Global Email Scams Cause $26 Billion in Losses; India and U.S. Authorities Combat Digital Fraud

Business email compromise scams have caused over $26 billion in losses globally in recent years, highlighting the growing threat of digital fraud. Organizations such as Homeland Security Investigations (HSI) and the U.S. Postal Inspection Service (USPIS) are committed to combating these schemes to protect the U.S. economy. In India, digital scamsters are setting up elaborate stings to defraud people of their life savings, with tactics including fake lottery wins, job offers, and virtual interrogations. The Ministry of Electronics and IT, Indian Cyber Coordination Center, and Ministry of Information and Broadcasting have released a short film to educate the public on social media platform settings to prevent online fraud. Experts emphasize the importance of staying informed and taking precautionary steps to avoid falling victim to these scams. These efforts are part of International Fraud Awareness Week and the CyberSafeIndia initiative.