Cyber Crime
AI-Powered Scams: Voice Cloning and Fake Couriers Fuel Bengaluru’s Cybercrime Surge
Bengaluru has witnessed a staggering loss of Rs 1,788 crore to cybercrimes between 2021 and September 2024, accounting for 78.7% of the total Rs 2,270 crore siphoned off during this period.
Police data highlights that these losses were concentrated across six major fraud categories, with scammers increasingly leveraging Artificial Intelligence (AI) to enhance their schemes. Investigators have managed to recover only 20% of the stolen funds, leaving the majority of victims without redress.
Major Fraud Categories
The largest chunk of losses was attributed to investment frauds, amounting to Rs 1,187.2 crore, followed by job frauds (Rs 601.23 crore), courier scams (Rs 165.57 crore), debit or credit card scams (Rs 116 crore), phishing (Rs 96.98 crore), and loan app frauds (Rs 32.25 crore).
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Delayed Reporting and Bank Responses
A senior police official identified delayed scam reporting and sluggish responses from banks as critical factors hampering recovery efforts. Until August, banks—including nationalized ones—took an average of eight days to respond to investigators’ requests for account details related to cyber frauds.
“Victims rarely report fraud within the crucial golden hour, which is vital for freezing stolen funds. Coupled with banks’ delayed responses, recovering the money becomes almost impossible,” the officer explained.
In response, the Cybercrime, Economic Offenses, and Narcotics (CEN) wing of the CID convened meetings with major banks and RBI officials to address the issue. While response times have improved to four to five days, officials acknowledge the need for further progress.
AI-Driven Scams on the Rise
Scammers are increasingly using AI for voice cloning and sophisticated setups to execute courier scams. AI-powered interfaces are also suspected to be utilized in fraudulent investment apps, giving scammers a significant advantage in deceiving victims.
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Awareness and Action Plans
The CID officer emphasized the importance of awareness campaigns and better coordination between investigative agencies and financial institutions to combat cybercrimes effectively.
Despite the announcement by Home Minister G Parameshwara regarding plans for a dedicated cybercrime wing and a DGP post to tackle frauds, these proposals remain on paper, with no concrete implementation yet.
The growing sophistication of cybercrimes underscores the urgent need for swift action, improved reporting mechanisms, and robust preventive measures to curb financial losses and safeguard citizens.
