Cyber fraud continues to surge, with individuals frequently targeted by criminals. These fraudsters are continuously devising new strategies to exploit people’s finances, highlighting a growing crisis. A new report has revealed the escalating cybercrime rates, emphasizing the significant role of AI in empowering cybercriminals. In 2024, digital fraud led to losses of ₹22,812 crore (USD 2.78 billion), primarily attributed to AI. This data is sourced from ‘The State of AI-Powered Cyber Crime: Threat and Mitigation Report 2025,’ a joint publication of GIREM (Global Initiative for Restructuring Environment and Management) and Tekion, an automotive tech firm.
AI’s Integration in Scams
The report indicates that cybercriminals are leveraging AI for phishing emails, creating fraudulent websites, and deploying deepfakes. Specifically, AI tools are utilized in 80% of all phishing emails, illustrating AI’s involvement in the majority of phishing scams. As noted by Tekion’s founder and CEO, this report serves as a critical warning, emphasizing the financial damage caused by AI-driven cyber threats.
Dramatic Rise in Cybercrime
India saw 1.91 million cybercrime complaints in 2024, reflecting a substantial increase from 1.55 million in 2023 and a nearly tenfold surge since 2019. The report also reveals alarming figures, including a threefold escalation in financial fraud cases in a year. Over the past year, digital arrest scams cost Indians ₹1936 crore, and over four years, cybercriminals have collectively stolen ₹33,000 crore from companies and individuals.
Cybercriminals are also leveraging AI to generate fake apps that resemble original apps, thereby installing malware onto devices. Once installed, this malware can compromise personal data.