrorism.
Highlighting the diverse methods cybercriminals use to target digital infrastructure, the whitepaper also flagged that 1.57 per cent online crimes pertained to hacking or damage to computer systems such as unauthorised access, data breach, email hacking and website defacement or hacking.
"It is crucial for law enforcement agencies, individuals, businesses, and policymakers to understand the changing landscape of cybercrimes in India. This report not only highlights the distribution of cybercrimes but also underscores the need for collaborative efforts to combat these threats," FCRF co-founder Harshvardhan Singh said.
Singh added that "as technology continues to advance, so do the tactics of cybercriminals, making it essential for all stakeholders to stay informed and vigilant".

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sep 18 2023 | 4:31 PM IST

Explore News