Citizens in India lost a staggering ₹22,845.73 crore to cybercriminals in 2024—over three times the ₹7,465 crore lost in 2023, according to data submitted to the Lok Sabha by the Ministry of Home Affairs.
More than 36 lakh financial fraud cases were reported through official platforms such as the National Cyber Crime Reporting Portal (NCRP) and the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS). This reflects a dramatic 206% year-on-year increase in losses.
🔍 Fastest Rise in Cybercrime Incidents
| Year | Financial Fraud Cases ₹Cr | Cybercrime Incidents | YoY Incident Growth |
|---|---|---|---|
| 2022 | ~₹2,306 | 10,29,026 | – |
| 2023 | ₹7,465 | 15,96,493 | +55% |
| 2024 | ₹22,845 | 22,68,346 | +42% |
India witnessed rapid escalation in cybercrime incidents and monetary losses over the past three years.
🧠 AI—A Catalyst for Fraud
A 2025 report by GIREM and Tekion highlights that 82.6% of phishing campaigns in 2024 used AI-generated content, such as fake WhatsApp messages, QR codes, and convincing UPI portals. These tools have made scams more deceptive and scalable.
Cyber financial frauds increased sharply:
- Malware: +11%
- Ransomware: +22%
- IoT attacks: +59%
- Crypto-related attacks: +409%
Total fraud complaints rose from 15.56 lakh in 2023 to 19.18 lakh in 2024.
Government Measures & Recovery Efforts
- The CFCFRMS, launched in 2021 under the I4C, has enabled quick reporting and prevented over ₹5,489 crore in losses across 17.8 lakh complaints
- Authorities have blocked 9.42 lakh SIM cards, 2,63,348 IMEIs, and identified 11 lakh suspect identifiers and 24 lakh mule accounts, helping thwart over ₹4,630 crore in potential fraud.
🌍 Broader Implications & Insight
- Digital inclusion vs. vulnerability: India’s rapid adoption of mobile payments and internet connectivity has outpaced cyber awareness, leaving rural and urban vulnerabilities.
- Economic and social toll: Beyond financial losses, scams like “digital arrests” and impersonation cause psychological trauma and erode trust.
- Need for education: Experts and officials emphasize the importance of digital literacy campaigns—especially targeting senior citizens and small-town users more vulnerable to scams.
