Cyber fraud on rise: A real life incident!

Hi

How have you been?

This week’s issue is unlike the usual ones. I had a business case study lined up, but something urgent came up that I couldn’t ignore. A close friend of mine recently fell victim to a horrifying cyber fraud, and I felt it was necessary to share their experience and raise awareness about the dangers of phone scams. I request you to read it until the end!

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So here’s what happened:

My friend received a call few days ago claiming to be from DHL Express Services, informing her about a parcel being shipped from Delhi to Bangkok. The caller said the parcel contained illegal items—five passports, three ATM cards, and 200 grams of MDMA—and that it was flagged for redirection to the crime department. Alarmed, my friend was transferred to someone claiming to be from the cybercrime department, who said their National Identity Card had been linked to a money laundering and hawala case.

What followed was a nightmare. She were told that this was “highly confidential information” and warned not to disclose it to anyone, as doing so could lead to 3 to 7 years in jail. To make matters worse, the scammers monitored her via video calls on their phone and laptop continuously for more than 24 hours.

Eventually, they were connected to someone claiming to be a higher official of the cyber department, who instructed them to withdraw all their investments to verify whether the funds were legal or not. Under this pretense, my friend ended up transferring a total of ₹83,200 to two different bank accounts shared by the scammers. Fortunately, her other investments didn’t process in time, saving her from an even bigger loss.

This incident left my friend shaken and financially impacted, but it also served as a stark reminder of how vulnerable we all are to such manipulative tactics.

The growing threat of phone scams

Unfortunately, my friend’s story is far from rare. Here are some startling statistics:

• India reported over 2.5 lakh cases of cyber fraud in 2024, with phone scams accounting for a significant share.

• Cybercrime in India has increased by 60% in the last three years, according to the NCRB.

• Globally, financial losses from scams like these amount to over $55 billion annually.

How to stay safe

1. Verify claims independently: If you receive a suspicious call, hang up and contact the organization directly through official channels.

2. Never share sensitive information: No legitimate entity will ask for your OTP, Aadhaar details, or banking credentials over the phone.

3. Trust your instincts: If something feels off or too urgent, it’s probably a red flag.

4. Enable transaction alerts: This will help you detect unauthorized activity immediately.

Why I chose to share this today

When my friend narrated their ordeal, I couldn’t stop thinking about how easily anyone could fall victim to such scams. These criminals use fear, urgency, and intimidation to manipulate their victims, and all it takes is a moment of vulnerability.

While I typically focus on business insights in Think Tank, I felt it was more important to prioritize your safety and awareness this week. I hope this story helps you stay alert and share this knowledge with others.

Thank you for your patience and understanding. I’ll return next week with another engaging business case study.

Until then, stay safe and vigilant.

Warm regards,
Abhishek