Digital literacy offers no shield from cyber fraud

Chennai: A research study from IIT Madras has revealed that financially savvy professionals are frequently targeted by cybercriminals in India, contradicting the notion that victims lack financial awareness. The research highlights that even highly educated individuals with extensive digital knowledge can fall prey to cyber fraud, particularly when fraudsters exploit emotions such as fear, financial pressure, and the desire to maintain a good reputation.

The study, led by IPS (Retd) Prof P Kandaswamy and Prof Nandan Sudarsanam, surveyed 33 victims, including senior citizens, from various cities across India. It found that victims experienced losses from a few thousand rupees to over Rs 1 crore, and suffered emotional distress, including shame, insomnia, and depression. The researchers emphasize that prevention strategies must address the psychological impact of cybercrime, rather than solely focusing on digital literacy.