Cyber frauds are increasing as the consumers are adapting to the digital world. Fraudsters have been using innovative methods to defraud the hard-earned money of common and gullible people, especially new entrants who are not entirely familiar with the techno-financial ecosystem. Below are a few of the frauds and the precautions that we can take to avoid getting scammed.
What is a Phishing scam?
Online scammers send you an email and ask for your account information or credit card details along with a link to provide your information. Generally, the links sent will be similar to your bank. So whenever you post your details in the link then the details will be received by scammers and money is misused.
Online scammers send you an email and ask for your account information or credit card details along with a link to provide your information. Generally, the links sent will be similar to your bank. So whenever you post your details in the link then the details will be received by scammers and money is misused.
Safety tips for safeguarding against such cyber frauds:
1. Never click web links in your email and no bank will ask you to update the accounts online.
2. Never provide personal information including your passwords, credit card information, account numbers to unknown persons or register in unknown sites.
1. Never click web links in your email and no bank will ask you to update the accounts online.
2. Never provide personal information including your passwords, credit card information, account numbers to unknown persons or register in unknown sites.
What is KYC?
Know Your Customer (KYC) is an identity verification process followed by various businesses/
new customers while joining and existing customers at periodical intervals.
Modus Operandi - In case of fraudulent calls:
1. Fraudsters make a fake call to the victim pretending to be representative from a bank or e-wallet company, requesting them to update the KYC immediately and warning them of account block/suspension.
2. The caller says that the validation/KYC can be done online to keep the account active and asks the customer to download an APP on the digital device being used.
3. Once the app is downloaded, the fraudsters will ask you to share code and grant certain permissions, which will enable them to gain access to your digital device.
4. The caller then asks the victim to transfer a small amount from your bank account, which will enable them to see or access OTP sent on the digital device.
5. When the victim transfers the money, the caller gets to see your password and other important details, which are used to carry out a fraudulent transaction and wipe out money from your bank account.
1. Fraudsters make a fake call to the victim pretending to be representative from a bank or e-wallet company, requesting them to update the KYC immediately and warning them of account block/suspension.
2. The caller says that the validation/KYC can be done online to keep the account active and asks the customer to download an APP on the digital device being used.
3. Once the app is downloaded, the fraudsters will ask you to share code and grant certain permissions, which will enable them to gain access to your digital device.
4. The caller then asks the victim to transfer a small amount from your bank account, which will enable them to see or access OTP sent on the digital device.
5. When the victim transfers the money, the caller gets to see your password and other important details, which are used to carry out a fraudulent transaction and wipe out money from your bank account.
Modus Operandi - In case of fake Messages:
1. Message sent from a mobile number with a phishing link and/or 10 digit mobile number, for update of KYC.
2. Upon clicking the link provided in the message, the victim is redirected to the spoofed website and prompted to enter the bank username, password, OTP etc
1. Message sent from a mobile number with a phishing link and/or 10 digit mobile number, for update of KYC.
2. Upon clicking the link provided in the message, the victim is redirected to the spoofed website and prompted to enter the bank username, password, OTP etc
Safety tips for safeguarding against such cyber frauds:
1. Never click on unknown links or links received from unverified sources.
2. Always remember that a banks/ wallet companies or other authorized institutions, never does KYC on calls or send any links to its customers, for updating KYC.
1. Never click on unknown links or links received from unverified sources.
2. Always remember that a banks/ wallet companies or other authorized institutions, never does KYC on calls or send any links to its customers, for updating KYC.
What is Email Scam?
Email is one of the easiest ways to transfer information with others. Malicious attachments and dubious messages are also received via emails. Clicking on links in such spam emails may lead to phishing sites.
Email is one of the easiest ways to transfer information with others. Malicious attachments and dubious messages are also received via emails. Clicking on links in such spam emails may lead to phishing sites.
Safety tips for safeguarding against such cyber frauds:
1. Never give out or post your email address publicly.
2. Think before you click on any links in the email.
3. Do not reply to spam mails
1. Never give out or post your email address publicly.
2. Think before you click on any links in the email.
3. Do not reply to spam mails
Modus Operandi - Online Banking Scam
1. Fraudsters pretend to be buyers on online selling platforms & show interest in your product.
2. Instead of paying money to you, they use the “request money” option through the UPI app and insist on approving the request to pull money from your bank account.
1. Fraudsters pretend to be buyers on online selling platforms & show interest in your product.
2. Instead of paying money to you, they use the “request money” option through the UPI app and insist on approving the request to pull money from your bank account.
Safety tips for safeguarding against such cyber frauds:
1. One should be careful while making financial transactions for online products. Always remember, to receive money there is no need to enter your PIN / password anywhere. 2. If UPI or any other app asks you to enter your PIN to complete a transaction, it means you will end up sending money instead of receiving it.
1. One should be careful while making financial transactions for online products. Always remember, to receive money there is no need to enter your PIN / password anywhere. 2. If UPI or any other app asks you to enter your PIN to complete a transaction, it means you will end up sending money instead of receiving it.
Stolen and weak passwords are the most common reasons for data breaches. We cannot emphasize enough on the importance of using strong passwords. The sure shot formula to password security is — know what to have; understand how and why it is at risk; and take action to prevent it from happening.
What to DO
Character Length: The more characters you have, the more difficult it is to crack. However, use at least 8 characters to meet the bare minimum security practice
Character Type: Use a combination of ASCII characters — uppercase, lowercase, numbers, and symbols. It will narrow down the overall chances of your password being compromised. Example: XkeDZaJ3%yIOd3
Character Length: The more characters you have, the more difficult it is to crack. However, use at least 8 characters to meet the bare minimum security practice
Character Type: Use a combination of ASCII characters — uppercase, lowercase, numbers, and symbols. It will narrow down the overall chances of your password being compromised. Example: XkeDZaJ3%yIOd3
What NOT to do
Dictionary Words: Do not use words right out of the dictionary. If your passwords are meaningful, they are probably already hacked. 1. Pet Names: No doubt, you love your cat and it is adorable to dedicate your password after it. But, don’t! Hackers can guess it easily. The same goes for people, places, and events. 2. Password Reuse: If you are forced to change your password, do not change it from “Utopian.Knight1” to “Utopian.Knight2”. Do over, create a new one. 3. Adjacent Keyboard Strings: qwerty7894 is not a secure password. Do not use keyword patterns in any form.
Dictionary Words: Do not use words right out of the dictionary. If your passwords are meaningful, they are probably already hacked. 1. Pet Names: No doubt, you love your cat and it is adorable to dedicate your password after it. But, don’t! Hackers can guess it easily. The same goes for people, places, and events. 2. Password Reuse: If you are forced to change your password, do not change it from “Utopian.Knight1” to “Utopian.Knight2”. Do over, create a new one. 3. Adjacent Keyboard Strings: qwerty7894 is not a secure password. Do not use keyword patterns in any form.