Fraudsters exploit fear and greed to commit cybercrime, says Cyberabad CP Avinash Mohanty

Mohanty said that cybercrimes currently account for 30 per cent of all crimes, a number that could rise to 50 per cent in the future.

Hyderabad: Fraudsters exploit two key human traits-fear and greed to commit cyber crimes, Cyberabad Police Commissioner, Avinash Mohanty, speaking at an event “Securing the Future: Navigating the Intersection of Cyber Security, Privacy, and Artificial Intelligence,” organized by ISACA Hyderabad Chapter, on Saturday said.

Mohanty said that cybercrimes currently account for 30 per cent of all crimes, a number that could rise to 50 per cent in the future. Online betting and loan app scams have seen a significant increase, with fraudsters using UPI payments and crypto networks to carry out large-scale scams.

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He explained that these fraudsters operate with minimal resources, often using small servers, regular phones, and even small call centers. “Although they do not have top-end infrastructure, they manage to deceive people by impersonating professionals in the finance field,” said Mohanty.

Deputy Secretary of IT and Electronics, Bhavesh Mishra said that eight billion cybercrimes had occurred within a year, but recovery rates remain below 20 per cent. He stressed the importance of collaboration among IT, data, police departments, and auditors. He also mentioned that the Telangana government has allocated 200 acres for AI development and will support companies working in this field.

ISACA Hyderabad Chapter President GCS Sharma that ISACA Hyderabad has 1,200 members, including auditors, bankers, chartered accountants, government employees, AI specialists, and cyber security professionals and CISO’s.