₹22K-cr lost to cyber fraud in 2024: Centre

Indians lost a staggering ₹22,845.73 crore to cyber fraud in 2024, marking a 206% surge from the previous year, the government said in a submission to parliament on Tuesday.

- HT correspondent

The growth in cybercrime losses comes as India recorded over 2.2 million cybercrime incidents in 2024, a 42% increase from nearly 1.6 million cases in 2023, according to government data tabled in Parliament by minister of state for home Bandi Sanjay Kumar.

Over the years, the problem appears to have grown exponentially — from 450,000 cases in 2021 to over a million in 2022 (a 127% rise), and now more than doubling by 2024. While a significant portion of cases registered could be due to improved reporting and government efforts to centralise scam reporting, experts warn the trend is a demonstration of the risks of widespread digitalisation without adequate awareness and the rapid evolution of tactics by scammers, who are using increasingly sophisticated methods and tools.

“Criminals are now using AI technology to manipulate trust such as AI-powered phishing, deep fake video and voice spoofing. In addition, they are also using various data available in the social domain which is being unknowingly shared by the public,” said Dharshan Shanthamurthy, founder and CEO of cybersecurity firm SISA.