FCRF Report: India Battling Cyber Threats with Online Financial Fraud Dominating at 77.41%

 

A recent in-depth analysis of cybercrime trends in India, conducted by the Future Crime Research Foundation (FCRF), reveals a pervasive and concerning pattern. Titled 'A Deep Dive into Cybercrime Trends Impacting India,' this comprehensive study scrutinizes the period from January 2020 to June 2023. It sheds light on the alarming dominance of online financial fraud, which accounts for a staggering 77.41 percent of all reported cybercrime cases during this timeframe.

The Future Crime Research Foundation (FCRF) is a non-profit startup incubated at IIT Kanpur, specializing in research related to cybersecurity, digital crime, fraud risk management, cyber laws, and cyber forensics. The FCRF's report categorizes cybercrimes into distinct segments, highlighting the multifaceted nature of this pervasive challenge.

Also Read: Cybercrime in Nagpur - Cyber Blackmailer Couple Arrested in Pune for Extorting Money

Online Financial Fraud: The Dominant Threat (77.41%)

Online financial fraud is the most prevalent category, encompassing a wide range of cybercrimes aimed at exploiting individuals' financial information and assets. According to the FCRF report, financial frauds have accounted for over 75 percent of cybercrimes since 2020. Key subcategories within online financial fraud include:

  • 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.

  • E-Wallet Related Fraud (3.45%): The popularity of e-wallets makes them a target for fraudsters, emphasizing the need for heightened security.

  • Fraud Call/Vishing (5.32%): Fraudulent calls and vishing remain a significant threat, requiring users to exercise caution when divulging personal information.

  • Internet Banking Related Fraud (9.28%): The prevalence of online banking-related fraud highlights the importance of securing online financial transactions.

  • UPI Fraud (47.25%): Unified Payments Interface (UPI) fraud stands out as the most prevalent online financial fraud, signaling a pressing need for improved UPI security.

Online and Social Media-Related Crime (12.02%)

Also Read: Kashmiri Brother-in-Law could not show Kamal, and pressure on Nagpur police failed

Within the realm of online and social media-related crime, several subcategories were identified, each with its unique characteristics:

  • Cheating by Impersonation (1.71%): Impersonation emerged as a prevalent tactic used by cybercriminals to exploit victims' trust, highlighting the need for vigilance in online interactions.

  • Cyber Bullying/Stalking/Sexting (3.87%): Instances of online harassment and sexting underscore the importance of fostering a safe digital environment.

  • Email Phishing (0.13%): Although relatively low, the persistence of email phishing attacks indicates the importance of ongoing efforts to combat this threat.

  • Fake/Impersonation Profile (2.38%): Creating fake profiles for malicious purposes remains a common tactic in the cybercrime landscape.

  • Impersonating Email (0.03%) and Intimidating Email (0.02%): While less prevalent, these tactics still pose a threat, emphasizing the need for email security awareness.

  • Online Job Fraud (0.94%): Job-related fraud exploits individuals' desperation for employment, necessitating caution when pursuing online job opportunities.

  • Online Matrimonial Fraud (0.10%): Deceptive practices in online matrimonial platforms are less common but warrant users' vigilance.

  • Profile Hacking/Identity Theft (2.37%): The relatively high percentage in this category highlights the need for robust online profile security.

  • Provocative Speech for Unlawful Act (0.47%): The use of online platforms to incite unlawful activities is a moderate concern, necessitating measures to curb such content.

Hacking/Damage to Computer Systems (1.57%)

This category involves unauthorized access, tampering, and damage to computer systems, with notable subcategories:

  • Damage to Computer, Computer System, etc. (0.11%): While less common, intentionally causing harm to computer systems requires attention.

  • E-mail Hacking (0.38%): Unauthorized email access is relatively common, necessitating robust email security measures.

  • Tampering with Computer Source Documents (0.05%): Altering computer source documents may have significant consequences, warranting preventative measures.

  • Unauthorized Access/Data Breach (0.92%): Unauthorized access and data breaches pose a substantial threat to cybersecurity.

  • Website Defacement/Hacking (0.11%): Website defacement, while less common, remains an issue to address.

