India faced a substantial increase in cybercrime in 2024, with financial losses reaching a staggering Rs 22,845.73 crore, indicating a massive 206% rise from the previous year. The Home Affairs Ministry reported over 36 lakh financial fraud incidents. Noteworthy government initiatives such as the CFCFRMS have played a crucial role in saving more than Rs 5,489 crore. In addition, the implementation of measures like blocking over 9.42 lakh SIM cards and launching innovative tools like ‘Pratibimb’ to map cybercriminal networks have significantly contributed to combating cyber fraud. A Suspect Registry collaboration has successfully identified over 11 lakh suspect identifiers and flagged more than 24 lakh mule accounts, potentially preventing Rs 4,631 crore in further fraud.
