India Lost ₹22,812 Crore to Cyber Fraud in 2024: Report

India has emerged as one of the world’s most targeted nations for cybercrime, ranking second globally in 2024 for crypto attacks, and has recorded 95 major attacks, ranking just behind the United States, as per a new report titled The State of AI-Powered Cybercrime: Threat & Mitigation Report 2025

The report was released by the Global Initiative for Restructuring Environment and Management (GIREM) in collaboration with automotive retail tech firm Tekion and was unveiled by the DG and IG of Karnataka Police, MA Saleem. 

The country has also witnessed significant year-on-year increases in malware (11%), ransomware (22%), internet of things (IoT) attacks (59%), and an overall staggering 409% surge in crypto attacks.

Cybercrime complaints surged from 15.56 lakh in 2023 to 19.18 lakh in 2024, largely dominated by financial frauds. In 2024 alone, citizens lost ₹22,812 crore. This is nearly three times the ₹7,496 crore lost in 2023, and almost 10 times the ₹2,306 crore lost in 2022. Over the last four years, total losses have reached ₹33,165 crore.

The report noted that 82.6% of phishing campaigns in 2024 used AI-generated content, with QR code phishing experiencing a sharp rise. Attackers are using fake posters, WhatsApp messages, and links to trick users into scanning malicious QR codes. Victims are then redirected to fake UPI portals where their banking data is stolen. This method is especially effective in India’s mobile-first payment landscape.

While cities like Bengaluru remain epicentres, reporting 17,623 cybercrime cases in 2023 compared to 9,940 in 2022, the threat is now rapidly spreading into rural India. In rural Karnataka, cybercrime cases nearly doubled between 2022 and 2024. Tribal regions, which reported no cases in 2022, recorded 12 incidents in 2024. This shift reflects the growing use of digital tools in areas where cybersecurity awareness remains low.

As India’s connectivity deepens, the divide between digital access and digital safety grows sharper. The GIREM report frames cybersecurity as a foundational pillar for safeguarding digital trust and inclusion.