5 big online scams that affected India

Every year, scammers have found innovative techniques to execute scams that have resulted in major financial losses across the country. The rich and poor alike have been victims of such scams, with cyber scams having seen a dramatic surge in India in 2024. These fraudsters have come up with methods to escape the sight of law enforcement officers. The Reserve Bank of India has stated that owing to these frauds, more than Rs 21300 crore have been swindled away, indicating a 27% increase in the number of banking frauds, that too, in the first half of 2024-25 alone. 

These activities undoubtedly indicate of a worrying trend that requires urgent intervention. Such scams often exploit people into sharing OTPs, investing money, etc. in non-existent opportunities, resulting in crippling financial losses. Citizens must stay vigilant and keep an eye on their transactional activity. The following is a list of five of the most dangerous scams that continued to hit the country:

1. Scams related to investments and stock trading:

As interest in the stock market seems to witness a rising trend, scammers have also not taken a back seat as scams have been reported wherein fictitious platforms have been created to dupe people. These platforms, promising high returns, have accounted for the largest money losses. This year’s figure in stock trading scams accounted for a loss of Rs 4,636 crore that came as a result of the more than 2 lakh complaints made by the victims. 

2. Deepfake scams:

With continuous developments in artificial intelligence, it has become simpler for attackers to overlay what might appear as realistic photos, videos, or audio recordings. Deepfakes have been used to trick victims into sending money or disclosing private information, making it harder and harder to tell the difference between authentic and fraudulent communications.

3. Digital Arrest Scams: 

Scammers usually call victims via voice or video calls while impersonating government or law enforcement personnel in these kind of frauds. After accusing the victim of committing a crime, they blackmail them for immediate money to keep them from being arrested. In one such instance from this year, a well-known businessman was defrauded of $830,000 during a fraudulent Supreme Court hearing conducted online. 

Prime Minister Narendra Modi has warned the public that there is no legal definition of a “digital arrest” and asked them to report such events as soon as they occur.

4. QR code scams:

Fraudsters make fake QR codes that, when scanned, might lead victims to fraudulent websites or carry out unauthorized transactions. In an attempt to take advantage of the growing use of QR codes for transactions, these frauds targeted people who make digital payments.

5. SIM closure fraud:

The scammers pretended to be from the Telecom Regulatory Authority of India (TRAI) and called or texted users about the impending termination of their SIM cards, allegedly because of fraud or KYC problems. The goal was to obtain any money or bank information from gullible victims. Users have been cautioned by TRAI to avoid such dishonest communication.

Safety and preventive measures become important in a world where scams are rampant. Users are encouraged to do the following to keep safe from these scams: 

– Report Suspicious Activity: Notify the police right away if you become a victim of a scam.

– Boost Digital Security: Give each account you use a strong, one-of-a-kind password and turn on two-factor authentication. 

– Verify Before Acting: Verify the legitimacy of unsolicited communications at all times, particularly those that request payment or sensitive information. 

– Be Wary of Impractical Offers: Exorbitant profits with little to no risk are frequently warning signs of fraud. 

– Remain Informed: Inform both yourself and other people about new fraud schemes and techniques. 

The increase in sophisticated scams highlights the need for people to enhance their digital skills and stay cautious in an increasingly connected world.