As online frauds get prevalent, what are the ways to keep your money safe & secure?

The Jamtara-like incidents — an unsuspecting shopper getting a name from a decoy official who convinces him to share his account particulars in addition to the OTP — are passé now.

The incidents of fraud are not solely rising in quantity, however are seen in several varieties and types as nicely.

For occasion, Vadodara police just lately acquired complaints about the web banking frauds the place victims misplaced lakhs of rupees. The act was perpetrated by fraudsters by including beneficiaries to the victims’ financial institution accounts. And the account holders occurred to overlook the inadvertent additions.

What is stunning, and scary at the similar time, is that no OTP was despatched to the customers when the beneficiary was added to their financial institution accounts.

This is only one method to fleece account holders of their money. There are various different ways these hackers deploy to siphon off the victims’ money. One widespread method is to persuade them to scan a QR code so as to ‘obtain’ money.

However, customers should be conscious {that a} QR code is scanned when somebody desires to make a cost and never to obtain it.

Here we record out various factors which customers ought to make observe to keep the fraudsters at bay.

Make observe of those factors to keep away from fraudsters at bay:

1. Don’t scan QR code for receiving the cost.

2 Don’t obtain unverified app: You mustn’t obtain an unverified app, to keep away from giving distant entry to your machine. This might be misused by fraudsters to steal money by means of UPI.

3. Beware of suspecting SMSes; Some hackers ship illegitimate cost hyperlinks by way of SMS. This hyperlink can take you to the UPI cost app on your cellphone. This would immediate you to choose any of the apps for auto debit. After giving the permission, the quantity would immediately get deducted from your account.

4. Handles with legitimate-sounding names: Some hackers may even use names comparable to BHIM or SBI on their UPI social web page, giving an impression that it’s a reputable UPI platform.

5. Never share your OTP: Regardless of warnings issued by the banking regulator, some fraudsters handle to persuade the clients to share OTPs acquired on their telephones. After it’s shared, the fraudsters can authenticate illegitimate transaction and steal the money.

6. You may even discover the thought of shopping for a cyber insurance to minimise your losses in case you fall prey to any untoward incident.

To minimise or eradicate the prevalence of economic frauds, it is crucial that customers are conscious, and a safe and powerful ecosystem can also be want of the hour, says Sugandh Saxena, CEO of FACE (Fintech Association for Consumer Empowerment).

“Customer consciousness is actually important in avoiding fraud, however so is a safer and stronger ecosystem. For instance, whereas clients should be cautious in downloading proper lending apps, app ecosystem wants to be certain that unlawful lending apps, faking partnerships with regulated entities, and harming clients don’t simply come on the app shops. There should be a strong course of to scrutinise apps for doubtful credentials and take away them from the app shops, and this wants coordination throughout trade stakeholders,” added Ms Saxena.

“Users should keep extremely vigilant in opposition to fraud. There is far public data accessible, and customers should educate themselves constantly. Users should be cautious in sharing their information and paperwork, together with KYC. They should confirm lending apps for his or her partnership with REs, privateness coverage, downloads, evaluate and ranking, and grievance redressal mechanism. Just as we verify and examine all issues we purchase, customers should take effort and time to take loans solely from apps lending by means of partnerships with regulated entities,” she provides.


If you report your fraud inside 3-7 days, you might not get your complete quantity again.

First Published: 18 Jan 2023, 08:03 AM IST