Fintech Scams in India (2023–2025): The Dark Side of a Digital Revolution

 



Fintech Scams in India (2023–2025): The Dark Side of a Digital Revolution


India’s Fin-Tech sector has experienced a meteoric rise over the past decade. With the widespread adoption of UPI, mobile wallets, instant loans, and crypto platforms, millions have gained access to digital finance. However, this fintech boom has also made India a hotspot for cybercriminals and financial fraudsters. Between 2023 and 2025, fintech scams have grown in volume, sophistication and impact leaving behind a trail of financial and emotional devastation.


Understanding Fintech Scams:

Fintech scams refer to deceptive activities carried out through digital financial platforms such as payment apps, online lending platforms, stock trading apps, and cryptocurrencies. Fraudsters exploit loopholes in technology, regulation, and human behavior often leveraging AI tools, social engineering, or deepfakes to manipulate victims.


Key Scams in 2023:


1. Chinese Loan App Scam

In early 2023, several illegal loan apps with links to Chinese entities were busted for charging exorbitant interest rates and blackmailing borrowers. Victims were coerced using morphed images and harassed through contacts. Andhra Pradesh and Telangana reported multiple suicides linked to these scams.


2. BharatPe Fraud Case

An internal audit revealed a ₹72 crore scam involving fake invoices and ghost vendors orchestrated by a senior executive at BharatPe. This exposed governance lapses even within prominent fintech unicorns.


3. Mahadev Betting App Scam

The ED uncovered a ₹40,000 crore illegal betting ring run through digital wallets and shell apps. The Mahadev Book scam highlighted the misuse of fintech platforms for money laundering and unregulated gambling.


Scam Evolution in 2024:


1. Digital Arrest & Impersonation Frauds


Criminals began impersonating CBI, ED and RBI officials on video calls, threatening legal action and coercing victims to transfer lakhs. In Pune, a woman lost ₹97 lakh in a single such case. The rise of AI-generated voice and video deepfakes made these scams harder to detect.


2. Hibox Investment Scam

A fake stock trading app called Hibox lured investors with promises of 5% daily returns. Over 40,000 people lost nearly ₹500 crore before the platform vanished. Many influencers unknowingly promoted it.


3. Explosive Growth of Investment Frauds

The Indian Cybercrime Coordination Centre (I4C) reported that over ₹1,750 crore was lost to financial scams in just the first four months of 2024. WhatsApp and Telegram groups were widely used to promote fake stock tips and cryptocurrency opportunities.


2025: Sophisticated AI, Deepfake & Crypto Frauds


1. WazirX Crypto Hack (July 2024)

One of India’s largest cryptocurrency exchanges, WazirX was hacked by the Lazarus Group, leading to a loss of ₹2,000 crore. The hack exposed vulnerabilities in multi-signature wallets and crypto security protocols.


2. Deepfake Investment Scams

Scammers began using deepfake videos of public figures like Finance Minister Nirmala Sitharaman and Google CEO Sundar Pichai to promote fake investment schemes. These videos were circulated on YouTube and social media, prompting SEBI to issue warnings.


3. SIM Closure & UPI Scams

Fraudsters impersonated TRAI officials, tricking users into closing their SIMs and gaining access to OTPs for financial theft. In Delhi, a jeweller defrauded a woman of ₹50 lakh by pretending to be an FBI agent in a “digital arrest” case.


Real-World Cases (2023–2025)

• Hyderabad Doctor Duped of ₹20 Lakh: A cryptocurrency investment scheme on WhatsApp led to a significant loss.

• Pensioner Loses ₹13 Crore: A 75-year-old was manipulated over months into investing life savings through fraudulent online trading platforms.

• Cybercrime via USDT in Surat: ₹crores were laundered through USDT and traced to cross-border networks in China and Pakistan.

• Employee at Rashtrapati Bhavan Involved in UPI Theft: A staffer siphoned off ₹20 lakh from a colleague using QR code frauds.



Government & Regulatory Response:

• RBI: Issued repeated advisories on fake loan apps and UPI frauds.

• SEBI: Introduced “verified UPI” measures to protect retail investors from fake brokers.

• Ministry of Electronics & IT: Collaborated with Google to remove over 1000 fake apps.

• Indian Cybercrime Portal (1930): Strengthened mechanisms for quick complaint redressal and fund recovery.


How to Stay Safe:

• Never share OTPs, PINs, or passwords with anyone.

• Verify the authenticity of financial apps before use.

• Do not scan QR codes sent by strangers or accept money links.

• Be cautious of investment offers that guarantee high returns.

• Use official portals and report fraud immediately at cybercrime.gov.in or call 1930.
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What is Influencer Marketing

 What is Influencer Marketing?

Influencer marketing is a type of social media marketing that involves collaborating with individuals (called influencers) who have a loyal and engaged following on platforms like Instagram, YouTube, LinkedIn, X (Twitter), and more. These influencers promote products, services, or messages to their audience in an authentic and relatable way.

