India suffered an unprecedented wave of cyber-enabled financial crime last year, with total losses touching ₹22,845.73 crore—a 206 percent jump over the ₹7,465 crore recorded in 2023. Data placed before Parliament by the Ministry of Home Affairs show that the country’s cybercrime reporting portals logged about 3.6 million fraud complaints in 2024. Authorities attribute the spike to a mix of phishing, social-media scams and identity theft targeting digital-payment users.
While the government’s Cyber Fraud Reporting & Management System claims to have blocked or retrieved ₹5,489 crore before it left the banking system, the scale of losses underscores the growing sophistication of cybercriminal networks. More than 10,000 suspects were arrested during nationwide crackdowns, yet officials concede that enforcement alone cannot keep pace with evolving threats.
The ministry has urged banks and telecom operators to tighten real-time transaction monitoring, and it is pressing states to expand cyber-police units and public-awareness drives to stem India’s fast-deepening cyber-fraud epidemic.
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