New Delhi, September 30 (APAC Media): Financial cyber fraud is not simply a problem of poor digital literacy. An IIT Madras study has found that even highly educated and digitally experienced professionals can fall victim to online fraud.
The study, based on interviews with 33 victims across Chennai, Bengaluru, Hyderabad, New Delhi and Mumbai, included IT professionals, bankers, doctors, finance and management professionals, public-sector employees and people with cybersecurity certifications.
Fear, Stress Can Trigger ‘Brain Freeze’
The researchers found that fraudsters often targeted victims during vulnerable periods such as family illness, retirement, job searches and workplace stress. Fear, financial pressure, family expectations and urgency were used to impair decision-making.
The study describes this as an “engineered brain freeze” or “mind arrest”, where victims struggled to think clearly and continued following the fraudster’s instructions.
The findings also challenge the perception that victims are primarily driven by greed. Instead, scammers may exploit emotional and situational vulnerabilities to gain control over their targets.
Losses Go Beyond Money
Victims reported losses ranging from a few thousand rupees to more than Rs 1 crore. The emotional impact included shame, insomnia, depression and loss of trust within families.
Professor P Kandaswamy, one of the study’s authors, said the response to cybercrime must move beyond blaming victims. The researchers called for stronger systems for early fraud detection, rapid intervention, better coordination between banks and law-enforcement agencies, and stronger victim support.
The study also recommends replacing generic “be careful online” warnings with targeted awareness around specific scams, including Aadhaar-related fraud, UPI scams, fake investment platforms claiming SEBI registration and digital arrest scams.
The researchers caution that the study is qualitative and metropolitan in scope, and mainly reflects victims who came forward to share their experiences.
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