Stock trading and investment scams have emerged as the most financially damaging category of cybercrime in Telangana, according to Shikha Goel, Director, Telangana Cyber Security Bureau. As reported by The Hindu BusinessLine, nearly 60% of financial losses suffered by cybercrime victims in Telangana are linked to stock-trading and business investment frauds. The scale of financial damage has been substantial, with ₹455 crore lost to cyber fraudsters being recovered over the last two years, as confirmed by Goel at the panel discussion on 'Conversation on Cybersecurity: When Trust Becomes the Weapon — The New Battle for the Human Mind' organized by Symposium in collaboration with the Telangana State Police, Telangana Cyber Security Bureau and Cyberabad Police at Hotel Avasa, Madhapur.
The cybercrime networks have become increasingly sophisticated, with many operations being run from locations outside India, including Vietnam, Myanmar and Cambodia, according to Goel's statements at the panel discussion. These networks operate through multiple layers, geographically dispersed locations and different time zones, making it difficult for investigators to identify and reach the masterminds. The fraudsters run sophisticated call centres where people from different countries speak in their targets' language, tailoring their approach to individual victims. As per Goel, the use of multiple layers, locations and time zones makes it difficult for investigators to reach the masterminds.
Cybercriminals are increasingly using popular messaging platforms and social media to conduct their fraudulent activities, as noted by Goel. Scammers often use WhatsApp and Telegram to distribute fake investment tips and create groups promising easy returns. The fraudsters then claim to be investment experts and guide victims on where to invest their money, building trust through these platforms before pushing them into fake investment and trading schemes. These platforms serve as key channels for scammers to exploit human psychology and build trust with potential victims.
Cybercriminals are increasingly studying human behavior, building trust and then manipulating victims into transferring their own money, as noted by Goel. According to her, cybercrime is one of the most organised crimes, but also one of the most preventable crimes. People get trapped because of their fear, greed and ignorance, she explained. Experts at the conference warned that cybercriminals are increasingly exploiting human psychology through trust, fear, greed, urgency and impersonation tactics. Goel's advice was simple: 'Pause, think and verify before you act' to prevent falling victim to such scams. She urged people not to assume they could never become cybercrime victims, emphasizing that 'Innocence doesn't work. If you don't want to fall prey to cyber fraud, you have to be intelligent. Trust your intelligence'.
The ₹455 crore recovery over the last two years represents significant progress in combating cybercrime in Telangana, as reported by The Hindu BusinessLine. The recovery efforts demonstrate the state's commitment to addressing the financial impact of cyber fraud on its residents. The panel discussion on 'Conversation on Cybersecurity: When Trust Becomes the Weapon — The New Battle for the Human Mind' took place on Tuesday, with more than 200 people attending the event. The discussion was moderated by Air Vice Marshal (Dr) Devesh Vatsa, VSM, Cyber Security and Critical Technologies Advisor at DSCI and former Indian Air Force officer.
