Cyber fraud surge: Rising threats targeting working professionals and elderly

Chhatrapati Sambhajinagar

City is facing a sharp rise in cybercrime, particularly in the form of financial frauds that are affecting both working professionals and the elderly. One of the most concerning trends is the surge in forex trading scams, where fraudsters promise lucrative returns but ultimately disappear with the victim’s money. Authorities warn that these criminals typically start by offering small profits to build trust and then convince victims to invest larger sums before vanishing.

In the past year alone, 46 cyber fraud cases have been registered across various police stations in the city, amounting to a total loss of Rs 89.51 lakh in just one police station. The city’s dedicated cyber police station has handled 16 of these cases, leaving victims with significant financial losses. Among the most notable cases is that of a renowned doctor who was scammed out of Rs 50 lakh, and an Assistant Sub-Inspector (ASI) official who lost Rs 15 lakh in a similar scam. The growing number of cyber frauds has prompted local authorities to urge the public to be extra cautious when dealing with unfamiliar online financial opportunities. The city's cyber police station has successfully recovered over Rs 1.20 crore and seized 1,500 mobile phones. Additionally, 15 suspects have been arrested in connection with these cyber frauds.

A Retired Army Official’s Heartbreaking Loss

One particularly distressing case involves a retired army official who fell victim to a stock market scam through a fake app. Initially, the official invested Rs 10,000 and was promised a return of Rs 15,000, which encouraged him to invest an additional Rs 9 lakh. The fraudsters then claimed that a higher investment was required for withdrawal, ultimately scamming him of Rs 13 lakhs.

PI Shivcharan Pandhare issued a critical warning: “No police, CBI, ED, or similar agencies conduct investigations or inquiries through video calls, nor do they request personal information via video calls. Do not respond to such calls.

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Cybercrimes in 2024

• Email Spoofing

Cause: Cybercriminals send fake emails pretending to be trusted sources.

Prevention: Verify sender’s email, use email security software, and avoid sharing personal info via unsolicited emails.

• Malicious Files/Apps

Cause: Harmful files or apps are sent to access your device and data.

Prevention: Download only from trusted sources, use antivirus software, and avoid unknown attachments/links.

• Cyber Bullying

Cause: Harassment through electronic devices.

Prevention: Report harassment, block or mute bullies, and educate about online safety.

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Cybercrimes in 2025

• Identity Theft

Cause: Unauthorized use of someone’s identity for financial gain or fraud.

Prevention: Use strong passwords, enable two-factor authentication, monitor credit and bank statements, and be cautious when sharing personal info.

• Banking Frauds

Cause: Fraudsters impersonate financial institutions to steal money.

Prevention: Verify communications with the bank, don’t share bank details over email/phone, and use secure websites for online banking.

• Share Market Frauds

Cause: Fraudulent schemes involving stock market investments.

Prevention: Avoid high-return schemes, research investments thoroughly, and consult a financial advisor. Trust only official apps like Angel One, Groww and Upstox.

• Investment & SIP Frauds

Cause: Deceptive investment schemes that steal money.

Prevention: Ensure platforms are registered and regulated, be cautious of unsolicited offers, and monitor transactions regularly.