Financial Fraud Dominates with UPI and E-Banking as Prime Targets, Reveals Study

In recent years, cybercrimes have been on the rise in India, posing a significant threat to individuals, businesses, and national security. A recent comprehensive whitepaper by a CyberSecurity reasearch foundation, incubated at one of the top institutes of the country sheds light on the evolving trends in cybercrime from January 2020 to June 2023. Here are six crucial insights from the FCRF's study that highlight the changing landscape of cybercrimes in India:

Financial Frauds Dominate: Over 75% of Cybercrimes

From January 2020 to June 2023, financial frauds emerged as the dominant category, accounting for over 75% of all cybercrimes in India. The whitepaper emphasizes the need for stringent cybersecurity measures to protect online financial transactions, given the alarming prevalence of fraudulent activities in this domain.

UPI and Internet Banking: The Most Vulnerable

Within the realm of financial frauds, nearly 50% of cases were related to UPI (Unified Payments Interface) and internet banking. The FCRF's study points out that this category is a pressing concern, encompassing debit/credit card fraud, business email compromise, internet banking-related fraud, and the increasingly common UPI fraud, which accounted for 47.25% of financial offenses.

While financial frauds dominated the cybercrime landscape, social media-related crimes also had a significant presence, constituting 12% of all online offenses during the study period. This category included various subcategories, such as cheating by impersonation, cyber-bullying, sexting, email phishing, and more.

Diverse Cybercrime Categories Contribute to 9%

Apart from financial and social media-related offenses, "other notable categories" collectively contributed to 9% of online crimes. These categories encompassed a range of cybercrimes, including online cyber-trafficking, online gambling, ransomware attacks, cryptocurrency-related crimes, and cyber terrorism.

Hacking and Data Breaches: A Persistent Threat

Cybercriminals continued to target digital infrastructure with hacking and data breaches, constituting 1.57% of all online crimes. Unauthorized access, data breaches, email hacking, and website defacement or hacking were among the prominent tactics employed by cybercriminals in this category.

The Urgent Need for Collaborative Action

The FCRF's co-founder stressed the importance of collaborative efforts involving law enforcement agencies, individuals, businesses, and policymakers to combat the evolving landscape of cybercrimes in India. As technology advances, cybercriminal tactics also evolve, making it crucial for all stakeholders to remain informed and vigilant.

Conclusion

In conclusion, the FCRF's whitepaper highlights the pressing need for robust cybersecurity measures, especially in the realm of financial transactions and social media usage. Understanding the changing dynamics of cybercrimes is essential for mitigating threats and ensuring a safer digital environment for all.