IIT Madras Study: Educated Professionals Fall for Cyber Fraud

A study of 33 financial cybercrime victims in five Indian cities found many were highly educated professionals, including bankers, doctors, and a cybersecurity expert. Scammers exploited moments of personal or professional stress, building trust before using fear, urgency, or financial lures. Losses ranged from tens of thousands to over ₹2 crore. Victims reported lasting psychological trauma and unsatisfactory institutional responses.