The stereotype that cybercrime victims are elderly or non-tech-savvy is a dangerous myth. Our experience of helping over 5,000 victims over 10 years tells us the harsh reality. 90% of the victims are young, educated individuals, many of whom come from the IT and finance sectors. The irony is deafening: those who handle money every day lose it to fraud, while those who build technology fall prey to tech crime.
It’s not the cutting edge technology used by criminal masterminds that’s the culprit, it’s a much more insidious weapon. Overconfidence and a false sense of digital invincibility – “I’m not smart enough to fall for that” – is what plays into the hands of a new breed of cybercriminals operating across more than 80 cybercrime hotspots in India.
These fraudsters don’t rely on complex AI algorithms to steal millions of rupees. They exploit the most basic weakness of humans: natural intelligence, or rather the lack of its application. When we get a call from someone claiming to be a “CBI investigator”, panic replaces reason. We blindly believe any suspicious uniform without any suspicion and ignore the simple act of calling the police (100) for verification. The myth of “drugs in the parcel” induces fear and prompts us to reveal personal information instead of seeking verification. Where is the doubt? Where is the critical thinking that is supposed to define our education?
The digital age seems to have dulled our critical thinking. Every day, news headlines scream about victims of cybercrimes losing hundreds of thousands and even crores of rupees. This is an alarming increase from the petty scams of the past. Yet, we scroll past these cautionary tales and remain unaware of the growing threat. The “it won’t happen to me” syndrome makes us easy targets for the next well-crafted scam.
Real-life examples illustrate its devastating impact. A woman from Delhi lost a whopping Rs 45 lakh in a parcel scam. She is not a senior citizen but a young dentist. A woman from Bangalore not only lost Rs 1.5 lakh but was also forced by fake police officers to strip in front of a webcam and undergo a humiliating “drug test”. This woman is an advocate. A man from Mumbai witnessed Rs 37 lakh disappear in a stock trading scam. This person is a young engineer. All these cases were reported in mainstream and digital media but the message did not resonate. The digital age, while bringing us countless conveniences, has also dulled our ability to think critically and reason logically. Two minutes of reading these cautionary tales could have saved us from financial ruin and emotional turmoil.
Governments are not sitting idly by. Awareness campaigns are being launched online and offline. But unfortunately, we prefer to scroll through and watch “irrelevant videos” for hours. Indeed, the onus is on authorities and intermediaries to step up efforts to prevent cybercrime. But individual vigilance is paramount.
Social media intermediaries cannot shirk their responsibility to protect their users. We have seen countless victims lose crores of rupees in stock market scams and investment scams, lured by promises of high returns advertised on social media posts and reels. These tech giants undoubtedly have the capacity to detect such misuse on their platforms.
It is time to prioritize user safety over profit margins. By proactively filtering and rejecting misleading ads, you can play a key role in curbing the spread of financial cybercrime.
An important question arises: how do banks allow so-called “mule accounts” to operate undetected? Though financial institutions boast of their cutting-edge technology and AI implementations, these tools seem unable to flag large, suspicious transactions. Imagine suddenly seeing hundreds of thousands of rupees being deposited or withdrawn into an account with a historically low monthly balance. Shouldn’t such a dramatic change be a trigger to raise the alarm? While digital banking is undeniably convenient, these vulnerabilities raise concerns. Does this mean we will go back to traditional cheque payments for added security? Not necessarily. The answer lies in a multi-pronged approach. Banks need to refine their AI and fraud detection systems to identify suspicious activity patterns.
There is one important yet simple piece of information that can significantly reduce the impact of cybercrime: the emergency helpline number 1930. If you call this number as soon as you realize you have been scammed, you will significantly increase your chances of getting your money back. Surprisingly, 8 out of 10 victims I spoke to did not know about this lifeline. If you have been scammed and lost money, be sure to call 1930 first. Don’t waste time contacting your bank or other experts. Immediate action is key to your recovery.
We are facing a digital pandemic and the solution is a new take on the Instagram trend POV, where POV stands for Pause, Zero Trust and Verify. Instead of panicking, take a moment to think. Ask lots of questions and use critical thinking. Maintain zero trust when sharing personal or sensitive information. In the age of AI, be skeptical of everything you see, hear or read. Finally, verify information with trusted sources.
If you know someone who has been targeted, please spread the awareness and urge them to call 1930. It is time to cast off digital illusions and reclaim our financial well-being.