According to a report by Times of India in August, Delhi witnessed a 200% surge in cyber fraud complaints including bank and credit card fraud, compared to the previous year. The Delhi Police recorded over 24,000 complaints by June, a significant rise from the 7,500 complaints during the same period in 2022.
With 13,530 Banking Fraud Cases being reported for this year alone, the Banking, Financial Services and Insurance (BFSI) Report reveals that cybercrimes in the country have skyrocketed resulting in fiscal as well as data loss. Studies indicate that in FY2023, the total number of fraud cases in the Indian banking system was nearly 49% higher than those registered last year. Not just that, as per RBI reports almost 6,659 of these cases fall within the digital payment – card/internet.
Cybercrimes extend beyond financial harm, causing severe emotional and mental stress, leading to “cyber trauma” and Post Traumatic Stress Disorder (PTSD), with long-term consequences. Cases emphasize the urgent need to address the psychological impact on victims, who are left to deal with vulnerability, guilt, and shame, often blaming themselves.
The emotional toll includes anger, fear, and a sense of being under attack, even for those confident in technology. Physical health deteriorates, manifesting in eating disorders and sleep disruptions, intensifying the stress cycle. Victims may experience embarrassment and humiliation, fostering feelings of helplessness and isolation, prompting some to take fatal decisions.
Recognition and proactive measures are crucial in mitigating the impact of cybercrimes on individuals.
Despite the rise in online scams, both banks and the RBI are actively taking steps to protect innocent customers from financial loss due to fraud. Here are the 8 steps to take note of:
In the face of rising cybercrime, advancing financial frauds and cyber trauma, these steps not only provide a path to financial recovery but also serve as a crucial support system for individuals navigating the emotional aftermath of banking and financial fraud.
But, why wait until the damage is done? Proactive awareness, regular monitoring, and timely reporting can be powerful tools in safeguarding not just your finances, but also your emotional well-being.
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