Cyber fraudsters eye Diwali rush, online scams expected to surge

Cyber criminals make hay during festives times. During Navratri and Diwali of 2023, cybercrime rose by 54%, and in 2024 by 60%. And a similar rise of around 60% is anticipated again this year. Between tempting festival schemes and fraudsters’ traps, caution remains our best safeguard.

Under the guise of heavy discounts, gift cards, or festive offers, fraudsters trick people into sharing codes and then wipe out their bank accounts. Even a small lapse in vigilance can lead to huge financial loss.

Between January 2020 and May 2023 alone, 1.59 lakh complaints were registered from Gujarat on the National Cyber Crime Reporting Portal. Gujarat is one of the nine states most frequently targeted, though it ranks sixth in terms of officially recorded cases.

Nationwide, a total of 22.57 lakh complaints were filed during this period, but FIRs were registered in only about 2% of the cases. With Diwali approaching, cyber experts strongly advise vigilance: never share your OTP, banking passwords, or net-banking details with anyone; safeguard your ATM PIN; and regularly change your passwords to ensure that the joy of Diwali shopping doesn’t turn into financial distress.

Experts also warn that this year, fraudsters may increasingly deploy artificial intelligence to commit scams and escape detection. During the festive season, cybercrime could rise by 60%, with 20% of cases involving AI-driven attacks.

Recently, data presented in the Lok Sabha revealed that in Gujarat, one fraud case occurs every two hours.

Breakdown of cybercrime types and causes,

40% – Fake customer care numbers, refund scams, KYC expiry frauds

24% – Sextortion

8% – AEPS (Aadhaar Enabled Payment System) fraud, biometric cloning

20% – Online booking scams, fake franchises, QR code frauds

8% – Android mobile malware

40% – Investment scams, task-based scams, ‘digital arrest’, FedEx scams

23% – Loan app frauds, illegal lending platforms

6% – Ransomware, hacking