The increase of cyber scams hasactually been a significant issue for Indian residents for the last coupleof years and the intro of synthetic intelligence (AI) and deepfakes has just made it hard for individuals to separate inbetween what is genuine and what’s not.
According to the Indian Cybercrime Coordination Centre (I4C), Indians lost over ₹1,750 crore to cyber scams in the January-April 2024 duration, out of which 85% of cases were associated to monetary criminaloffense.
I4C included that Indians lost over ₹120 crore in financialinvestment frauds throughout the veryfirst 4 months of 2024 in 4,599 reported cases. In 2023, over one lakh cases were signedup in connection with financialinvestment frauds.
A current report from cybersecurity company CloudSEK shared that there hasactually been a rise in deceptive ads on platforms like Facebook, amountingto over 29,000 circumstances. It is thought that the approximated month-to-month customer loss due to rip-offs in India quantities to $50,000 (over ₹41 lakh).
Additionally, the report stated the business discovered over 81,000 fake financialinvestment groups on WhatsApp and the verysame number of phony dealswith on X (formerly Twitter) masquerading as genuine monetary entities to boost the trustworthiness of these frauds.
How do these financialinvestment frauds work?
Investment frauds on social media work by veryfirst gettingintouchwith users with luring provides through messages or phony advertisements. They typically present as reputable monetary entities or people and convince users to invest in either cryptocurrency or stocks with high returns.
Once they engage users, fraudsters pledge fast earnings to pressure them into investing quickly, utilizing phony evidence of profits to appear genuine.
These rip-offs rely on taken individual information to target victims efficiently. According to CloudSEK, the rate of this information is normally around $100 (approximately ₹8,350) for 10,000 lines of information consistingof phone numbers and names. They deal betw