Datanomics: OTP scams topped cyber fraud as Telangana became a hotspot

The RBI has issued new authentication guidelines to secure digital payments, mandating dynamic two-factor authentication and promoting biometrics beyond the one-time password (OTP) system. The new norms are slated to kick in from April 1. According to 2023 data, cyber fraud accounted for 46.5 per cent of total cybercrime cases under the IPC, and OTP scams topped this list.

 

Fraud most common cybercrime

 

Cyber fraud accounted for nearly half of all cybercrimes. It was followed by cheating, which had risen from 24.99 per cent in 2021 to 40.49 per cent in 2023. 

 

South dominated

 

Telangana had become a hotspot for cybercrimes after the pandemic, with its rate rising nearly 15-fold from 3.3 to 47.8 per 100,000 population between 2018 and 2023. Notably, all five of the worst-hit regions were from the South. 

 

OTP scams surged; online banking frauds dipped

 

OTP scams accounted for over one-fourth of all cyber frauds, even as online banking fraud, credit/debit card, and ATM-related scams declined as a proportion of frauds.