Other Cyber Crimes (8.18%)

Also Read: Cyber blackmailing case: Shatrughan's bail plea rejected

This category encompasses a wide range of cybercrimes, highlighting the diverse nature of online threats. According to a report by BQ Prime, the FCRF stated that "other notable categories" contributed to 9% of online crimes. These include online cyber-trafficking, online gambling, ransomware, cryptocurrency crime, and cyber terrorism.

The Deepfake Dilemma: A Glimpse into Synthetic Threats

The FCRF's report also addresses the emergence of deepfake technology in cybercrimes, accounting for a modest 0.09% of total cybercrimes. Deepfake-related crimes, including sextortion and synthetic audio-video manipulation, exploit AI-generated content, blurring the lines between reality and fiction. Proactive measures are necessary to combat these synthetic threats and maintain digital trust.

The Imperative for Vigilance and Preparedness

In light of these cybercrime trends, India faces a complex landscape dominated by online frauds and financial crimes. Enhanced security measures, increased public awareness, and collaborative efforts among stakeholders are essential to mitigate these risks and build a secure digital future for the nation. The rise of UPI fraud and the emergence of deepfake-related crimes make it imperative for India to stay vigilant and prepared in the face of evolving cyber threats. India's digital landscape must adapt to this evolving threat landscape and work collectively to safeguard its citizens' digital assets and privacy.

Source: https://www.the420.in/fcrf-cybercrime-report-india-77-percent-online-financial-fraud/ 


Comments

Post a Comment

Popular posts from this blog

Cybercrime in Nagpur - Cyber Blackmailer Couple Arrested in Pune for Extorting Money

Image
A sensational case of  cyber black mailing  and cheating has come to light in the city.  In this case registered at Pratap Nagar police station, the police have arrested 3 including the main accused IT professional husband and wife from Pune. Arrested accused includes Shatrughan Singh Tangral and his wife Manjusha along with Rahul Satyendra Jha, all three are residents of Pune. It is alleged that he stole source code and client's data from the director of a company based in Nagpur in the last 5 years and blackmailed them with rigging of about 9 crores. Police have booked a total of 12 people under various sections of cybercrime including cheating and blackmailing threats etc. Probably this is the first case of cyber blackmailing in the city.   Loot of 9 crores in 5 years All the three accused were produced in the court on Friday from where they were sent to police custody for 4 days. The prosecution argued that, the accused are highly educated and are tricksters. If bail is granted
Read more

From China to Agra: 27 Illegal Cricket Betting Sites Shut Down in Major Operation, Full Detail Inside

Image
  In a commendable display of proactive law enforcement, the Cyber Cell in Agra has successfully taken down a web of copyright violations, illegal online gambling, and betting activities. This operation has resulted in the blocking of 27 illicit websites engaged in betting and online gaming, safeguarding approximately 15 lakh Indians from potential fraud. Moreover, it has prevented an estimated Rs 38 thousand crores from being transferred to foreign shores, primarily China. Unveiling the Operation The roots of this operation can be traced back to a complaint filed by Hotstar India Company. The complaint highlighted unauthorized copying of live content, live games, third-party apps, and more. These infringements were made possible through the download and dissemination of the content via various web portals and foreign servers, including those in China, Vietnam, Philippines, and Russia. Uncovering the Extent of Fraud As the investigation delved deeper, it revealed a sprawling network of
Read more

Kashmiri Brother-in-Law could not show Kamal, and pressure on Nagpur police failed

Image
  The City Exelon Software Private Limited Company in Nagpur has been rocked by a case of cyber blackmailing , source code and data theft, and software rigging that has left its director, Vinod Kumar Tambi, reeling. The accused parties include Pune resident IT professional Shatrughan Singh Tangral and his wife, Manjusha, who are the main culprits in the case. It is alleged that they used Tambi's company's source code and data to form their own company and rigged bills worth crores. The couple was caught and arrested, but Shatrughan's brother-in-law, who is an inspector in the Jammu and Kashmir Police, arrived in Nagpur to save his brother-in-law. However, he has failed to make any headway with the Nagpur police, who are under pressure from the IPL lobby. It has come to light that Shatrughan and his wife Manjusha started forging documents and making fake bills by taking some IT professionals of Exelon along with them to benefit their private company. The couple made fake bil
Read more