Rising Cyber Fraud: Digital Payment Dangers

In fiscal year 2023-24, Rs 177 crore was lost due to digital payment frauds in India. Up until December 2024, individuals lost Rs 107 crore. There were 29,082 frauds involving Rs 1 lakh or more. The government is spreading awareness through safety tips and campaigns to combat this growing concern.

The financial impact of digital payment frauds in India has surged dramatically, with individuals losing a total of Rs 107 crore due to scams in the current fiscal year up to December 2024. Comparing this to the previous full fiscal year, April 2023 to March 2024, the losses amounted to Rs 177 crore, marking a concerning trend in fraudulent activities.

Data reveals that from April to December, 13,384 incidents of fraud were reported, resulting in significant financial losses for the general public, as indicated in a written statement by Minister of State for Finance, Pankaj Chaudhary. In the past two years, the number of incidents and corresponding financial losses have shown a consistent increase, necessitating heightened awareness and preventive measures.

In response to the growing issue of cyber fraud, the government has introduced various initiatives, including disseminating cyber safety tips through social media and publishing educational materials for adolescents and students. Additionally, the Reserve Bank of India and banks are conducting awareness campaigns via SMS, radio, and other media to prevent cybercrime.

(With inputs from agencies.)