Cyber fraud is escalating, with individuals constantly falling victim. Criminals are relentlessly targeting finances, employing innovative tactics. A recent report highlights the growing cybercrime crisis, emphasizing AI’s emergence as a key tool for fraudsters. In 2024, digital fraud caused losses of ₹22,812 crore (USD 2.78 billion), significantly driven by AI. This information comes from the ‘The State of AI-Powered Cyber Crime: Threat and Mitigation Report 2025,’ jointly released by GIREM (Global Initiative for Restructuring Environment and Management) and automotive tech firm Tekion.
AI’s Role in 8 Out of 10 Scams
The report reveals that cybercriminals are using AI for phishing emails, fake websites, and deepfakes. AI tools are employed in 80% of phishing emails, signifying AI’s involvement in eight out of every ten phishing scams. According to Tekion’s founder and CEO, this report is a warning, underscoring the financial impact of AI-driven cyber threats.
Cases Increased Tenfold
India recorded 1.91 million cybercrime complaints in 2024, a rise from 1.55 million in 2023 and a nearly tenfold increase since 2019. The report also highlights alarming statistics such as a threefold increase in financial fraud cases within a year. In the past year, Indians lost ₹1936 crore to digital arrest scams, and over the last four years, cybercriminals have defrauded companies and individuals of a total of ₹33,000 crore.
Cybercriminals are also using AI to create fake apps that mimic legitimate ones, employing these to introduce malware onto phones. Upon installation and execution, this malware steals personal information.