Common financial frauds that you need to be alert about
While money maybe a laborious day’s fruit for most of us, there are many out there who are willing to take an unwarranted share from it, in ways that are anything but solicited. With online transactions and a cashless economy becoming a full-fledged reality, the chances of digital scams and spurious dealings on one’s account are few grim certainties that we must caution ourselves with. Technology is truly a double edged sword that brings us grand benefits along with dangerous potholes we must be careful not to place foot on. The rising number of financial frauds has certainly been a set back to the economy at large and its time we educate ourselves of protective measures, thus not falling victim to its vicious grind. Below are details on common financial frauds and the relevant defenses against them:
Phishing emails
Electronic and virtual communication methods are a routine for most of us. Taking advantage of the increasing bulk to online communications, are a bunch of fraudsters who have an apparently smart plot in place to loot you off your money via a humble email. The simplest example of a phishing email is names of well-known financial organizations attached to an address of a regular email service provider such as yahoo.com or gmail.com. For instance, if you get a message in your mailbox asking you for IT verification details from an alarmingly obvious ID like incometaxbureau@hotmail.com, chances are you are getting duped. However, a smarter lot of scammers have also gone ahead to ape more believable domain names such admindept@incometax.gov.in or cpc@incometax.gov.in that claim to offer income tax returns with malware files or links attached in the mail body. Once you click on the link, the key loggers get access to sensitive information on your PC, thus putting your financial information at stake. To ensure your safety, do not open doubtful emails and be cent percent sure before clicking open a link or downloading a file that is not password protected and promises you unwarranted returns or lures.
Spurious Phone-calls
Another popular financial fraud is operated via phone calls. This group of scammers take garb under the names of banks, income tax or other government departments and thus call the targeted audiences with a modus operando that ranges anywhere from verifying your bank details, your registered credit card and debit card details, including extremely personal information such as your OTP or secured PIN. Since banks and governmental authorities will never demand your sensitive personal information, you should refrain from divulging it on such calls and also immediately report these instances to the cyber cell. Further, callers promising you reward points on credit cards or bank accounts and a similar encashment are also nothing but a financial swindle you should refrain from entertaining at all costs.
Lottery scams
An extremely well spread and prevalent scamming technique is lotteries. This scam usually functions with a user receiving an email or sms claiming he or she has won a lottery or a lucky draw of a ridiculously high sum, followed by unsolicited demands for their bank details and personal financial information. There are billions across the globe who have fallen prey to this scandal, which is often operated from African countries. Typically, once you click on the malicious links or provide sensitive data in lure of the fake winning amount, the fraudsters hack into your bank accounts, thus costing you thousands or even lakhs of your hard earned money. On similar lines, a Nigerian native duped a woman from New – Delhi for a total sum on 16 lakhs. He, was however caught red-handed and jailed by the police in the days to follow. But it was not the first case of its kind. Lotteries and lucky draws of this nature are certainly scamming tool and its best to not get lured into fake claims of its likes.
Identity-thefts and other cons
This type of a theft occurs when scammers obtain access to personal information such as your PAN details or aadhaar card details, along with personal financial data, thus withdrawing or extracting your very money in your very own name. To prevent yourself from falling victim to serious identity thefts, make sure you access financial and personal records via secure gateways and PC’ s. Further, you can also purchase identity theft protection schemes from solicited sources to be wary from such deceptions. Similarly, to avoid financial cons of this nature, make sure to never share your personal financial information with others, Including relatives and friends.
While technological enhancement is planned for the betterment of the world, there are few amongst us who would rather tap on its benefits for means like the above. However, with an alert mindset and a clever approach at all times, we can collectively counter financial thefts and foster a safer environment for all. If, however, you unfortunately fall prey to a scam of such nature, you can immediately report the same to the cyber cell or the police and thus help in nabbing the scammers in overall public interest. With better protective layers and well-rounded financial awareness, financial frauds can soon be a thing of the past.
