Hyderabad: Nearly 60 per cent of financial losses suffered by cybercrime victims in Telangana are linked to stock market and investment-related frauds, Cyber Security Bureau Director Shikha Goel said.
Speaking at a cybersecurity symposium in Hyderabad on Tuesday, Goel said cybercriminals were increasingly using psychological manipulation to gain victims' trust and persuade them to transfer money themselves.
She said sophisticated cybercrime networks were operating from outside India, including locations in Vietnam, Myanmar and Cambodia. According to Goel, these networks use multiple layers and operate across different time zones, making it difficult for investigators to identify and reach those allegedly coordinating the operations.
Goel also said organised cyber fraud networks operate sophisticated call centres where people from different countries communicate with victims in their local languages.
Describing cybercrime as highly organised but preventable, she said fear, greed and lack of awareness often make people vulnerable to financial fraud.
The Cyber Security Bureau director said Telangana Cyber Police had recovered Rs 455 crore lost to cyber fraudsters over the past two years.
Goel urged citizens to remain cautious and warned against assuming that being careful or inexperienced would automatically protect them from cybercrime. She advised people to remain alert when dealing with investment opportunities and unsolicited financial communications.
