Cyber fraud cases in India surged 4-fold in FY24, causing $20 mn in losses

High value cyber fraud cases in India jumped more than four times in fiscal 2024 causing losses of $20 million, official data showed, underscoring rising risks in a country with hundreds of millions of digital financial transactions everyday.

Affordable data packs in the world’s most populous country, starting as low as Rs 11 ($0.13) per hour, have increased internet access and created a $1 trillion mobile payments market for firms such as Paytm, Google Pay and Walmart -backed PhonePe.