Money lost due to bank fraud? Know how scammers can trick you in different ways


Over the past three to four years, digital payment methods have seen great success as UPI transactions over the phone have become more accessible. However, this has also led many scammers to use loopholes related to technology and deceive consumers in many ways. Scamming has become extremely easy, with scammers luring consumers with bogus offers. We list some methods used by scammers to deceive people.

Phishing/Phishing: Scammers create a phishing website with URLs similar to a legitimate website, such as a bank’s website. These links are distributed by SMS, e-mail, instant messaging, etc. Users confuse the URL with legitimate website URL and enter security credentials such as PIN, passwords, OTP, etc. which fraudsters collect and use.

Murari Sreedharan, CTO of, said: “Scammers may contact you by phone pretending to be bank employees, insurance agents, government officials, etc., and may pressure you or induce you to reveal confidential and sensitive information. They may quote your name or date of birth to gain your trust and say that they need this information as an emergency measure to stop a transaction, prevent your account from being blocked, obtain a discount, avoid a penalty , etc.”

Unknown/unverified mobile apps: Sometimes phishing attacks involve app links instead of websites. Clicking on such links results in downloading unknown or unverified apps of dubious origin that look like allowed apps. These unverified apps can change permissions and give full and unrestricted access to the device to scammers.

“Sometimes the download links can be to screen sharing apps that allow crooks to monitor or control the device remotely and access confidential financial credentials. They can then access your device to initiate and perform transactions on the compromised device without your permission,” Sreedharan said.

Collection demand scams: Scammers can use the collect request option on UPI to scam people. The usual method is to convince people that they must approve the collection request and provide their UPI PIN to receive money, usually citing that it is a debt cancellation or repayment.

Credit Fraud: Among the many bank frauds that entrepreneurs fall victim to, the most common is credit fraud. Ajeet Kumar Singh, Founder and CEO of SAVE Solutions, said loan frauds typically include impersonating reputable lenders, or offerings that come with a sense of urgency while enticing people to benefit. loans on minimum terms. You can easily avoid becoming the target of a fraudulent loan by thoroughly researching the lender. This includes verifying that it is an NBFC or an RBI registered bank. Reading reviews about the lender, checking their websites and making sure they have good reviews or only taking out loans through recommended institutions is also a good idea. Fake lenders often charge upfront fees. Genuine lenders do not ask for any advance before granting a loan. “Be sure to read the fine print to avoid any unexpected inferences,” Kumar said.

Credit card skimming scam/quick response (QR) codes: Fraudsters often install skimming devices like a dummy keypad or small camera/pinhole in ATMs and take customers’ debit card data. Scammers then use the data to create a duplicate card and withdraw money from their bank account

Also, scammers may approach you for banking facilities and trick you into scanning a QR code using the mobile app installed on your phone. When you scan this code, you may unknowingly allow crooks to withdraw money from your bank account.

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