- Under normal circumstances, any innovation, invention, development, dynamic technology, and novel ideas are to be treated as a double-edged sword which can be advantageous and disadvantageous. It takes time and concerted efforts to ensure the disadvantages are minimized to build a positive narration to offset perceived notions about a particular innovation. Similar perception can be attributed to the most dynamic evolution of our times viz. the dynamically evolving information technology as well. The IT-enabled solutions are not only revolutionizing the way the modern-day world is proceeding on several fronts but also have become ubiquitous without which the present generation cannot undertake a simple day-to-day chore.
PC: Skillcast
- The power of digitalization endeavours is known around the world. No wonder, every government around would not want to be left behind in the revolutionary progress that modern technology has to offer. As mentioned above, the disadvantage associated with the cyber world is the omnipresent crooks who are out there in the digital world to do what they are known for i.e. to place humanity at difficulty by making every effort to siphon hard-earned money. Astonishingly, there were 31 lakh complaints of cyber fraud reported and the bad guys made Rs. 10,300 crores between 2021 and 2023. This must be a worrying trend for the authorities concerned. The good news is that more people seem to be reporting such crimes.
- The modus operandi is apparent since half the financial cyber scams were traced to players outside India. For 2023, illegal loan apps made up 23% of fraud that originated overseas. It’s no surprise the bulk of these were traced to China, Myanmar, and Cambodia. India banned 600 Chinese-origin loan apps last January. Uttarakhand police busted a Rs. 300 crore scam at the time, in which 15 fake Chinese apps offered small low-interest loans. As reported, many scams used identity theft. Of 15.6 lakh complaints registered in 2023, domestic fraud numbered almost 8 lakh. Close to 90,000, or 11%, stole by cloning biometrics and from Aadhaar-enabled payment systems (AEPS). These are worrying statistics calling authorities to initiate even more rigorous measures.
PC: India.ai
- Of course, much needs to be done to increase awareness across classes and age groups. Fraud loan apps exploit financial distress apart from being easy money for teens and young adults. But blackmail that follows has tragically pushed people, in a couple of cases families, to suicide. The fear of losing savings, and face, in a cybercrime stops many from reporting. Instead of feeling shame at being duped, the cheated must report cybercrime, blackmail to sextortion. Sometimes it’s just a moment’s carelessness that opens the door to crime. And too many, especially elders, are digitally naïve. India is a country that effortlessly took to digital payments but that is also ever-clicking WhatsApp, selfies, and doomscrolling. As such, creating awareness is the key here.
