Financial Crime World

Headline: Wake-Up Call for India: Financial Frauds and Social Media Crimes Dominate Cybercrimes, Reveals New Study

Overview

The Future Crime Research Foundation (FCRF), an innovative non-profit start-up incubated at the Indian Institute of Technology (IIT)-Kanpur, recently conducted a study on cybercrime trends impacting India. The whitepaper, titled ‘A Deep Dive into Cybercrime Trends Impacting India’, provides insights into the dominant cybercrimecategories in India, between January 2020 and June 2023.

Key Findings

  • Financial Frauds: Accounted for over 75% of all cybercrimes during the period.
  • Financial Fraud Subcategories: Debit/credit card fraud, business email compromise, internet banking fraud, and UPI fraud (47.25%).
  • Social Media Crimes: Accounted for 12.02% of the overall cybercrimes.
  • Other Cybercrimes: Online cyber-trafficking, online gambling, ransomware, cryptocurrency crime, cyber terrorism, and hacking or damage to computer systems (9%).

Financial Frauds: A Major Concern

The study indicated that financial frauds have emerged as a major concern, with subcategories representing nearly half of all cybercrimes. UPI frauds stand out as a pressing issue, highlighting the need for robust cybersecurity measures to safeguard online financial transactions.

Financial Fraud Subcategories (47.25%)

  • Debit/Credit Card Fraud:
  • Business Email Compromise:
  • Internet Banking Fraud:
  • UPI Fraud:

Social Media Crimes: A Growing Concern

Social media crimes accounted for a significant proportion (12.02%) of the overall cybercrimes. Subcategories of social media crimes included cheating by impersonation, cyberbullying, sexting, email phishing, and more.

Social Media Crimes Subcategories

  • Cyberbullying:
  • Impersonation:
  • Email Phishing:
  • Provocative Speech for Unlawful Acts:
  • Sexting:
  • Cheating:
  • Others:

Other Cybercrimes

The study also revealed that online cyber-trafficking, online gambling, ransomware, cryptocurrency crime, and cyber terrorism comprised nearly 9% of all cybercrimes. Hacking or damage to computer systems, such as unauthorized access, data breaches, email hacking, and website defacements or hackings, accounted for 1.57% of all online crimes.

Conclusion

Co-founder of FCRF, Harshvardhan Singh, emphasized the importance of understanding the dynamic landscape of cybercrimes in India and remaining educated and vigilant to combat these threats. This includes law enforcement agencies, individuals, businesses, and policymakers collaborating on effective strategies to mitigate the risks surrounding financial frauds and social media crimes.

In essence, the findings of the FCRF whitepaper serve as a wake-up call for all stakeholders to take action against the growing concerns of financial frauds and social media crimes in India.