The Cyberabad Cyber Crime Wing in Telangana has arrested 10 cyber criminals for allegedly stealing confidential bank data and duping credit card users. The accused, operating from Delhi, stole confidential credit card data from banks and used it to contact cardholders, impersonating as bank’s customer care executives, to dupe them. The incidents of cyber fraud are on the rise, with Indian startups also losing their key customer data. Earlier this month, fintech unicorn OneCard reported a cyber fraud to the Delhi Police. Last month, MoS Rajeev Chandrasekhar revealed that India witnessed 13.91 lakh cases related to cyber security in 2022.
It is important for companies to report cybercrimes promptly as per CERT-In’s guidelines. In recent years, there have been several cases of cyber fraud and data breaches in India, including the theft of critical information from AIIMS Delhi by Chinese hackers who demanded a ransom of INR 200 Cr in cryptocurrencies. In another incident, Razorpay lost INR 7.3 Cr due to cyber theft. To address online payment fraud, the Payments Council of India (PCI) introduced ‘Project Pratima’ to standardize payment icons across online apps and platforms in 2022.