The role of technology in cyber fraud prevention: Leveraging innovation for security

India holds a strong position as the third most digitalised country in the world, only behind the United States of America and China. However, this rapid digital growth also presents a significant challenge: the increase in digital fraud. The prevalence of digital financial fraud is particularly concerning, with the Cybercrime Coordination Centre (affiliated with the Ministry of Home Affairs, Government of India, it is a governmental initiative aimed at addressing cybercrime in India) reporting losses amounting to ₹1.25 lakh crore over the past three years alone. Most of us are aware that there are several different forms of fraudulent activity that people fall prey to, right from cyber fraud and identity theft to financial fraud.