Hacking-Related Cybercrime in Solapur District: An Empirical Analysis of Victim Characteristics and Financial Loss

सार

The rapid expansion of digital financial services, online trading platforms, and electronic payment systems has significantly transformed investment practices across the world. While these technological developments have enhanced financial inclusion and accessibility, they have simultaneously increased the incidence of cyber-enabled investment fraud. Online investment scams involving fraudulent trading platforms, fake brokerage applications, cryptocurrency schemes, and social media-based investment promotions have emerged as one of the fastest-growing categories of cybercrime in India. This study investigates the socio-economic characteristics associated with financial losses among victims of online investment fraud using empirical data obtained from officially reported cybercrime cases. The analysis is based on 77 victim records collected from a Cyber Police Office in Maharashtra, India. The dataset includes demographic characteristics, educational qualifications, occupation, residential area, transaction methods, complaint mechanisms, and monetary losses. Descriptive statistical techniques and Chi-square tests of independence were employed to examine the distribution of victims and the association between socio-economic variables and financial loss categories. The findings reveal that middle-aged individuals and salaried employees constitute the largest proportion of victims. Credit/debit cards and Unified Payments Interface (UPI) transactions were the dominant payment modes used in fraudulent transactions. Chi-square analysis indicated no statistically significant association between demographic variables and financial loss categories. The study concludes that online investment fraud is a complex phenomenon influenced by behavioural, technological, and situational factors beyond traditional demographic characteristics. The findings provide important implications for policymakers, financial regulators, law enforcement agencies, and digital payment service providers in strengthening cybercrime prevention strategies, enhancing financial literacy, and promoting secure digital investment practices.