With WhatsApp, Telegram & UPI in Focus, Experts Warn of Evolving Online Financial Scam Networks
📈 ₹23,000 Crore Stolen by Cybercriminals in One Year
India witnessed a record surge in digital financial fraud in 2024, with cybercriminals stealing over ₹22,842 crore, according to a report by DataLEADS. This is nearly three times the ₹7,465 crore lost in 2023 and ten times the ₹2,306 crore stolen in 2022.
The Indian Cybercrime Coordination Centre (I4C) warns that cybercrime losses could cross ₹1.2 lakh crore in 2025, driven by rising digital adoption and sophisticated scam tactics.
🧮 Cybercrime Complaints Skyrocket
- Nearly 20 lakh cybercrime complaints were filed in 2024
- This is a sharp rise from 15.6 lakh in 2023
- Complaints have increased 10x since 2019
The dramatic rise shows cybercriminals are more organised, tech-savvy, and exploiting joblessness and online penetration.
💳 RBI Flags Banking Fraud Explosion
According to the Reserve Bank of India (RBI):
- Banking-related frauds jumped eightfold in FY 2025–26 (H1)
- Losses went from ₹2,623 crore to ₹21,367 crore
- Private banks saw more incidents, but public sector bank customers suffered the most — ₹25,667 crore lost
📲 Why Are Online Financial Frauds Rising in India?
Contributing Factors:
- Massive adoption of UPI apps (Paytm, PhonePe, etc.)
- In June 2025 alone, 190+ crore UPI transactions worth ₹24.03 lakh crore
- Cheap internet and smartphone penetration post-2019
- Covid-era digital push without equal cybersecurity upgrades
India now accounts for nearly half of global digital payments, making it a prime target for online scams.
⚠️ Anatomy of a Digital Scam
According to GUARD Research, scams usually follow this pattern:
- Awareness – Victims see ads for investment tips or schemes
- Engagement – Redirected to WhatsApp/Telegram groups
- Persuasion – Promises of high profits flood the chats
- Reinforcement – Small profits shown to build trust
- Extraction – Victims asked to invest bigger amounts urgently
- Evasion – Scammer disappears after cashing in
📉 Most Common Digital Financial Scams
1. Phishing Messages
- Fake SMS or WhatsApp messages about prizes or refunds
- Target users with links that steal UPI IDs or card details
2. Fake Product Listings
- Unrealistic discounts on online marketplaces
- Victims pay upfront, seller vanishes
3. Payment Confirmation Scams
- Fake verification messages trick users into clicking malicious links
- Malware installed or credentials stolen
📡 Platforms Used Most by Cybercriminals (Jan–Mar 2024)
| Platform | Jan 2024 | Feb 2024 | Mar 2024 |
|---|---|---|---|
| 15,355 | 13,696 | 14,746 | |
| Telegram | 8,462 | 6,567 | 7,651 |
| 6,708 | 5,940 | 7,152 | |
| 6,525 | 7,190 | 7,051 | |
| YouTube | 1,591 | 1,156 | 1,135 |
🔍 Why Messaging Apps Are a Major Risk Zone
- WhatsApp tops complaint lists, followed by Telegram and Instagram
- Social media companies avoid responsibility by labeling themselves as platforms, not publishers
- Lack of content moderation and minimal fact-checking create loopholes
Despite new laws in place, digital safety enforcement remains weak, leaving room for improvement in accountability and user protection.
✅ Conclusion: A Wake-Up Call for India’s Digital Economy
India’s fintech growth has been extraordinary — but cybersecurity is struggling to keep pace. With scams evolving rapidly using AI, deepfakes, and brand impersonation, awareness, regulation, and enforcement must catch up urgently.
As cybercrime becomes more complex, protecting user data and digital transactions is not just a tech issue — it’s a national priority.
Also Read : Gujarat Doctor Loses ₹19 Crore in ‘Digital Arrest’ Scam Over 102 Days