It blends:

  • Word-of-mouth marketing

  • Social proof

  • Content creation

WHY INFLUENCER MARKETING IS IMOPRTANT

Benefits

Explanation

1. Builds Trust

Influencers have credibility and trust with their followers. A recommendation from them feels genuine.

2. Targeted Reach

You can reach your specific audience niche (aviation, fashion, health, etc.) efficiently.

3. Boosts Brand Awareness

A single post can reach thousands or millions of people instantly.

4. Content Creation

Influencers create creative, high-quality content, reducing your content production cost.

5. SEO & Engagement

Influencer mentions can increase website visits, search ranking, and social engagement.

6. Higher ROI

In many cases, influencer campaigns can be more cost-effective than traditional ads.

Type of Influencer Marketing:

  1. Nano Influencers (1K–10K followers)

    • Highly niche, best for authentic connections

    • Great for local/small business campaigns

  2. Micro Influencers (10K–100K followers)

    • Good engagement rate

    • Ideal for targeted, budget-friendly campaigns

  3. Macro Influencers (100K–1M followers)

    • Higher reach and visibility

    • Suitable for brand awareness campaigns

  4. Mega/Celebrity Influencers (1M+ followers)

    • Massive exposure

    • Great for big product launches or mass appeal

 Types of Influencer Campaigns:

  • Sponsored Posts: Brand pays influencer to promote their product/service.

  • Product Reviews/Unboxings: Honest opinions build trust.

  • Giveaways/Contests: Boost engagement and brand interaction.

  • Brand Ambassador Programs: Long-term influencer collaboration.

  • Affiliate Marketing: Influencer earns commission for each sale.

  • Takeovers: Influencer takes over your brand's social account for a day.

 Influencer Platforms:

  • Instagram & TikTok – Best for lifestyle, fashion, food, and Gen Z audiences.

  • YouTube – For in-depth reviews, tutorials, vlogs.

  • LinkedIn – Ideal for B2B, startups, professional services.

  • Twitter (X) – News, trends, and real-time conversation.

  • Blogs – Long-form content, SEO-rich reviews.

 Aviation/Startup Angle:

If you're in aviation or a startup like Flying-Crews.com or AirCrewsAviation.com, influencer marketing can help:

  • Reach pilot/student communities via aviation influencers

  • Build trust in training programs or aviation tech

  • Promote courses or internships through real testimonials

  • Collaborate with travel vloggers, aviation content creators


Why Influencer Marketing is Important

Influencer marketing is not just a passing trend—it’s a strategic tool that helps brands connect with their audience authentically and effectively. Here’s why it matters:

1. Builds Trust and Credibility

People trust people, not ads.
 When an influencer—someone their audience follows and admires—recommends your product or service, it feels more like a personal recommendation than a sales pitch.

89% of marketers say ROI from influencer marketing is better than other forms of marketing. (Source: Influencer Marketing Hub)

2.  Reaches a Targeted Audience

Influencers have specific niche audiences—whether it's travel, fitness, fashion, aviation, tech, or education.
 This means your message is delivered to people who are actually interested, increasing the chance of engagement and conversion.

3. Cost-Effective Marketing Strategy

Compared to traditional advertising (TV, radio, print), influencer marketing can be more affordable and often offers higher returns.

  • Nano & Micro-influencers are budget-friendly

  • You can negotiate creative barter deals (like free services or products in exchange for promotion)

4. Drives Sales and Leads

A strong influencer campaign can directly lead to:

  • Website visits

  • Product purchases

  • App downloads

  • Course enrollments

People are more likely to take action if someone they trust shows them the benefits of your offering.

5. Content Creation Support

Influencers are also content creators.
 They provide professional-quality photos, videos, and stories that you can reuse on your website, ads, or social media channels—saving time and effort in content production.

6. Boosts SEO & Online Presence

Influencers often mention your brand on blogs or social posts with backlinks, which helps:

  • Improve your Google ranking

  • Increase organic traffic to your website

7. Creates Engagement & Brand Awareness

Influencer campaigns generate:

  • Likes, comments, shares

  • Conversations around your brand

  • Awareness among new audiences

This builds a community around your brand, which is critical for long-term success.

8. Ad Block-Proof

People increasingly use ad blockers to skip digital ads.
 But influencer content appears naturally in their feed—it doesn’t feel forced or commercial. That’s why it's more welcomed and effective.


Conclusion: Influence is the New Advertising

In an era dominated by digital noise, authentic voices cut through. Influencer marketing allows brands—especially startups and niche ventures—to build real connections with real people.

It’s not just about likes or shares; it’s about building trust, loyalty, and community. Whether you’re promoting an aviation training program or launching a tech platform, the right influencer can be your brand’s best storyteller.


Garima Chopda

  Assistant HR

Asiatic International Corp

Company Website https://www.flying-crews.com

 Link Tree

https://linktr.ee/flyingcrew.garima 


Vcard:https://linko.page/sxp1ufnsbf37


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