Cybersecurity in Focus: Lessons from 2024's High-Profile Incidents

In 2024, India witnessed a rise in rampant tech scams, which was a testament to the sophistication as well as the malicious operations mounted by cybercriminals. Deepfake videos mimicking public figures to large-scale ransomware attacks targeting prominent organizations and individuals saw the cybercrime landscape unfolding in an alarming manner. This dramatic increase in digital fraud left citizens of all walks impacted, as scammers designed complex schemes to exploit vulnerabilities. More than 14 lakh cybercrime cases were reported in India between January and November 2024, which gives an idea of the scale and intensity of the problem. The year saw several high-profile incidents that call for increased alertness and better cybersecurity. The latest - Bengaluru police arrested four Gujarati individuals from a major cyber fraud case siphoning off ?12.5 crore from the credit card payment platform CRED. An Axis Bank relationship manager, was among the arrested along with three others—who allegedly acquired unauthorized access to CRED's corporate accounts after submitting forged Corporate Internet Banking forms and documents. They siphoned the money through multiple mule accounts opened online.

The year 2024 has exposed the alarming rise of cybercrime in India, with incidents ranging from deepfake videos and digital impersonation to large-scale financial scams. It is evident, therefore, that fraud and scam operations are becoming more sophisticated in nature while relying increasingly on the digital platforms. The need for tougher cybersecurity as well as alertness among citizens towards digital issues has become more imperative than ever. Cybercrime adaptation will only grow with time; therefore, to avoid becoming a victim, one needs to be very cautious or rigorous in authenticating all correspondences and dealings. These incidents remind us that no one is immune to cyber threats, and proactive steps are necessary to safeguard personal and financial information in an increasingly digital world.

Fake FedEx Courier Scam

Another key scam happened recently in February 2024 in which a local IT CEO, based in Bengaluru, receives a fake call from a representative who claims he is an executive from FedEx. The caller told the CEO that a suspicious parcel in his name had been intercepted in Mumbai, containing illegal items. He then transferred the amount to another person who introduced himself as a police officer. The scam was carried out over the course of a week, during which the CEO was convinced to transfer Rs 2.3 crore in eight separate transactions. The scammers worked on the victim's fear of legal consequences to create an elaborate story to work on him. By the time the CEO realized it was a scam, he had lost significant amounts of money. This is a lesson from the dangers of unsolicited communications and the importance of verifying identities through official channels before sharing sensitive information or transferring funds.

Fake Investment Scheme - Telangana

The biggest cyber fraud that Telangana had ever seen came in July 2024 when a 75-year-old retired senior manager from a public sector unit fell victim to it. The scam began with an investment offer that came to the victim via WhatsApp, promising rich returns. He invested Rs 4 crore within 10 days after being convinced by the apparently believable proposal. When his account appeared to show a balance of Rs 10 crore, the victim attempted to withdraw the funds but was told that various taxes, including GST and foreign exchange taxes, needed to be paid first. Over the next 15 days, the victim transferred an additional Rs 9 crore in an attempt to access his supposed returns. He realized, after nearly 50 days, that he had been scammed for Rs 13 crore. Police intervention brought in only Rs 20 lakh of the lost amount. In such scams, it is highly devastating financially. Such scams will take away most of the hard-earned savings from the account when people are promised high returns.

Cyber Blackmail in Pune

In August 2024, an intense cyber blackmail operation was carried out on a 74-year-old man from Pune. The victim was forced to transfer Rs 97 lakh through repeated threats of arrest and criminal charges over five days by fraudsters posing as police officers. The fraudsters accused the victim of crimes like sending obscene messages and money laundering, applying psychological pressure to force him into compliance. This case shows how cyber blackmail can cause extreme emotional and financial strain on the victims, especially the elderly, who are more susceptible to intimidation and fear-based tactics.

Fake Trading App Scam in Mumbai

The second largest cyber fraud of the year happened in August 2024 with a 75-year-old retired ship captain from Mumbai. A person, being deceived in an online WhatsApp scam, invested money over the course of a month with Rs 22 transactions to a sum of Rs 11.16 crore through a trading app designed for this fraud, it emerged during investigations conducted by police last week. When the victim tried to withdraw his profits, he was told that there were more fees, and the fraudsters refused his further payout requests. It is only after he discovered he had been conned that he lodged a report to the police who commenced an investigation into the matter. This incident puts more emphasis on verifying the authenticity of investment platforms and refraining from unsolicited financial offers, especially those with unusually high returns.

Fake Supreme Court Hearing Scam

One of the most brazen scams in 2024 was when fraudsters posed as federal investigators and conducted a fake Supreme Court hearing against a high-profile Indian businessman, S P Oswal. Oswald is a chairman of the Vardhman Group and Padma Bhushan awardee, to whom scamsters called with a claim that he has been involved in money laundering. The fraudsters legitimized their claims by setting up a fake online court hearing, in which an impersonator posed as India's Chief Justice, D Y Chandrachud. The fake court ordered Oswal to transfer Rs 7 crore as part of the investigation. Fearing legal repercussions, Oswal complied and transferred the funds. Fortunately, the scam was later discovered by law enforcement authorities, and the culprits were arrested along with the recovery of Rs 5.2 crore. This case shows how cybercriminals will go to any extent to manipulate their victims, even impersonating high-ranking officials and creating a whole legal process.

Digital Arrest Scam in Bengaluru

Perhaps the most shocking of the Bengaluru cyber scams was when a 39-year-old software engineer lost Rs 11.8 crore in just 18 days. The scam starts when a caller, posing as an official from the Telecom Regulatory Authority of India, says that someone is using a SIM card associated with the Aadhaar number to supposedly harass, offend, and advertise. The victim received a call from another person impersonating a police officer, informing him that the Aadhaar details of the victim had been used to open multiple bank accounts to launder money. The scammers threatened the victim to maintain confidentiality and forced him to transfer hefty amounts of money by threatening physical arrest. The scam finally ended with a fake Supreme Court hearing, where the victim was asked to transfer several large sums of money to different accounts. By the end of the scam, the victim had lost Rs 11.8 crore to the fraudsters.

Deepfake Video Scam – Sachin Tendulkar Case

One of the most prominent scams of 2024 involved cricket icon Sachin Tendulkar. In January, a deepfake video appeared online claiming that Tendulkar was endorsing a mobile game called Skyward Aviator Quest. The video was a clear example of deepfake technology being used to mislead viewers. It went viral, with the added claim that Tendulkar's daughter was benefiting from the game, further fuelling its spread. Tendulkar quickly took to social media to clarify that the video was fake, urging platforms to act swiftly against the spread of misinformation. This incident highlighted the growing misuse of deepfake technology, which can damage individuals’ reputations and lead to widespread misinformation. Deepfakes are especially a threat because the ability to produce someone's identity in both video and audio modes is so efficient that it confuses the majority of the users whether it's real or fabricated.

These frauds underline the alarming rise of cybercrime in India in 2024, where digital frauds, deepfake videos, and financial scams have become more common. The incident reminds one that stronger cybersecurity protocols and public awareness are necessary to prevent such cases of fraud in the future, as individuals and businesses need to be vigilant about protecting sensitive data and financial information.