Between January 2020 and June 2023, a recent study by a startup affiliated with IIT Kanpur revealed that financial frauds comprised more than 75% of cyber crimes in India. Nearly half of these cases were related to UPI and Internet banking. Social media-related offences, including impersonation scams, cyber-bullying, sexting, and email phishing, constituted 12% of online offences during this period. The Future Crime Research Foundation (FCRF), a non-profit startup incubated at IIT Kanpur, unveiled these findings in its latest comprehensive report, ‘A Deep Dive into Cybercrime Trends Impacting India.’
In terms of financial fraud, which accounted for a substantial 77.41% of offences, the FCRF emphasized its dominance, encompassing fraudulent activities tied to online financial transactions. This category includes debit/credit card fraud, business email compromise, internet banking-related fraud, and notably prevalent UPI (Unified Payments Interface) fraud, making up 47.25% of cases.
These statistics underscore the critical importance of robust cybersecurity measures to protect online financial transactions. The whitepaper also reported that social media-related crimes represented 12.02% of online offences, encompassing a wide range of offences associated with online platforms and social media. Subcategories included impersonation, cyberbullying, sexting, email phishing, and more.
Additionally, “other notable categories” contributed to nine per cent of online crimes, encompassing various cybercrime categories with smaller yet significant percentages, including online cyber-trafficking, online gambling, ransomware, cryptocurrency crime, and cyber terrorism.
The whitepaper also highlighted the various methods employed by cybercriminals to target digital infrastructure. It pointed out that 1.57% of online crimes are related to hacking or damaging computer systems, involving unauthorized access, data breaches, email hacking, and website defacement or hacking.
FCRF co-founder Harshvardhan Singh emphasized the importance of comprehending the evolving landscape of cybercrimes in India. He stated that the report not only sheds light on the distribution of cybercrimes but also underscores the necessity for collaborative efforts to combat these threats. Singh emphasized that with advancing technology, cybercriminal tactics also evolve, making it imperative for all stakeholders to remain well-informed and vigilant.
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