Increasing cyber frauds with rising complaints and FIRs; Arrests only in 1% of cases
According to official data, the total number of arrests made in cyber fraud cases does not even represent 1% of all law enforcement authorities' recorded instances.
The National Cyber Crime Portal (NCRP) has received 31 lakh complaints about cyber frauds until February 2024 2020, ranging from AIIMS cyber attacks, ICMR data leaks, and loan lending application frauds. However, the major concern of the Central Government remains that of the very low number of arrests made in cyber fraud cases.
According to official data, the total number of arrests made in cyber fraud cases does not even represent 1% of all law enforcement authorities’ recorded instances. According to official data, there have been approximately 66,000 cases total—that is, formal complaints or cases—reported to various law enforcement authorities about cyber scams. However, just 500 people have been arrested so far this year.
The sluggish speed of inquiry is a significant obstacle to apprehending the perpetrators of these cyber scams. Under the condition of anonymity, a senior official who attended the FSDC meeting told News18 that loan lending apps that are based in China are a big worry.
“Loan lending apps are denting not only financial institutions but also the public’s economic well-being. Low-income groups are the main victims, with significant amounts of their money being transferred to different countries. Indians involved in the crime and aiding China-based operators are also victims,” the official said.
A federal cyber agency’s analysis has shown that many mobile applications are using Meta platforms to execute advertising campaigns. Numerous suicide instances have previously been documented in India, and they have been connected to extortion and harassment by debt collection agencies and operators of illicit apps.
The problem is made worse by the misuse of app permissions to exploit users since passwords and data are captured and might be used as future targets for cybercrime.
The Ministry of Home Affairs and the Ministry of Finance have discussed the issue in various meetings. During a recent Financial Stability and Development Council (FSDC) meeting, many stakeholders brought up the matter of extremely low arrest rates.
Various authorities expressed apprehension over loan lending applications, which are adversely affecting India’s financial framework and impairing the financial stability of individuals, particularly those belonging to economically disadvantaged segments.
The federal government has requested that IT companies send professionals to stop the threat. The government has requested businesses like Google and Meta to give the topic significant consideration in light of the severe concerns presented by advertisements coordinated by organized threat actors, some of whom are based abroad.
