UPI FRAUDS TO DEEPFAKE THREATS: INSIDE INDIA'S CYBERCRIME EPIDEMIC

In the era marked by technological strides and digital interconnectivity, cyberspace stands as both a blessing and a challenge.

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The world's growing reliance on digital platforms for communication, commerce, and information sharing has given rise to the ominous spectre of cybercrime, casting a shadow over the potential of the digital era.

India, in the throes of rapid digital transformation, stands at a crucial juncture between innovation and vulnerability, contending with a surge in cybercrimes unfolding between January 2020 and June 2023. A recent in-depth analysis of cybercrime trends in the country, conducted by the Future Crime Research Foundation (FCRF), exposes a pervasive and disconcerting pattern.

The comprehensive study, titled A Deep Dive into Cybercrime Trends Impacting India,' meticulously scrutinizes the period from January 2020 to June 2023. It illuminates the alarming prevalence of online financial fraud, constituting a staggering 77.41 per cent of all reported cybercrime cases during this timeframe. The Future Crime Research Foundation (FCRF), a non-profit startup incubated at IIT Kanpur, specializes in research encompassing cybersecurity, digital crime, fraud risk management, cyber laws, and cyber forensics.

The FCRF's report categorizes cybercrimes into distinct segments, offering insights into the multifaceted nature of this pervasive challenge.

Business Email Compromise/E-mail Takeover (0.24%): Though relatively low in percentage, this type of attack can result in significant financial losses and data breaches.

• Debit/Credit Card Fraud/ Sim Swap Fraud (11.27%): Card-related fraud remains a significant threat, with criminals targeting card information and SIM cards for unauthorized access.

• Demat/Depository Fraud (0.61%): Manipulating demat accounts for fraudulent activities is less prevalent but requires attention.