In an increasingly digital world, scams have evolved to become more sophisticated and deceptive. Cybercriminals are constantly devising new tactics to exploit unsuspecting individuals, preying on their trust, emotions, and financial security. While technology has made transactions more seamless and convenient, it has also given rise to fraud that can have devastating consequences if one is not vigilant.
Let’s dive into 3 scams that have been making headlines in India and uncover how they work, so you can stay one step ahead of fraudsters and safeguard your financial and personal information.
Among many others, there are 2 types of scams targeted toward UPI (Unified Payments Interface) users which make the victim believe that they have received a small amount of money only for the victim to lose a large amount of money.
The UPI refund scam is a prevalent and deceptive scheme in which scammers deceive individuals into sending back money never legitimately deposited into their accounts. The con begins when a fraudster pretends that they have transferred money to the victim's UPI account and then asserts that it was an accidental payment, often mentioning urgent issues like healthcare emergencies or necessary expenditures. The victim, often feeling bad for the fraudster, then sends the "transferred" money back, when in reality they are sending their own hard-earned money to the fraudster.
A jump deposit scam is a type of fraud that involves a small deposit into a victim's account, followed by a request for a larger amount to be returned. After the victim notices the deposit and is curious about the unexpected deposit, the victim accesses their banking app and enters their UPI PIN to check their balance. At this moment, the fraudster sends a bogus payment request. If the victim responds without checking, this may mean sending a bigger sum of money back to the fraudster, who then makes a profit on the "transaction" (like losing 50 bucks in return for 500 bucks).
The term “deepfake” typically describes a manipulated video that utilizes artificial intelligence (AI) and facial recognition technology to replicate the facial expressions and features of one individual and overlay them onto another person's body. Additionally, video is not the sole medium for deepfakes; there are also voice, image, and even biometric deepfakes.
Recent phishing schemes have integrated fake video communications often customized and targeted at specific victims. By employing deepfake technology, fraudsters can create video clips featuring well-known figures, celebrities, or even relatives, urging the recipient to undertake certain financial or other actions. Some scams employ deepfakes to imitate corporate leaders or prominent government officials. Successfully executed fakes can deceive employees into revealing confidential information or transferring funds. Deepfakes of family members are created which claim that the member is in dire need of money or has some kind of emergency and require the victim to transfer some money or share personal information. Sometimes a deepfake may convince you to arrive somewhere, thus helping you fall in the hands of kidnappers, smugglers, or traffickers.
In digital arrest scams, fraudsters impersonate law enforcement to dupe their victims. In these scams, culprits pretend to be law enforcement agents, such as police officers, CBI officials, income tax inspectors, or customs officers, and reach out to victims through phone calls. After initiating contact, they ask victims to switch to video calls on apps like WhatsApp and Skype. The scammers proceed to threaten the victims with digital arrest warrants, citing reasons like the victim's involvement in drug trafficking or possession of illegal substances.
Under the guise of “clearing their name”, “assisting with the investigation”, or “refundable security deposit/escrow account”, individuals are manipulated into transferring substantial amounts of money to designated bank accounts or UPI IDs. Once victims acquiesce and send the money, the scammers disappear, leaving the victims facing financial losses and the risk of identity theft.
In many cases, victims are further isolated mentally and physically by being intimidated into always being in front of the camera and asked to report every communication they share to ensure that their victims don't involve actual authorities or other people under the guise of the "criminals who trapped them in the crime" tracking them and such measures are required for safety reasons. They insist on the victim keeping the camera on and not hiding their face, keeping them under constant surveillance. There have been reports of such "arrests" lasting up to 6 days.
These are just 3 of the big scams, but not to worry! We have some safety measures that you can follow to ensure safety while making transaction online. Scroll to the next post to read some tips that will help protect your hard-earned money and personal information from potential threats.
Use a strong password or facial recognition for your phone. Take measures to safeguard your data should your phone ever get stolen or reach a person with wrong intentions.
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