FIAKS Digital Literacy

There was abundant content on the rising digital frauds being posted by our community members on our disruptive learning & development platform. The notable rise in online fraud, poses serious risks to individuals and businesses alike. The figures unmistakably highlight this reality. According to data presented by the Ministry of Finance in the Rajya Sabha, the total value of digital financial frauds reached ₹4,245 crore during the first ten months (April to January) of the FY 2024-25, involving 2.4 million incidents. In the FY 2023-24, financial frauds totaling ₹4,403 crore were uncovered across 2.8 million cases. Based on various reports, these affluenza scams are not limited to our region; similar issues are also occurring in developed markets. Educated, well off Americans lost $5.6 billion to sophisticated fraudsters in 2023. And in 2024 Americans reported losing more than $12.5 billion to fraud, a 25% increase over the previous year, according to Federal Trade Commission data. Further, a RBI circular by Chief General Manager mentions about “Increasing Instances of Payment Frauds – Enhancing Public Awareness Campaigns Through Multiple Channels” and has recognised that all stakeholders – banks & non-banks need to join hands to enhance public awareness in the face of rising instances of digital fraud

After thorough deliberation on these statistical and regulatory insights, it paved the way to bring into being FIAKS Digital शिक्षाप्रसार अभियान, marking a significant step toward fostering digital awareness. We are happy taking a small step in this direction thru this mission driven initiative. We are confident that it is all set to give impetus to window of opportunity, while promoting the marriage of convenience & caution through digital financial literacy.