India’s digital growth has made financial services easier for millions, but it’s also given cybercriminals new ways to scam people. According to experts, around 85% of complaints filed during the 2023-2024 financial year were about online frauds, with stock market scams, money mules, and social engineering attacks being the most common.

For example, Krish Ramnani from Mumbai ordered a product online and paid 40% upfront. On delivery day, the seller demanded another 40%, which he paid, but the product never arrived. He lost nearly Rs 1 lakh and later found out that the contact numbers on the website were fake.

In another case, a woman from Pashan, Pune, received a message claiming her parcel was delivered to the wrong address. To get a refund, she was asked to share her bank details. When she clicked the link, her phone was hacked by cybercriminals.

Data from the union ministry of finance shows that by March 31, 29,082 fraud cases (each involving Rs 1 lakh or more) were reported, where people lost Rs 1,457 crore. This is a big increase compared to the 6,699 cases and Rs 277 crore lost the previous year.

Experts say the rise is due to a lack of awareness, people trying to make quick money, and scammers pretending to be CBI or police officers. One retiree from Visakhapatnam fell for a ‘FedEx courier’ scam and lost Rs 85 lakh after scammers accused him of having drugs in a parcel and demanded nearly all his savings to clear his name.

Nagpur’s deputy police commissioner, Nimit Goyal, said financial fraud cases have surged, with police receiving about 50 complaints daily, involving Rs 35-40 lakh. Many frauds happen through international platforms like Telegram, making it hard to catch the scammers.

Experts warn that criminals are always finding new ways to trick people, especially targeting seniors who aren’t tech-savvy. This has led to a general fear of clicking on links or trusting online platforms.

There’s also concern about people being lured into WhatsApp groups with fake promises of huge returns. Cybersecurity experts stress that cryptocurrencies, which are not regulated, pose significant risks.

To combat these crimes, experts call for a national cybercrime committee to work with different states and even ASEAN countries, as many scams are cross-border. The Reserve Bank of India, along with other agencies, is working to address these issues, but gaps in data privacy and security make it easier for fraudsters to operate.