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Financial frauds in Tamil Nadu amounts to Rs. 1,116 crore

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According to the state’s cyber crime police, cyber financial fraud in Tamil Nadu resulted in staggering losses amounting to Rs. 1,116 crore in the first nine months of 2024.

This substantial figure underscores the escalating threat posed by cybercrime in the region, which continues to grow despite efforts to curb its impact.

Tamil Nadu’s cyber crime wing has been working to mitigate these losses through proactive measures, reports India Today. Between January and September, the authorities successfully froze Rs. 526 crore in fraud-related funds, leveraging automatic systems and manual intervention.

In addition, the wing managed to recover Rs. 48 crore, which was returned to the victims of cyber fraud. These efforts represent a significant portion of the state’s broader anti-cybercrime campaign, which has seen a surge in reports and complaints.

According to National Cyber Crime Reporting Portal data, Tamil Nadu received 91,161 cybercrime-related complaints during this period. Many of these incidents involved financial fraud, with phishing, Know Your Customer (KYC) scams and various forms of digital arrests being among the most common.

With the increasing internet use and little cyber security knowledge among the masses, India has become a lucrative target for scammers and phishing attacks. | Image by Prasanta Sahoo from Pixabay

Authorities stress the importance of early reporting when dealing with financial cybercrime. “There may not be any result when the complaint is too old,” warned a representative from the cybercrime wing.

Quick reporting, they emphasised, increases the chances of successfully freezing or recovering stolen funds.

Authorities encourage victims to register complaints via the official cyber crime portal or call the helpline number 1930.

India’s Enforcement Directorate recently busted a $47.6 Fiewin application gaming scam. The country’s increasing cybercrime forced the Department of Telecommunications to block 1.92 crore SIM cards and 2.2 lakh mobiles.

In July, reports emerged that the Chinese-backed Smishing Triad cyber gang was targeting Indian users with India Post scam. Indian users were also receiving phishing messages on WhatsApp impersonating the Regional Transport Office (RTO).

Although the authorities are doing their jobs, individuals must remain vigilant, report suspicious activity promptly and stay informed about common fraud tactics to protect themselves from becoming victims.

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Kumar Hemant

Kumar Hemant

Deputy Editor at Candid.Technology. Hemant writes at the intersection of tech and culture and has a keen interest in science, social issues and international relations. You can contact him here: kumarhemant@pm.me

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