Highly educated professionals are vulnerable to financial cybercrime, finds IIT-Madras study

The study found that high digital literacy does not necessarily protect individuals from cyber fraud. | Photo Credit: Getty Images/iStockphoto

A study led by researchers from the Indian Institute of Technology Madras (IIT-Madras) has found that financial cybercrime victims in India are often highly educated professionals, challenging the perception that victims are primarily careless, financially unaware or greedy. The study found that high digital literacy does not necessarily protect individuals from cyber fraud. Victims included IT professionals, bankers, doctors, management and finance professionals, public-sector officers and individuals with cybersecurity certifications.

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The researchers found that victims were often targeted during periods of stress or life disruption, including illness in the family, retirement, job searches, or workplace pressure. Fraudsters exploited fear, financial expectations, and reputational concerns to create an “engineered brain freeze,” with victims describing a state of “mind arrest” that impaired their ability to think clearly. Financial losses ranged from a few thousand rupees to more than ₹1 crore, while victims also reported shame, insomnia, depression, and damaged family trust. The study also found that institutional responses varied, with some banks and cybercrime cells responding quickly while others lacked the required technical capabilities and coordination.