Cyber fraud in India: $12.2 mn misplaced, 13,384 circumstances reported in first 9 months of 2024-25

Indians had been scammed out of ₹107.21 crore ($12.2 million) within the first 9 months of the Monetary Yr 2025, in response to information offered within the decrease home of the Indian Parliament, Lok Sabha. Throughout this era, a complete variety of 13,384 circumstances of cyber fraud had been registered within the nation

Owing to an enormous rise within the digitalisation of money switch and banking providers, extra individuals than ever are falling prey to cybercrimes within the South Asian nation.

“With rising digital fee transactions within the nation, incidences of fraudulent practices, together with digital fee frauds, have additionally gone up in the previous couple of years,” stated Pankaj Chaudhary, minister of state within the Union finance ministry.

Fraudulent actions, particularly in card, web, and digital funds, have surged lately.

Though the Reserve Financial institution of India (RBI) doesn’t keep a centralised database of cyber fraud circumstances, information from industrial banks and monetary establishments point out a regarding pattern.

In line with the information, fraud circumstances involving ₹100,000 or extra ($1,150) have risen drastically over time.

The quantity misplaced to those cybercrimes reached a report ₹177 crore ($20.2 million) in FY 2024.

On the flip facet, the bottom variety of fraud circumstances had been reported in FY15. That 12 months, solely 845 circumstances had been registered, resulting in losses of over ₹18 crore.

The finance ministry has raised considerations over the rising variety of scams involving non-KYC-compliant accounts, cash mule operations, and phishing assaults that exploit unsuspecting customers.

What’s RBI doing to cease digital scams?

India’s central financial institution, the RBI, in July 2024 issued Fraud Threat Administration tips that mandated:

Early warning indicators (EWS) to watch suspicious transactions.

Stricter scrutiny of non-KYC-compliant and high-risk accounts.

A devoted Market Intelligence Unit to analyse fraud patterns.

The federal government additionally launches schemes like CERT-In (Indian Laptop Emergency Response Crew) and Chakshu to assist individuals keep away from on-line fraud.

Nationwide Cybercrime Reporting Portal and Helpline 1930 have additionally been strengthened to make it simpler for individuals to report circumstances.