An Increase in Online Frauds: The Scammer’s Path
An Increase in Online Frauds: The Scammer’s Path
It demands prompt action from banks and authorities as well as increased public knowledge of fraudsters’ methods.
In India, “digital arrest” frauds have significantly increased. The number of reported digital arrest scams and related cybercrimes has more than tripled, from 39,925 in 2022 to 1.23 lakh in 2024, according to data from the National Cybercrime Reporting Portal.
The amount deceived has increased from ₹91.14 crore to ₹1,935 crore. In order to trick people, scammers often pose as law enforcement agencies, including the police, the CBI, and the Income Tax Department.
Fake interrogations on video conversations trap the victims, who come from a variety of backgrounds, including senior folks, professionals in the business sector, and industrialists. This paper’s study has meticulously recorded multiple cases in which individuals have been defrauded of thousands and crores of rupees.
This paper’s reports demonstrate how victims’ money is moved to mule accounts used by scammers and occasionally to other accounts located throughout the nation. In one case, in only a few minutes, an incredible amount of around ₹6 crore was moved across numerous bank accounts.
In a different instance, there are signs that cryptocurrency was purchased with the stolen money. There haven’t been many recoveries. The majority of the money is typically taken out of the mule accounts in cash. A retired IAF veteran who was scammed of ₹1.59 crore has only received ₹16.1 lakh back as of this writing.
In another instance, the victim—a former deputy nursing superintendent—has not received any compensation for the ₹83 lakh she lost in pension and savings.
To raise awareness and keep an eye on questionable behavior, the banks and authorities have taken action. During his Mann Ki Baat on October 27, 2024, Prime Minister Narendra Modi issued a warning against digital arrests. “Watch out for online arrest scams.
“The law doesn’t have a system like digital arrest,” he stated. Additionally, the Reserve Bank of India has issued a warning on digital arrest scams. To inform the public about the nature of the scams, banks have started awareness programs.
There is an urgent need to increase these efforts. Governments, financial institutions, and the central bank must keep raising public awareness of these frauds and educating people about the scammers’ methods. According to a report in this article, the addresses of the mule accounts were “fictitious” in several instances; thus, banks need to tighten the KYC procedure even further. Large, suspicious transactions in an account (for example, 1,960 transactions in a single day) should be reported right away, and the proper action should be taken. Investigations into such incidents should likewise be conducted more quickly.
About The Author:
Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blogs, he also writes for brands including Craw Security, Bytecode Security, and NASSCOM.
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