The prevalence of cyber fraud is on the rise, with individuals becoming frequent targets for malicious activities. Fraudsters are continually finding new ways to steal people’s money, which is a growing concern. A new report warns of the rise in cybercrime, emphasizing AI’s use as a key tool for criminals. In 2024, digital fraud resulted in losses of ₹22,812 crore (USD 2.78 billion), a large portion of which was due to AI. The data is from ‘The State of AI-Powered Cyber Crime: Threat and Mitigation Report 2025,’ published jointly by GIREM (Global Initiative for Restructuring Environment and Management) and automotive tech firm Tekion.
AI’s Role in Cybercrimes
The report highlights that cybercriminals use AI to facilitate phishing emails, create fake websites, and deploy deepfakes. AI tools are used in 80% of phishing emails, meaning AI plays a part in the majority of these scams. The founder and CEO of Tekion stated that the report is a warning about the financial consequences of AI-driven cyber threats.
Cybercrime Cases Skyrocket
India received 1.91 million cybercrime complaints in 2024, up from 1.55 million in 2023 and nearly ten times higher than the number of complaints in 2019. The report also shows a threefold increase in financial fraud cases in just one year. Indians lost ₹1936 crore in digital arrest scams last year, and over four years, cybercriminals have stolen a total of ₹33,000 crore from companies and individuals.
Cybercriminals leverage AI to build apps that appear legitimate, using them to inject malware onto devices. This malware steals users’ personal information once the app is installed and run.