Edited By: Namit Singh Sengar
Last Updated: January 09, 2023, 11:29 IST
According to Reserve Bank of India, there are some typical modus operandi being used by fraudsters for banking scams. (Representative image)
Online financial frauds: Never share your account details such as account number, login ID, password, PIN, UPI-PIN, OTP, with anyone, including bank officials.
With the reach of mobile phones and increasing penetration of the internet, life of a common person has become efficient to a large extent. One such advantage digitisation has brought is the seamless nature of financial transactions. However, the instances of online frauds have also seen a considerable rise with new types of scam being discovered from time to time. Recently, a Delhi-based man reportedly lost Rs 50 lakh to cyber fraud and that too without sharing any OTP.
Later, it was found that the scam was a SIM switch fraud, where fraudsters used the phone number to access a victim’s accounts by exploiting the two-factor authentication and verification.
Now the concern of a common user is how to protect their money from such frauds. Fraudsters attempt to get confidential details like user id, login / transaction password, OTP, debit / credit card details such as PIN, CVV, expiry date and other personal information.
According to Reserve Bank of India, some of the typical modus operandi being used by fraudsters for banking scams are –
Vishing: In this scam phone calls are made pretending to be from bank /…
