Victim-centric approach to financial cybercrime: exploring vulnerabilities in the Indian digital landscape

As India rapidly digitizes, cybercrime incidents have also increased manifold. While the existing research on cybercrime is largely West-centric, India’s unique context presents distinct challenges. Further, there are scant studies that engage in a victim-centric approach. Thus, this study aims to answer the research question: How do financial cybercrime victims in India experience and make sense of victimisation, and what role do psychological and situational factors play in these experiences? This study employed semi-structured interviews with 33 diverse victim demographics, including gender, region, age, and socio-economic status and the data were analysed using the Gioia methodology. Five victim-centric dimensions emerged including profile, vulnerability, victimisation, interactions with institutional guardians, and post victimisation experience. It was found that the victims often included educated technology professionals, recent retirees, and middle-aged adults. While the Routine Activity Theory explains the elements leading to a crime including suitable target (victim), motivated offender, and absence of a capable guardian, we also invoke the Dual System Theory to understand the psychological aspects such as fear, urgency, and coercion, that the victims go through during the victimisation stage. The research findings highlight that the victims not only endure significant financial losses but also emotional trauma which continues in the post victimisation stage when they receive inconsistent responses from institutional guardians such as banks, police, and courts. This study underscores the complex situational and psychological factors influencing victimisation in the context of increasing cybercrime in India, thereby, highlighting an urgent need for effective policies and their implementation. Considering the diverse socio-economic landscape, customised strategies should be advocated by the institutional guardians for increased awareness and stronger law enforcement to combat the rising tide of cybercrime.