“Your father is below arrest. However we predict he’s harmless and obtained caught wrongly. In the event you don’t consider me, I can put him on name,” stated a fraudster who impersonated himself as a police commissioner on a WhatsApp name. He then threatened this writers to report the case to media if he wasn’t paid Rs 50,000 on name. Nevertheless, what the caller didn’t know was that he was calling a journalist. Having understood that one thing is amiss, this author obtained to backside of it. A thorough investigation revealed it to be ‘digital arrest rip-off’. That is simply an instance. The yr 2024 noticed varied sectors being hit by a wave of frauds enabled by misuse of know-how and pushed by people exploiting system vulnerabilities. Listed here are a number of the scams that got here to the fore in 2024.
Digital arrest(*10*)
As talked about to start with, digital arrest is likely one of the most prevalently unfold cyber frauds of this yr. Between January and April 2024, Indians misplaced a staggering ₹120.3 crore to “digital arrest” fraud, in response to information from the Indian Cybercrime Coordination Centre as reported in October.
In these scams, criminals contact victims by way of cellphone or video calls, making a situation the place the goal believes they’re implicated in a authorized case. This tactic is designed to coerce victims into paying cash below the specter of jail time, as defined by cybersecurity specialists.
Medical(*10*)
Fraudsters preyed on people by promoting insurance policies that promised complete safety. Nevertheless, when policyholders filed claims, these so-called insurers vanished, leaving victims to face important monetary and emotional turmoil. The dearth of stringent regulatory oversight within the insurance coverage sector contributed to the proliferation of those scams.
As Col (Dr) Rajendra P Vennam, CEO and CTO of Drucare, noticed, “Probably the most disheartening sample that emerged was the excessive quantity of insurance coverage fraud. These people would promote insurance policies with the promise of complete well being safety whereas these people would vanish after the declare had been filed. In unison, the fast use of telemedicine additionally led to an alarming rise of phishing scams the place cyber criminals contaminated scanners posing as medical doctors that wanted delicate info concerning sufferers.”
One other worrying concern was the rise of faux medication being offered on-line which is blamed on the unethical distributors who took assistance from e-commerce websites whereas additionally using ads on social media. This was detrimental to peoples well being particularly in locations the place entry to the required drugs was tough, Dr Vennam famous.
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Supply(*10*)
Because the reliance on supply apps grew, scammers exploited these platforms to deceive customers. Faux supply brokers or apps requested prospects for added funds below the pretense of service prices or rectifying “failed transactions.” In some circumstances, customers unknowingly shared delicate cost info, resulting in monetary losses.
Scams involving QR codes have turn into more and more prevalent, as seen in a latest incident the place a police officer misplaced ₹2.3 lakh after scanning a fraudulent QR code at a bakery. A new rip-off involving DHL bundle supply has additionally raised issues, with suspicious notifications circulating on platforms like WhatsApp and X (previously Twitter).
Residents reported receiving a discover at their doorstep prompting them to scan a QR code to “re-arrange supply” by following easy steps. Whereas DHL confirmed that this discover is authentic, cybersecurity specialists warn that QR codes can simply be weaponized by scammers to direct customers to malicious hyperlinks, probably resulting in important monetary losses.
Airport lounge entry(*10*)
Travellers have been focused with fraudulent gives of premium lounge entry at airports. Victims paid for unique memberships or passes solely to search out these companies didn’t exist. Scammers took benefit of unsuspecting flyers, notably throughout peak journey seasons, by utilizing pretend web sites and phishing emails that mimicked authentic airport companies.
Phishing(*10*)
The rising use of digital platforms offered an opportunity for hackers to reap the benefits of weaknesses. They employed phishing scams to compromise programs and procure personal information by posing as dependable organizations. Beneath the pretense of legitimate requests, these frauds often entailed tricking folks into divulging passwords, financial institution info, or different private info. “The fast use of telemedicine led to an alarming rise of phishing scams,” stated Dr. Vennam, “the place cybercriminals contaminated scanners posing as medical doctors and sought delicate info.”
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Cryptocurrency(*10*)
Cryptocurrency remained a hotbed for scams in 2024. Fraudsters lured victims with guarantees of excessive returns on investments or unique entry to new digital currencies. Many fell prey to pretend platforms and Ponzi schemes, shedding substantial quantities of cash within the course of. Equally, bogus funding alternatives—starting from pretend inventory tricks to non-existent startups—value people their financial savings.
Manish Tewari, Co-Founding father of Spydra Applied sciences, highlighted that “a big proportion of the general public continued to fall victims to cryptocurrency scams together with pretend ICOs, counterfeit crypto buying and selling platforms, and AI building ‘funding’ planners who tricked the lots into shedding thousands and thousands of {dollars}.”
Banking(*10*)
Banking fraud surged in 2024, with scammers using ways like impersonating financial institution officers to trick people into sharing delicate info. Utilizing superior know-how, these fraudsters accessed accounts, drained funds, or misdirected transactions to their very own accounts. Faux mortgage gives and fraudulent SMS messages posing as official alerts additionally victimized many.
Know-how(*10*)
2024 noticed a disturbing rise in using deepfake know-how, the place AI-generated artificial audios and movies impersonated key figures. These have been used to commit monetary fraud, identification theft, and unfold misinformation. “Deepfake know-how was employed to impersonate corporations and purchase delicate info, alter inventory costs, or breach safety measures, enabling fraud on an unprecedented scale,” defined Tewari. Moreover, AI-enabled voice cloning rip-offs turned prevalent, with scammers replicating voices to demand funds or extract delicate info from victims.
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Employment scams(*10*)
With job seekers more and more turning to on-line platforms, scammers exploited this development by posting pretend job ads. Victims have been typically requested to pay for coaching, gear, or background checks, solely to search out out the job didn’t exist.
Excessive-profile monetary scams(*10*)
India witnessed a number of main scandals, together with the Mahadev App Betting Rip-off. Promoters Saurabh Chandrakar and Ravi Uppal laundered proceeds by benami accounts and hawala channels, defrauding an estimated INR 15,000 crores. The ED’s investigation seized belongings value INR 417 crore, exposing weaknesses in digital monetary monitoring. “India’s authorized and regulatory frameworks have been examined by these scams, calling for complete reforms and stronger oversight,” famous Ayush Jindal, Advocate, Supreme Court docket. Different notable incidents included the Valmiki Company Rip-off and the rise of “Digital Arrest” scams, the place fraudsters impersonated legislation enforcement to extort cash.
