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Staying ahead of scams: Everything you need to know

Summary: Scammers have evolved their scamming techniques, and you must stay vigilant more than ever. Read on.

09 Mar 2022 by Team FinFIRST

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Picture this – you receive an email from your bank citing some verification process, for which you are required to confirm specific personal information. Suspicious activity has been detected on your card, and the bank must confirm before blocking it. Of course, since you prioritise the safety of your bank account and money, you provide the bank information they asked for.

Here’s what you don’t know – that is not your bank or a bank representative, to begin with. You are, in fact, being scammed. To understand this better, let’s figure out how scammers go about tricking people.

Understanding Cybercrimes

Cybercrime refers to any form of illegal activity that is often carried out through a computer or manual system with the intent of committing fraud or wrongful gain. Scammers target individuals through various methods and ultimately scam them of their money or identity.

In most cases, people commit cybercrime under pressure or an underlying incentive, rationalising their actions or treating the situation as an opportunity.

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Popular Cybercrimes and How Users Fall Prey

Let’s look at the many ways scammers may try to scam you and how users become a victim of fraud.

Phishing

Phishing is a type of fraud wherein users are contacted via email by individuals posing as either an insurance agent, banker, government official, etc. They further lure targets into giving out their sensitive information by creating false emergencies. To prevent this, users must avoid responding to such emails from unknown sources. Remember that any financial institution would not contact you through such messages.

Skimming

This fraud is carried out by installing a skimming device that copies your credit or debit card data. The PIN is identified by either standing near the target as they enter it or by installing a pinhole camera and dummy keypad. Stay ahead by covering your PIN while entering it, being wary of suspicious objects and activity at ATMs, etc. Avoid using your card and inform the bank if you are suspicious of the ATM.

Fake Collect Request

Here, a scammer poses as a buyer and shows interest in a purchase. Upon gaining your confidence, they send a fake collect request asking you to enter your UPI PIN for the fund receipt. As a precautionary measure, refrain from sharing your UPI PIN or scanning a QR code to enter your PIN.

Fake QR Code

In this case, a scammer pretends to be a merchant selling high-end products at affordable prices. A fake QR code is displayed, tagged with a certain amount and name to trick you into making a payment. Avoid scanning such QR codes or entering your UPI PIN on any link or SMS.

SIM Cloning

In this situation, the scammer will have managed to gain access to your SIM card. If not, they may use a duplicate SIM to carry out transactions through OTPs received. They then proceed to pose as telecom staff and request your details. You may be promised a gift or upgrade. Stay alert and inform your service provider if you find that your mobile network is not working for a delayed period. Refrain from sharing sensitive information with anyone over calls or messages and look out for alerts.

Last words

Cybercrimes and frauds have become increasingly common these days. It is critical to be aware of the different ways scams are carried out to prevent becoming a victim. Remember not to give out any confidential information to anyone and raise an alert if you find anything dubious.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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