Surge in Cybercrime Losses in Visakhapatnam: A 566% Spike to ₹115.3 Crore in 2024
Visakhapatnam has witnessed an alarming surge in cybercrime, with losses soaring to ₹115.3 crore in 2024, marking a staggering 566% increase compared to previous years. This sharp rise in cyber-related offenses has raised significant concerns about online security, prompting authorities to bolster their efforts to tackle the growing issue.
The primary drivers behind this spike include phishing scams, fraudulent investment schemes, and part-time job scams, which have become more sophisticated as cybercriminals exploit the increasing reliance on online transactions. Victims have reported losses ranging from financial fraud to identity theft and cyberstalking. In fact, over 13,000 residents of Visakhapatnam have fallen prey to various cybercrimes in recent years, with many of these cases going unreported.
The city’s police have been proactive in addressing the crisis, freezing ₹18 crore from fraudsters’ accounts and recovering ₹4.6 crore for 150 victims through prompt action. However, challenges persist, especially in dealing with emerging forms of fraud like cryptocurrency scams, fake job offers, and online love scams.
Authorities urge residents to report cybercrimes as soon as they occur, as early reporting significantly increases the chances of freezing the stolen funds and recovering losses. Despite efforts to raise awareness and improve reporting, experts warn that the full extent of cybercrime remains underreported.
The spike in cybercrime highlights the urgent need for enhanced cybersecurity measures, education, and vigilance among citizens to protect themselves from increasingly elaborate scams.