India witnessed an unprecedented rise in financial cybercrime in 2024, with losses touching Rs 22,845.73 crore—more than triple the Rs 7,465.18 crore reported in 2023. The Ministry of Home Affairs revealed these figures in Parliament, based on data from the National Cyber Crime Reporting Portal and the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS).
36 Lakh Cases and Counting: A Growing Threat
The scale of cyber fraud is worsening each year:
- 2022: 10.29 lakh cases
- 2023: 15.96 lakh cases (55.15% increase)
- 2024: 22.68 lakh cases (42.08% increase)
The steady rise in cases signals not only more criminals going digital, but also more victims being trapped through phishing, scams, and fake financial apps.
CFCFRMS: A Key Line of Defense
Launched in 2021, the CFCFRMS platform has proven critical in containing financial damage. It allows users to quickly report cyber frauds, enabling authorities to freeze and recover stolen funds. So far, the platform has helped save Rs 5,489 crore through 17.82 lakh complaints.
Government Crackdown: SIMs, IMEIs and Mule Accounts Blocked
To stem the rising tide of cybercrime, authorities have taken aggressive action:
- Blocked over 9.42 lakh SIM cards
- Deactivated 2.63 lakh IMEI numbers
- Flagged more than 24 lakh mule accounts
These actions are part of an expanding cyber fraud crackdown in partnership with banks and telecom operators.
New Tools: Suspect Registry and Pratibimb
In September 2024, the Suspect Registry was launched to track suspicious identifiers and prevent future frauds. It has collected over 11 lakh suspect IDs and helped avert Rs 4,631 crore in potential fraud.
The Pratibimb module, a sophisticated cybercrime mapping tool, has enabled 10,599 arrests, uncovered 26,096 criminal linkages, and supported over 63,000 investigations.
The Road Ahead: Enforcement Needs Strengthening
While the Centre is investing in technology and intelligence tools, enforcement still lies with state and union territory police forces. For meaningful impact, local cybercrime cells need more training, faster response systems, and public cooperation to fight this growing digital threat.
