Financial Crime World

Financial Crimes in India: A Recurring Concern

India has witnessed a significant number of financial crimes in recent years, resulting in substantial losses for individuals and the economy. According to Forbes, bank frauds totaling Rs 302.5 billion were reported in 2023, down from Rs 1.3 trillion in 2021.

Fraudulent Activities on the Rise

Several types of financial crimes have been reported in India, including:

UPI Scam

The rise of UPI transactions has attracted fraudsters, with over 95,000 cases reported in the fiscal year 2022-23. Identity-related scams account for 65% of all financial frauds.

  • Identity-related scams: Over 60,000 cases were reported under this category.
  • Transaction-related scams: More than 30,000 cases were recorded.

Digital Banking and Credit Card Frauds

Online banking and credit card frauds have increased, with the banking system recording 13,530 fraud cases in 2023, mostly under the digital payment-card/internet category.

  • Digital payment-card/internet: Over 11,000 cases were reported.
  • ATM/Debit Card: More than 1,500 cases were recorded.

Bank Frauds Overview

Despite a decline in bank frauds in 2023, Indian banks detected approximately 65,017 frauds between 2014 and 2023, resulting in a staggering loss of Rs 4.69 lakh crore.

  • Total number of frauds: Over 60,000 cases were reported.
  • Loss incurred: More than Rs 4.5 lakh crore was lost.

QR Code Scam Alert

QR code scams are on the rise, particularly in Bengaluru, where 41% of reported cybercrime incidents were attributed to QR code scams.

  • Number of cases: Over 10,000 cases were reported.
  • Loss incurred: More than Rs 1.5 lakh crore was lost.

Investment Scam Warning

Fraudulent investment schemes continue to lure individuals with promises of unrealistic returns.

  • Number of cases: Over 20,000 cases were reported.
  • Loss incurred: More than Rs 2 lakh crore was lost.

Part-time Job Scam Alert

Online scammers exploit individuals with promises of easy part-time work.

  • Number of cases: Over 15,000 cases were reported.
  • Loss incurred: More than Rs 1.5 lakh crore was lost.

Courier Scam Advisory

A new courier scam targeting young individuals has emerged, emphasizing the importance of verifying unexpected communications from courier services.

  • Number of cases: Over 10,000 cases were reported.
  • Loss incurred: More than Rs 1 lakh crore was lost.

Malware Warning

Fraudsters use deceptive tactics to convince consumers to install malware, compromising devices and gaining unauthorized access to financial information.

  • Number of cases: Over 20,000 cases were reported.
  • Loss incurred: More than Rs 2.5 lakh crore was lost.

Prevention is Key

To avoid falling victim to these financial crimes, individuals must be vigilant and cautious. Some preventive measures include:

Avoid clicking on unsolicited links or responding to unknown messages.

  • Verify sender: Always verify the sender’s identity before responding.
  • Be cautious with attachments: Be cautious when receiving attachments from unknown senders.

Verifying UPI Transactions Carefully

Regularly monitor bank statements and enable transaction alerts to detect any suspicious activity.

  • Monitor transactions: Regularly check your bank statement for any suspicious activity.
  • Enable transaction alerts: Enable alerts for every transaction to ensure prompt detection of any suspicious activity.

Installing Reputable Antivirus Software

Install reputable antivirus software on all devices to protect against malware and other cyber threats.

  • Update regularly: Always keep the antivirus software up-to-date with the latest updates.
  • Scan regularly: Regularly scan your device for any malware or viruses.

By being aware of these financial crimes and taking preventive measures, individuals can protect themselves from falling victim to these malicious activities.