Indian Government Reports Rs 25,000 Crore Loss Due to Cyber Frauds in 3 Years: Tech Giants Called to Act

Indian Government Reports Rs 25,000 Crore Loss Due to Cyber Frauds in 3 Years

Indian Government Reports Rs 25 Crore Loss Due to Cyber Frauds: Cyber fraud cases across India have been a serious cause for most Indian citizens. As of April 2024, over 7 lakh Cyber fraud cases have been recorded in India

However, a recent report from the government said that the amount of money the public has lost in cybercrime is more than Sikkim's annual budget.

As per the reports, India people have lost an amount of 2,500 crore in the last three years which is twice Sikkim's yearly budget.

Earlier, a meeting was held at the Ministry of Electronics and Information Technology (MeitY) where the Ministry of Home Affairs and MeitY talked about their fears with social media companies such as Instagram, WhatsApp, and Google.

In the meeting, it was also said that last year, a total of 27 FIRs were recorded on a daily basis From January to June 2024, the central cyber fraud department got 709 reports of people losing more than Rs 1 crore which sum up to a total fraud of Rs 1,421 crore in the starting of the year.

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News18 reported that a senior officer told them, “ The government is always working on a way for information to move quickly. Currently, all the companies ask for various types of details even at the initial stage, which delays the process of preventing cyber fraud. Social media apps are being used as amplifiers by fraudsters to make it easier for them to catch victims.”

Over the past three years, the National Cyber Crime Portal (NCRP) has received 31 lakh reports about cyber crimes which also include AIIMS cyber fraud, ICMR data leak fraud, and many other loan lending app scams.

However, what most concerns the government is that the arrests in cyber fraud cases are very low, it's not even ⅓ of the total number of crime-fraud cases.

Because of this, the government has requested social media companies to detect and take action immediately against fake ads on loan apps, Ponzi scams, and stock trading groups.

The government has also asked social media intermediaries to set up a nodal officer to work together with Indian authorities and coordinate their efforts

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