Scam alert! Fraudsters are constantly devising innovative methods to swindle their targets. They are even utilizing AI to identify victims and exploit their vulnerabilities. Fresh graduates are receiving bogus employment offers. In some instances, middle-aged parents are being threatened with police cases. Retired individuals are being coaxed into revealing financial information under the guise of assisting with KYC updates.
In India, cybercrime has reached industrial scale.Despite the RBI, banks, and other organizations repeatedly emphasizing the dangers of disclosing bank account details or succumbing to enticing investment schemes, their cautions have been disregarded. From January to May 2024, approximately 9.5 lakh complaints were filed with the National Cyber Crime Reporting Portal, equating to one complaint every 14 seconds, according to an ET report. During this time frame, Indian citizens incurred losses of around Rs 1,750 crore due to these scams.
While individuals in their middle age and senior years are the most susceptible, even young people are not immune to the snares set by scammers. We take a look at the 10 common tricks used by scamsters to fraud you – be alert!
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1. TRAI Impersonation Scam
Scammers are posing as representatives from the Telecom Regulatory Authority of India (TRAI), claiming that your mobile number has been involved in illegal activities and that phone services will be suspended. The call is then transferred to a fraudster pretending to be an official from the police’s cybercrime cell. However, it’s important to note that TRAI says disconnection of phone services is done by telecom companies, not TRAI.
2. Fake Digital Arrest Threat
In another scam, a fraudster impersonates a police officer and accuses the victim or their relative of a crime. A bogus CBI officer then conducts an interrogation via video or audio call, threatening a digital arrest. It’s crucial to remember that Police have clarified that they do not do digital arrests or online interrogation. If you encounter such a situation, disconnect the call immediately and report the number to the authorities.
3. False Family Member Arrest Scam
Scammers may also pose as a policeman and inform the victim that a close relative is about to be arrested on a serious charge. They demand payment to drop the charges, and some may even use AI to mimic the family member’s voice. If you receive such a call, don’t panic. Instead, check with family member before further action to verify the situation and avoid falling victim to this scam.
4. Beware of Fraudulent Stock Trading Schemes
Social media advertisements often lure individuals with promises of substantial returns ranging from 30-40% through stock investments. Victims are lured to a fraudulent website that provides access to a fictitious portfolio. Initially, scammers offer exceptionally high returns on a small investment, enticing the victim to invest more. However, when the victim attempts to withdraw their funds, the scammers disappear without a trace. Remember, “A scheme that offers very high returns is an obvious scam. Don’t fall for them.”
5. Beware of Scams Offering Easy Money for Simple Tasks
Scammers often promise substantial sums of money for completing simple tasks, such as liking YouTube videos or social media posts. After completing these tasks, the victim is pressured to invest in cryptocurrencies or other assets with the promise of high returns. To appear legitimate, a small amount may be credited to the victim’s account. However, once the victim invests a significant sum, the scammers disappear with the money. Remember, “Schemes offering easy money are scams. Don’t be deceived by them.”
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6. Beware of Fraudulent Customs Scams
In this scam, the victim receives a message claiming that a parcel containing contraband has been intercepted by the customs department. The average person, in a state of panic, agrees to pay a bribe to resolve the issue. Alternatively, the victim may be asked to send money for the release of the shipment.
Be cautious, as clicking on any links provided by the scammers can grant them access to your device. If you receive such a call, disconnect immediately and report the number to the authorities.
7. Fraudulent Credit Card Transactions
Scammers may call, pretending to be executives, and claim that a large transaction was made on your credit card, seeking confirmation. The credit card is fake, and the victim’s call is redirected to another fraudster who offers assistance. Once trust is established, they request card details, CVV, and OTP. If card issued in your name, you will get SMS about the transaction. Check with your bank.
8. False Money Transfers
Victims may receive a fake text message stating that a sum of money has been credited to their account. The scammer then calls, claiming the transaction was an error, and asks the victim to return the money. However, the text message is not from the bank, and no actual money was transferred. Check your bank account to confirm whether money has been received before you act.
9. Fraudulent KYC Updates
Scammers may send an SMS, call, or e-mail requesting the victim to update their KYC details by clicking on a link. The link directs the victim to a website that gains access to their device and steals personal information. Banks never send links for online updation of KYC. They always insist on a branch visit or an in-person interaction.
10. Fake Tax Refunds
Taxpayers who have filed their tax return or are awaiting a refund may receive a call from scammers posing as tax officials. They request bank details to expedite the refund process. Once they obtain the details, they empty the bank account. The tax department sends SMS and mail directly to the taxpayer. It already has the taxpayer’s bank details.