Apart from traditional fraud mechanisms, there has been an unprecedented increase in the number of online and cyber frauds in India recently. The digital transformation has spurred on criminal activities done through computers and networks. Cybercrimes have taken away 0.7% of India’s GDP.
Cybercrimes range from phishing attacks, identity thefts to online thefts, posing serious risks to individuals and organisations in their daily operations. The types of attacks range from ransomware, data thefts and social engineering attacks. RBI statistics reveal the following data: –
Source: The Hindu
Y Axis shows Rs crores lost due to cybercrime
X Axis : No of cybercrime cases
The quantum of fraud has increased from Rs 421 crores in 2023-24 to Rs 2,054.6 crores in 2024-25 according to RBI statistics.
This is apart from 13,000 bank fraud cases reported in 2024, according to Statista. According to the cybercrime magazine, the total cost of cybercrimes is expected to increase to $ 13.82 trillion by 2028. The growth of online transactions, penetration of internet services and expansion of e-commerce has made cyberattacks all too easy for criminals and scamsters. This calls for increasing public awareness, need for cyber security education and robust regulatory frameworks to prevent financial scams. You must constantly beware of scamsters tricking you into revealing your personal information or making personal transactions and money transfers.
SingleDebt offers robust loan repayment rescheduling services to create affordable EMI Plans through a single EMI repayment. This way you can come out of your financial crisis without your CIBIL score being affected. This safeguards your financial future by ensuring that you can conservatively take new loans in the future All these measures save you from a debt trap and are designed to safeguard your finances and give you peace of mind
In these types of scams, most of your personal confidential information like Aadhaar or Pan Card, driving license or passport numbers which contain your identity and address proof is stolen and misused to steal funds and personal assets. In some cases, your debt and credit cards are also used to commit fraud
The peculiarity of this type of scam is emails or text messages are sent to the recipient. These contain some genuine information that appears to be routed from genuine organisations with which you have dealings. When you click on these messages, you are routed to a fake website which contains information to make it appear real. If you mistakenly enter your personal information, the fraudsters steal your assets or the balance in your bank accounts.
In this type of scam, the fraudsters pose as investment experts and offer stupendous returns to the investors caught in their web. They promise exciting returns and rewards to people caught in their web. They are also under pressure to invest more and more to earn these high returns. Some investors even borrow to invest with these fraudsters and lose heavily.
In these scams, you are lured to fake websites that offer amazing discounts and sell counterfeit products that masquerade as genuine designer products. You will also be revealing your personal information to these scamsters enabling them to steal your bank balances. Ensure that you carry out only secure online transactions.
We identify below some financial security tips for your edification.
Create strong passwords and multifactor authentication for your various online banks and other accounts. Use a random password generator and use multifactor authentication as this offers a second layer of defense. This way, you will be required to enter a code or an OTP while opening your online accounts. This will help you to avoid scams. Remember safeguarding your personal information is prime most.
Monitor your account balances and credit card reports regularly. This will enable you to detect any unauthorized activity. Ensure that you get regular updates about your email and credit card activity. This will help you to scrutinize and alert your bank about any suspicious activity.
Ensure that you never reveal your personal, confidential information to strangers and people to whom you are not required to provide it. Aadhaar card comes in a masked version where the complete Aadhaar unique identification code is not completely revealed. Also, be careful about what information you share online. Be particular about never revealing your information on websites or social media apps that you are not familiar with or those that can be easily hacked.
Getting a system total protection software helps to protect from hacking softwares like ransomware and other malicious viruses. This provides security to your systems. Make sure that your operating software and other softwares are also up-to-date. This reduces the incidence of malware and other viruses that can corrupt your data.
Protecting bank accounts and assets and safeguarding yourself from financial fraud requires vigilance, awareness, and proactive measures. Regularly monitor your financial accounts for suspicious activity, and immediately report any discrepancies to your financial institution. Use strong, unique passwords for online accounts and enable two-factor authentication wherever possible. Be cautious about sharing personal or financial information, especially over the phone or online, and verify the legitimacy of unsolicited requests. Stay informed about common scams, and trust your instincts—if something feels too good to be true, it likely is. By staying alert and taking these precautions, you can significantly reduce the risk of falling victim to financial fraud. Cybersecurity for your finances is a must.
In today’s world, financial fraud is a growing threat.If you are caught in a fraud, you might face funds shortage to pay-off your personal loans. SingleDebt offers robust loan repayment rescheduling services to create affordable EMI Plans through a single EMI repayment. This way you can come out of your financial crisis without your CIBIL score being affected. All these measures save you from a debt trap and are designed to safeguard your finances and give you peace of mind. Don’t wait for fraud to happen—take action now! Trust SingleDebt to protect your financial future. Get started today and stay secure.
SingleDebt specializes in effective debt management solutions, helping individuals and businesses reduce their debt and regain financial stability.
