Nearly 60 per cent of cybercrime losses in Telangana linked to investment frauds: Shikha Goel

Nearly 60 per cent of financial losses suffered by cybercrime victims in Telangana are linked to stock market and investment frauds, Cyber Security Bureau Director Shikha Goel said. She warned of sophisticated international networks and urged citizens to remain cautious.

Hyderabad: Nearly 60 per cent of the financial losses suffered by cybercrime victims in the State are linked to stock market and investment-related frauds, Telangana Cyber Security Bureau Director Shikha Goel said.

Speaking at a cybersecurity symposium in the city on Tuesday, Goel said cybercriminals were increasingly studying human behaviour, gaining victims’ trust and manipulating them into transferring their own money.

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She said sophisticated cybercrime networks were operating from locations outside India, including Vietnam, Myanmar and Cambodia. “These networks use multiple layers and operate across different time zones, making it difficult for investigators to identify and reach the masterminds,” she said.

According to Goel, organised fraud networks also operate sophisticated call centres where people from different countries communicate with victims in their local languages.

“Cybercrime is one of the most organised crimes. At the same time, it is also one of the most preventable crimes,” she said, adding that fear, greed and ignorance often make people vulnerable to fraud.

Goel also said Telangana Cyber Police had recovered Rs 455 crore lost to cyber fraudsters over the last two years.

Urging citizens to remain cautious, she said people should not assume that they were too innocent or careful to become victims of cybercrime.