Financial Fraud Dominates Cybercrime Landscape in India: UPI and E-Banking Prime Targets

Introduction:

A recent study conducted by a startup incubated at IIT Kanpur has shed light on the concerning prevalence of financial fraud emerging as the predominant cybercrime in India. The detailed research, presented in the Future Crime Research Foundation's (FCRF) extensive whitepaper titled 'A Deep Dive into Cybercrime Trends Impacting India,' exposes that financial frauds constituted a staggering 75% of cybercrimes in the country from January 2020 to June 2023.

Key Findings:

The study reveals that online financial frauds accounted for over 75% of cybercrimes during the specified period. Notably, nearly 50% of these cases were associated with the Unified Payments Interface (UPI) and internet banking. The FCRF has identified specific subcategories within online financial fraud, including debit/credit card fraud, business email compromise, internet banking-related fraud, and a significant 47.25% related to UPI fraud.

Social Media-Related Crimes:

The whitepaper underscores that social media-related crimes made up 12.02% of online offenses. These offenses encompass various activities on online platforms, such as cheating by impersonation, cyber-bullying, sexting, and email phishing. While cyber-bullying and impersonation recorded substantial percentages, email phishing and provocative speech for unlawful acts had a relatively lower impact.

Other Notable Categories:

The study acknowledges "other notable categories," contributing to 9% of online crimes. These include diverse cybercrime classifications with smaller but significant percentages, such as online cyber-trafficking, online gambling, ransomware, cryptocurrency crime, and cyber terrorism.

Diverse Cybercrime Methods:

The FCRF's whitepaper emphasizes that 1.57% of online crimes were linked to hacking or damaging computer systems. These instances involved unauthorized access, data breaches, email hacking, and website defacement or hacking. The report highlights the evolving tactics employed by cybercriminals, underlining the need for a collective effort from law enforcement agencies, individuals, businesses, and policymakers.

Call to Action:

The study advocates for the government to emphasize the critical need for all stakeholders to comprehend the changing landscape of cybercrimes in India. As technology advances, cybercriminals adapt their tactics, underscoring the importance of remaining informed and vigilant. The report concludes with a call for collaborative efforts to combat these evolving threats to digital infrastructure.