Mohiet Hastwala
For The Goan
Cyber fraud is no longer an isolated crime reported occasionally in newspapers. It has become one of the fastest-growing financial threats affecting ordinary citizens across India, and Goa is no exception. In recent years, cyber criminals have stolen crores of rupees from residents through carefully planned scams, proving that no one is immune—not because they lack intelligence, but because criminals understand human psychology better than most people realise.
The numbers are alarming. Cyber fraud losses in Goa increased from approximately Rs 3.60 crore in 2023 to nearly Rs 29.73 crore in 2024, and further to over Rs 40.79 crore in 2025. In the first few months of 2026 alone, the Goa Cyber Crime Police received more than 1,500 complaints, with dozens of FIRs already registered. These figures are not merely statistics; they represent families who lost their hard-earned savings, businesses that suffered financial setbacks, and individuals who continue to deal with emotional trauma long after the money was gone.
Fear as a Weapon
Today’s cyber frauds come in many forms. Digital arrest scams, fake WhatsApp messages, Aadhaar-linked frauds, courier and parcel scams, Amazon or delivery-related scams, investment frauds, QR code scams, and fake bank verification calls have become increasingly common. Fraudsters impersonate police officers, government officials, bank executives, courier companies, and even judges. Their objective is not to hack your computer—it is to hack your emotions.
The most powerful weapon in a cyber criminal’s arsenal is not sophisticated technology. It is fear.
Fear that your Aadhaar has been misused.
Fear that your bank account will be frozen.
Fear that you are involved in money laundering.
Fear of being arrested.
Fear of embarrassment.
Fear of what your family, colleagues, or society will think.
Once fear takes over, logical thinking shuts down. Victims become isolated, follow instructions without questioning them, and often transfer money believing they are protecting themselves. Unfortunately, many victims delay informing their families or reporting the incident because they feel ashamed or guilty. They worry about being judged as careless or technologically ignorant. This silence works entirely in favour of the criminals.
The Golden Hour
The most critical period after discovering cyber fraud is the first 60 minutes. Every passing minute gives fraudsters more opportunity to move money through multiple bank accounts, convert it into digital assets, or withdraw it, making recovery increasingly difficult. Immediate action—contacting the bank, reporting the incident to the National Cyber Crime Helpline (1930), filing a complaint on the National Cyber Crime Reporting Portal, and informing the local cyber police—can significantly improve the chances of tracing or freezing fraudulent transactions.
Anyone Can Be a Victim
Many people believe cyber fraud only happens to those who are careless. Nothing could be further from the truth. Cyber fraud is like a road accident—it can happen to anyone, anywhere, at any time.
A school-going child playing games on a parent’s mobile phone may unknowingly click on a malicious link. A senior citizen comfortably browsing online shopping websites may receive a convincing delivery scam. A homemaker may be tricked into accepting a fake parcel. A business owner making routine vendor payments may fall victim to invoice fraud. A working professional may be deceived through a compromised office email or a colleague’s hacked account.
Cyber criminals do not randomly choose their victims. As noted by cyber security expert Amit Dubey, criminals often target people twice—first to study and understand them, and then to exploit that information to execute the fraud. Social media activity, publicly available information, online habits, and digital footprints often provide enough clues for fraudsters to personalise their attacks and make them appear genuine. A recently released film on Netflix, *Pritam Pedro*, also offers valuable insights into the mindset of cyber criminals and the psychological manipulation they employ. It is a reminder that understanding how criminals think is just as important as learning how technology works.
The Role of Cyber Insurance
While awareness remains the first line of defence, financial preparedness is equally important. Just as health insurance protects us from unexpected medical expenses and motor insurance safeguards us against accidents, cyber insurance has emerged as an essential financial safety net in today’s digital world. Depending on the policy and its terms, cyber insurance can help mitigate eligible financial losses arising from cyber incidents and provide access to specialist support such as legal guidance, digital forensic assistance, identity restoration, and incident response services. Think of cyber insurance not as an expense, but as protection for your life’s savings. It cannot prevent a cyber attack, but it can help ensure that a devastating financial loss does not define your future. The incident should remain a lesson, a memory, or a story to share—not a lifelong burden of regret.
Be Prepared
In a world where every smartphone is a gateway to banking, investments, shopping, and personal information, we are all sitting on a digital time bomb that could be triggered at any moment. The question is not whether you are educated, digitally savvy, wealthy, or cautious. The question is whether you are prepared. Because when cyber criminals strike, awareness, quick action, and the right protection can make all the difference.
(The writer is the founder of ‘Investment Options’, an insurance and investment consultancy based in Goa since 2013, with pan-India clientele)
