₹24,417.05 crore cyber frauds in Karnataka in 2024, but only ₹2,614.61 crore recovered

Bengaluru has recorded the highest financial losses due to cyber fraud in Karnataka, with a staggering ₹19,872.67 crore defrauded in the city alone. However, only ₹1,902.60 crore has been recovered, marking a recovery rate of just 9.57%. When the larger Bengaluru district is included, total fraud amounts rise to ₹21,093.67 crore, with a slightly improved recovery of ₹2,057.36 crore (9.75%).

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Recent data presented in the Legislative Assembly revealed that Karnataka witnessed cyber fraud losses amounting to ₹24,417.05 crore in 2024, of which just ₹2,614.61 crore has been retrieved. The state’s overall recovery rate stands at 10.71%, marginally higher than Bengaluru’s but still inadequate. The city alone accounts for 81.4% of Karnataka’s total cyber fraud losses, underscoring an urgent need for enhanced law enforcement measures.

Other cities such as Mysuru and Hubballi-Dharwad also reported significant cyber fraud cases.

Experts attribute the rise in cyber fraud to low public awareness, the use of unfamiliar applications, and the increasing reliance on digital banking. Scammers exploit security loopholes, deceive individuals with fake investment schemes, and misuse social media to lure victims.

The surge in online financial activities has further exposed users to digital threats, making cyber fraud a growing concern across the state.