THE HIDDEN COST OF CYBER FRAUDS ON FINANCIAL INCLUSION IN INDIA

Abstract

India’s digital economy has boosted financial access, especially in rural and low-income communities. Yet, with 15.9 lakh cyber incidents in 2023, digital fraud now poses a serious threat to financial inclusion. Beyond financial loss, it leads to fear, mistrust, and exclusion—especially among women, elderly, and rural users. This paper explores these hidden impacts, analyzes policy and behavioral gaps, and proposes inclusive, community-level responses. Real financial inclusion demands not just access—but safety, trust, and support.