Over 1000 Financial Frauds Reported in Jammu and Kashmir in 2023

A total of 1.13 million financial frauds were recorded in India in 2023 of which Uttar Pradesh topped by filing 2 lakh complaints while the lowest number of 29 cases were reported in Lakshadweep. An awareness campaign has been launched to make people cautious against sharing personal details.

Srinagar:Jammu and Kashmir recorded 1046 financial frauds amounting to over Rs 786.56 lakh in 2023. These financial fraud cases were registered on Citizen Financial Cyber Fraud Reporting and Management System.

The system, established under the Indian Cyber Crime Coordination Centre by the Ministry of Home Affairs, serves as a vital platform for reporting and managing financial fraud cases.

According to data, an additional 253 cases of financial fraud of Rs 62.55 lakh were temporarily suspended. The figures underscore the severity of the issue, shedding light on the growing challenge of financial cyber frauds across the region.

At the national level, the statistics are equally alarming, with a total of 1.13 million financial cyber fraud cases reported in the country in 2023. Uttar Pradesh emerged as the most affected state, witnessing approximately 200,000 cases, followed by Maharashtra (130,000), Gujarat (120,000), and Rajasthan and Haryana (80,000 each). Lakshadweep reported the lowest number of only 29 cases.

Officials emphasised that various types of financial frauds, including those involving UPI, digital banking, credit cards, and QR codes, were prevalent in Jammu and Kashmir. Additionally, scams related to employment and social media were also on the rise, indicating a multifaceted challenge for authorities.

To combat the surge in financial frauds, awareness campaigns have been launched. People are informed through social media and newspapers about the risks associated with sharing sensitive information like bank details, ATM pins and OTPs. Authorities are urging individuals to exercise caution and avoid clicking on suspicious links.

Highlighting the magnitude of the issue on a national scale, a recent study conducted by an IIT Kanpur-incubated startup revealed that financial frauds accounted for over 75 percent of cyber crimes in the country from January 2020 till June 2023. Nearly 50 percent of these cases were linked to UPI and internet banking, emphasising the need for robust cybersecurity measures and increased public awareness.

Read more