Cyberabad police reported ₹104 crore lost to cyber fraud in 2023, a significant increase from ₹68 crore in 2022. The majority of these losses, ₹78 crore, stemmed from OTP-based fraud, highlighting its prevalence. Investment fraud accounted for ₹12 crore, followed by phishing and vishing at ₹8 crore and ₹6 crore respectively.
Police have directed banks to enhance their response systems to combat rising cybercrime. Key requests include immediate blocking of compromised accounts upon receiving requests from police, implementing real-time fraud monitoring, and improving customer awareness programs. Specifically, they want banks to acknowledge fraud reports within 30 minutes and initiate blocking actions within one hour.
Currently, the response time from banks is considered slow, hindering effective recovery of funds. The police emphasize the need for a dedicated nodal officer at each bank branch to handle cybercrime-related issues promptly. They also suggest banks proactively contact customers when suspicious transactions are detected.
A major concern is the lack of awareness among citizens regarding cyber security best practices. The police are conducting awareness campaigns, but emphasize banks have a crucial role in educating their customers about safe banking habits.
The Cyberabad police are utilizing technology like AI and machine learning to identify and block fraudulent transactions. They have also established a dedicated cybercrime police station and a toll-free helpline (9156888888) for reporting cybercrimes.
The police are urging citizens to verify information before sharing personal details, avoid clicking on suspicious links, and report any cybercrime incidents immediately. They are also working with financial institutions to trace and recover stolen funds, but success depends on swift action and cooperation from both banks and victims. The focus is on preventative measures and rapid response to minimize financial losses.
