Impact of Online Scams on Economy

To authentically regulate this alarming trend, more proactive and engaging strategies must be implemented to educate the public

- DR. S. KRISHNAN, DIVYANSHI AGARWAL & AATMJA JOSHI

The way we live, work, and communicate has changed as a result of our globalized society. We now have the ability to connect, create, and exchange knowledge at a never-before-seen speed thanks to the digital revolution. It has boosted economic expansion, given people more power, and closed gaps between continents. But enormous power also comes with immense responsibility. The digital technologies have all contributed to a substantial spike in cybercrimes in India in recent years. Violent crimes such as financial fraud, data breaches, and cyber-extortion are increasingly being committed online by unscrupulous individuals.

Now, this generation is still exploring every facet of the cyber landscape, all while uncovering the vulnerabilities and loopholes that exist within it, which lead to a lot of cyber scams. One prominent example these days is the digital arrest scam. While many of us have heard of it, few fully understand how it works or the implications it holds for our digital lives.

People receive a call where the scammer images himself as a law enforcement or government agency and imposes several charges and penalties on the victim, interrogating them in such a way that the victim becomes anxious about the investigation. The scammer manipulates the victim and forces them to comply with instructions. Attackers generally reach the victim via an Interactive Voice Response call from an international number, which then transfers to WhatsApp videos. The scammers merge the financial and legal aspects in such a way that it influences the victim's mind; if they cooperate with the scammers, they believe they will be out of trouble.