Cyber fraud cases jumped four-fold in FY24, caused India $20 mn loss

High value cyber fraud cases in India jumped more than four times in FY24 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 11 rupees 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.