Rising online fraud amid tech advances, Bengaluru tops

NT Correspondent

Bengaluru: As technology continues to grow, the web of online fraud is also expanding, ensnaring not only the uneducated but also educated individuals who fall victim to scams, leading to significant financial losses. In the state, 21,984 cases were recorded in 2024, resulting in a staggering Rs 2,120 crore being siphoned off by cyber criminals. According to statistics, residents of Bengaluru alone lost Rs 673.03 crore in 2023, which surged to Rs 1,998 crore in 2024.

On average, 48 cases of cybercrime are being reported daily, with the number of individuals losing money to cyber fraud tripling within just one year in the city. One high-profile example includes a private school teacher who lost Rs 15 lakh after mistakenly clicking on a link presented as an investment opportunity, while a software engineer lost Rs 1.48 crore that he had garnered from selling his home by investing in shares. Such cases are just a glimpse into the wider issue of individuals ranging from businessmen and retired government officials to women losing their hard-earned savings. Fraudsters are leveraging the internet, apps from private companies, social media, and investment schemes, and are sending fake links to enforce their scams. They continuously develop new schemes to lure the public, often presenting challenges for investigations.

Despite ongoing awareness efforts about cyber fraud, the number of victims continues to rise. Although cyber police follow up on cases, the success rate of these investigations remains low. Challenges arise from having fake bank accounts, lack of information from foreign companies, VPN usage, and the utilisation of cryptocurrency, making it difficult to track down and apprehend the culprits. Additionally, victims often transfer money to various bank accounts, causing delays in banks providing information and complicating the tracking of fraudsters.

The influx of cybercriminals from locations like Dubai, Cambodia, Thailand, Hong Kong, and China has made it increasingly challenging to trace their origins. People are losing their savings money set aside for children's education, marriages, home construction, and loans by responding to unknown callers or sharing OTPs or by clicking on various links. They are promised returns for investments in shares that claim to double within a month. To build trust, some scammers initially pay higher amounts, explained an officer from the CEN Police Station.