Indians have experienced significant financial losses due to cyber fraud, with a staggering amount of Rs 120.30 crore lost to 'digital arrest' scams in the first quarter of 2024. This alarming trend highlights the increasing prevalence of such scams, which have become a preferred method among cybercriminals.

The analysis conducted by the Indian Cybercrime Coordination Centre (I4C) reveals that 46 percent of reported cyber frauds during this period originated from Myanmar, Laos, and Cambodia. Overall, victims reported losses totaling approximately Rs 1,776 crore across various scams, including Rs 1,420.48 crore in trading scams, Rs 222.58 crore in investment scams, and Rs 13.23 crore in romance/dating scams.

Between January 1 and April 30, 2024, the National Cybercrime Reporting Portal (NCRP) recorded 7.4 lakh complaints, indicating a significant increase in reported incidents compared to previous years. In 2023, a total of 15.56 lakh complaints were filed, up from 9.66 lakh in 2022 and 4.52 lakh in 2021. The data emphasizes the urgent need for improved cybersecurity measures and public awareness to combat the rising tide of cybercrime in India.