I4C Study:
The Indian Cyber Crime Coordination Centre (I4C), under the Union Home Ministry, has projected significant economic losses from cyber frauds in the coming year.
Key Findings:
- India is expected to lose over ₹1.2 lakh crore due to cyber frauds in the next year, equivalent to 0.7% of the GDP.
- A major contributor to these scams, with approximately 4,000 mule accounts identified daily, serving as intermediaries for money laundering.
- 18 ATM hotspots identified across India where fraudulent withdrawals are prevalent. International withdrawals have been traced to ATMs in Dubai, Hong Kong, Bangkok, and Russia.
- Many scams have been traced to China or Chinese-linked entities, while “scam compounds” in countries like Cambodia, Myanmar, Laos, and Azerbaijan operate like call centers, tricking unsuspecting victims.
- Much of the defrauded money is converted into cryptocurrency before being taken out of the country.
