India has witnessed an unprecedented surge in digital transactions, with consumers and businesses—from street vendors to large enterprises—embracing cashless payments. This widespread adoption has positioned India as a global leader in digital payments, fostering economic growth and financial inclusion. However, this digital revolution has also opened avenues for cybercriminals. The finance ministry reported a significant increase in high-value cyber fraud cases, with losses amounting to millions. Scammers are now leveraging advanced technologies, including artificial intelligence, to execute sophisticated schemes such as deepfake impersonations and spoofing. For instance, a notable case involved fraudsters creating a fake Supreme Court hearing using AI, leading to substantial financial loss for the victim. While awareness campaigns and regulatory measures are in place, experts advocate for enhanced cybersecurity protocols and stricter regulations to safeguard the digital economy.
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