Cyber Scams Stole ₹1,750 Cr: Is Your Money Safe?
Cyber scams and mobile hacking are wiping out years of hard-earned savings in minutes. Here is what every Indian investor and saver must do right now to protect their money from digital fraudsters.
One cyber fraud victim loses more in 10 minutes than most Indians save in a year of skipping chai.
Your savings are at risk from cyber fraud every single year
Key Takeaways
Enable two-factor authentication (2FA) on every financial app — Zerodha, Groww, CAMS, PhonePe, your bank — using an authenticator app, NOT SMS OTP where possible.
Call your telecom operator and place a SIM lock or port freeze on your mobile number to prevent SIM swap fraud that bypasses all OTP security.
Check your CKYC, demat, and mutual fund accounts monthly for unknown transactions — use CDSL's 'Easi' portal and your AMC's online statement to spot unauthorised redemptions early.
Cyber scams and mobile hacking are wiping out years of hard-earned savings in minutes. Here is what every Indian investor and saver must do right now to protect their money from digital fraudsters.
Here's what happened: Indian cyber fraud losses crossed ₹1,750 crore in reported cases in 2023 alone, with thousands of cases going unreported every month.. Scammers now use fake investment apps, SIM swap attacks, and WhatsApp impersonation to drain bank accounts and mutual fund folios.. Even disciplined long-term investors are targeted — fraudsters hack demat accounts, redeem mutual funds, and transfer money before victims notice..
What you should do: Enable two-factor authentication (2FA) on every financial app — Zerodha, Groww, CAMS, PhonePe, your bank — using an authenticator app, NOT SMS OTP where possible.. Call your telecom operator and place a SIM lock or port freeze on your mobile number to prevent SIM swap fraud that bypasses all OTP security.. Check your CKYC, demat, and mutual fund accounts monthly for unknown transactions — use CDSL's 'Easi' portal and your AMC's online statement to spot unauthorised redemptions early..
Link your investment and bank accounts to a separate SIM used ONLY for OTPs — never share that number publicly or use it on WhatsApp or social media.
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This article is reported by GoCredit's Editorial Team based on the source above. GoCredit synthesises, contextualises, and adds India-borrower-relevant analysis. We are not the original publisher.