Nearly 60% of Telangana’s cyber-fraud losses linked to investment, stock-market scams: Shikha Goel
Hyderabad, Sept 30 (TNT): Nearly 60 per cent of financial losses suffered by cybercrime victims in Telangana are linked to stock-market and business investment frauds, while cyber police have recovered Rs. 455 crore lost to cyber fraudsters over the past two years, Shikha Goel, Principal Secretary to the Telangana government, said on Tuesday.
Addressing a cybersecurity symposium organised by knowledge forum Symposium in collaboration with the Telangana State Police, Telangana Cyber Security Bureau and Cyberabad Police at Hotel Avasa in Madhapur, Goel said cybercriminals were increasingly exploiting human emotions, including fear, greed and trust, to manipulate victims into transferring money.
She said organised cybercrime networks were operating from locations outside India, including Vietnam, Myanmar and Cambodia, making investigations difficult due to their geographically dispersed operations and multiple layers of coordination.
These syndicates operate sophisticated call centres where individuals communicate in the languages of their targets to gain their trust and induce them to transfer money, she said.
Goel urged citizens to verify information and exercise caution before making financial transactions, stressing that awareness and sound judgement were essential to preventing cyber fraud.
The symposium, titled “Conversation on Cybersecurity: When Trust Becomes the Weapon – The New Battle for the Human Mind”, brought together cybersecurity experts, police officials and cyber-law specialists.
More than 200 people attended the event.
Air Vice Marshal (Dr) Devesh Vatsa, Cyber Security and Critical Technologies Advisor to the Data Security Council of India and a former Indian Air Force officer, who moderated the discussion, described the Lakshman Rekha from the Ramayana as an early example of a protective firewall.
He said cybercriminals exploited emotions such as greed, fear and desire, adding that the weaponisation of trust had emerged as a significant cybersecurity challenge.
Supreme Court advocate and cyber-law expert Pavan Duggal cautioned against excessive dependence on artificial intelligence (AI) and called for clear legal frameworks governing AI and deepfakes.
He stressed the need for accountability and human oversight in the use of AI-generated information.
Jiten Jain, cybersecurity expert and CEO of the Indian Infosec Consortium, urged people to treat mobile numbers as sensitive personal information and avoid sharing them unnecessarily, warning that such information could be exploited for social engineering and identity-related fraud.
Cybersecurity enthusiast and ethical hacker Shubhank Singhai highlighted the growing use of impersonation, cloned voices and AI-generated content by fraudsters to deceive victims.
The programme also featured the launch of public-interest cybersecurity videos and awareness material prepared in collaboration with the Telangana Cyber Security Bureau.
The initiative has reached nearly 2.95 lakh pensioners and more than three lakh serving employees across the state.
Symposium Managing Trustee Shruti Mallpani said the forum aimed to improve public understanding of emerging cyber threats and encourage safer behaviour in the digital environment.
TNT TS
