1.5 lakh rupees are being cheated every minute… Online fraud is not showing any sign of stopping, know what is the reason

New Delhi : If we consider 2024 as a video game, the first round goes in favor of scammers. Digital arrests, courier packages filled with drugs (usually MDMA), fake invoices, 100% returns on share trading apps… the ways to rob us of our money are endless and brand new. Almost reminds you of those good old scams where the crook put in at least some time and effort into planning and executing his/her misdeed.

Transformed into an international crime network

Fraudsters are no longer unemployed boys sitting in Noah or Jamtara who are ready to earn money by taking OTP from you. Now it has become an international crime network with call centers in Cambodia, Laos and Vietnam. Their operators are such technical experts who can be cyber slaves themselves. These people cheat doctors, lawyers, university professors and even IIT engineers of lakhs.

How much is being cheated?

It’s like water coming out of a fire hose. Kanishk Gaur, cyber security expert and CEO of Athenian Tech Limited, says the average ticket size of scams has increased from a few thousands to lakhs and crores. A cyber crime official estimated that Indians were losing Rs 1.5 lakh to criminals every minute. This should not surprise anyone.

Cyber ​​security expert Rakshit Tandon says that there is hardly any person who does not receive two-four fraudulent calls every day. They say that people lack digital intelligence or DQ, not IQ. They get trapped in promises like you will get 100% return on investment, or threats that some policeman is arresting you over video call or your challan or bill is pending in some other city.

More online…more bluff

As we live more of our lives online, more and more people are falling prey to it. No matter your education or wealth. Vardhaman Group chief and Padma awardee SP Oswal was duped of Rs 7 crore by scammers pretending to be CBI officers. Whereas the Chief Financial Officer of a Delhi firm was duped of Rs 4.96 crore by a person pretending to be the MD of the company. he/she needed money immediately for government contracts.

deep web of cyber criminals

The web of cyber crime runs deeper than unrealistic promises on the Internet. Some finance apps have also roped in celebrities and finfluencers to promote their products. In October, the police had summoned social media influencers like Elvish Yadav and Bharti Singh in connection with promoting a fake mobile app. It promised unrealistically high returns of up to 90% in a month.

Why is it difficult to recover lost money?

So, is it like a 70s Bollywood movie, where perhaps the police arrive after the bad guys leave, making noise, but late? Over the past few months, authorities have blocked over 1,700 Skype IDs and 59,000 WhatsApp accounts linked to digital fraud. This month, 6.7 lakh SIM cards and 1.32 lakh IMEIs were blocked in the action. But it is rare to recover lost money.

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In most cases, the stolen money is transferred to multiple mule accounts (unsuspecting people promised a small commission for access and control of their bank accounts). Before it is converted into cryptocurrency or taken out of the country, no trace is left.

How much to expect from AI?

AI may provide a ray of hope. U.K. A company has created an AI chatbot named Daisy. It’s based on the model of a grandmother who loves to talk about her cat and grandchildren and seems technically inept. But she is not like that. Daisy helps kill time, which is precious to cheaters, by telling stories about knitting and other meaningful things in her life.

The company O2 plans to include Daisy’s name in the list of scammers, so that there can be even a slight reduction in the growing scam scenario. Last year, the telecommunications group intercepted over Rs 25 crore in suspected fraudulent transactions. Experts say to be suspicious and cautious. Follow some old advice to avoid new scams. If something sounds too good to be true, it probably is.