Who is the most vulnerable to cyber frauds?, Pg11

Key Highlights:

• Cybercrime cases in India surged by 17.9% from 86,420 in 2023 to 1,01,928 in 2024, as per the National Crime Records Bureau (NCRB).
• A study by Lokniti-CSDS and Common Cause found that 13% of citizens were direct victims of cybercrime, with over half experiencing financial fraud.
• Counter-intuitively, the study indicates that the wealthiest (57%) and more educated individuals (59% of college graduates) are most susceptible to financial frauds.
• Nearly a third of citizens frequently receive scam calls, including those related to deliveries, high-return investments, and bank impersonation.
• A significant 23% of cybercrime victims reported financial losses exceeding ₹20,000.

Detailed Insights:

• The increase in cybercrime cases runs contrary to a 6% decline in overall registered crime during the same period.
• The Lokniti-CSDS and Common Cause study surveyed 8,306 citizens across 16 States to uncover the extent of under-reported cyber frauds.
• Individuals with higher online usage demonstrate greater exposure to scams, with over 46% reporting moderate to high frequency.
• Fraudsters exploit digital footprints by leveraging social relationships and institutional credibility, rather than relying solely on technical prowess.
• Common fraud tactics include impersonating banks or authorities, exploiting trust in e-commerce, and appealing to aspirations for quick wealth.
• The article suggests that cyber fraud has evolved into a "tax on connectivity," disproportionately affecting those with greater digital engagement and resources.

Key Concepts Involved:

• Cybercrime: Criminal activities carried out using computers or the internet, encompassing fraud, data theft, and hacking.
• Digital Transactions: Financial exchanges conducted electronically, such as online banking, mobile payments, and e-commerce.
• National Crime Records Bureau (NCRB): An Indian government agency responsible for collecting and analyzing crime data.
• Lokniti-CSDS: A prominent Indian research program focusing on democracy, politics, and society.
• Financial Fraud: Deceptive practices employed to gain financial advantage, often involving misrepresentation or identity theft.