Cyber fraud incidents are escalating, with more individuals becoming victims. Criminals are constantly devising innovative methods to exploit finances, presenting a growing issue. A recently released report highlights the ongoing cybercrime crisis and underscores AI’s role as a primary enabler for fraudsters. Digital fraud resulted in losses of ₹22,812 crore (USD 2.78 billion) in 2024, with AI being a significant factor. This information comes from ‘The State of AI-Powered Cyber Crime: Threat and Mitigation Report 2025,’ a collaborative effort by GIREM (Global Initiative for Restructuring Environment and Management) and automotive tech company Tekion.
AI’s Involvement in Scams
The report indicates that cybercriminals leverage AI for phishing emails, creating fake websites, and utilizing deepfakes. AI tools are incorporated into 80% of phishing emails, which underscores AI’s role in a majority of such scams. Tekion’s founder and CEO noted that this report is a critical warning about the financial impacts of AI-driven cyber threats.
Surge in Cybercrime Complaints
India registered 1.91 million cybercrime complaints in 2024, a substantial increase from 1.55 million in 2023, reflecting a nearly tenfold rise since 2019. The report also shows that financial fraud cases have tripled within the last year. In the previous year, Indians lost ₹1936 crore to digital arrest scams, and over a four-year period, cybercriminals have stolen a total of ₹33,000 crore from companies and individuals.
Additionally, cybercriminals use AI to design apps that mimic legitimate ones, deploying these to install malware onto devices, ultimately compromising sensitive user data.