The Buyt Desk
Online banking, UPI transactions, and quick cash withdrawals have made out financial transactions very easy. We have also gotten accustomed to this mode of financial transaction in the last few years. However, it has a dark side as well and with ease comes the danger of fraud too. Many fraudsters use the loopholes of digital transactions to scam people, and even minor negligence from the customer can cost you dearly.
Digital scams have become common these days. We list here some methods that fraudsters use to fool people. Here are a few ways that can scam you –
Phishing Or Vishing
This is one of the most common practices fraudsters use to scam people. Scammers create a website with having URL similar to the original website. It can be a bank website or any other. They distribute that link via email, SMS, instant messenger, etc. Unaware users open that link and enter their banking details, which scammers collect and use to do banking fraud. The scammers reach customers over the phone pretending to be bank officials, insurance agents, government employees, etc., and trick users to get their crucial details, like OTP, PIN, CVV number, etc. They win users’ trust by giving their details like their name and date of birth. Sometimes, they show a sense of urgency, like the user’s account, might get blocked, the government is updating KYC, etc., to fetch details.
Keep This in Mind: No authorized person from any department asks for confidential details like OTP, ATM PIN, CVV number, etc.
Collection Request Scam
In this mode of operation, scammers convince users to share their UPI details to get a refund or payment. Usually, they send their barcode to the target person’s WhatsApp number and convince them to scan the code and enter the UPI PIN to receive funds.
Keep This in Mind: You never have to enter your UPI PIN to receive funds from any source.
Loan Fraud
This is again one of the most common frauds people report. In this fraud, scammers lure lenders by giving them fake offers and promises. They show a sense of urgency and promise to process the loan in exchange for money at minimal conditions. In some cases, scammers present all identities of prominent banking and non-banking institutions that gives loan to befool people.
Keep This in Mind: Experts say one can abstain from such fraud easily by checking the credentials of the person talking, cross-checking website URLs, etc. Also, genuine lenders never take an upfront fee or advance payments to process a loan.
ATM Card Skimming/Quick Response (QR) Codes Scam
This is another tactic scammers use to bluff people. Often, they install skimming devices, such as a dummy keypad, small cameras, etc., in ATMs. When a person enters his card details, the skimming device captures detail. With stolen details, scammers create duplicate ATM cards do fraud.
Keep This in Mind: Scammers install skimming devices in unattended ATMs. These devices are easily recognizable. Whenever you use unattended ATMs, check the keypad area. Always stand in front of the ATM to avert any recording of your card and its details.
Unverified Mobile Apps
Sometimes scammers use app links to trap people. They send the link of apps and request people to install them for too-good-to-be-true offers. When a person clicks to down the app, it removes all the restrictions from the device and gives complete mobile access to scammers. Sometimes, these apps can be screen-sharing like
any desk. It gives scammers full access to the device. With that access, the scammer can do transactions on mobile without permission.
Keep This in Mind: Never click on an unauthorized link or download apps. Always check the link details before downloading it.
