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Common Types of Financial Frauds

Common Types of Financial Frauds

We were all so thankful to abandon our 2020 calendars. Fraudsters took advantage of COVID-19 conditions, but not all of them needed a pandemic to pull off some big frauds. We’ve distilled a long list of cases to give you a few shockers. When you imagine of identity theft, you most likely picture someone thieving your Social Security number, Bank Account Details or hacking your email account.

 Moreover, Alas! It’s much beyond reaching than that. Fraud event refers to any of the following, when such event results in direct financial loss to “you”. Here, we also try to make understand you the Do’s and Don’ts forwarding the challenge of financial education, to be available to those who haven’t just started their journey into digital financial world. So, there are some reasons of Fraudulent Events and measures to correct them:-

  • Fraud through Phishing Links

Phishing is a kind of social manufacturing attack frequently used to steal user data, including login credentials and credit card numbers which involve sending misleading email/ messages that come out to be from trustworthy sources, such as a person you know or a genuine organization you do business with.

 What Happens If You Click on a Phishing Link?

Clicking on a phishing link or opening an attachment in one of these messages may install malware, like viruses, spyware or ransomware, on your device. Thus, the phishing attack can lead to devastating results. For individuals, it may include unauthorized purchases, the stealing of funds, or identify theft etc.

Phishing messages can come from an emergent several sources, counting:

  • Email
  • Phone calls
  • Fraudulent software (e.g, anti-virus etc)
  • Social Media messages (e.g., Facebook, Twitter etc)
  • Advertisements
  • Text messages

  • Do 
    ✔ Contact your bank
    ✔ Change your username and
    ✔ Report the incident to the Federal Trade
    Commission (FTC) or  Cyber Crime Police Station
    ✔ Verify shared links
    ✔ think before you click
  • Do 
    ✔Never Tell your Personal Bank Details
    ✔ Do not share Email -ids and passwords.

Fraud using online market Places:

An online marketplace creates easy accessibility for buyers and sellers to exchange information about each other effortlessly. One of the most familiar types of fraudsters plaguing digital marketplaces, shopping through online platform, the scammers frequently advertise and ready to sell high-ticket items for sale at low prices. On average, these consist of mobile phones, video game consoles, laptops, Furniture, jewelry, and cars – with commercial vehicles and heavy equipment.

  • Do
    ● Use verified apps only
    ● Browse on authorized websites 
  • ● Use secure connections only
    ● Remember UPI Pin
    ● Report the incident to
    the cybercrime Police
  • Do 
    ✔Never click on suspicious links on SMS or emails
    ✔ Don’t share personal information                                              ✔Don’t compromise on security software for phones/computers

Vishing calls:

Vishing, a combination of ‘voice’ and ‘phishing,’ kind of scam in which cybercriminals, posing as trusted sources, make unsolicited phone calls to attain personal information they can apply to commit fraud, hijack identities, and steal money is a phone scam designed to get you to share personal information. During a vishing phone scam ,caller uses social commerce to get you to share personal information and financial details, such as account numbers and passwords. The scammer might give you fake facts about bank account has been compromised, claim to represent your bank or law enforcement, or offer to help you install software.

  • Do’s

    • Join the National Do Not Call Registry
    • Hang up
    • Verify the caller’s identity.
  • Don’ts

    • Don’t pick up the phone
    • Don’t press buttons or respond to prompts

Credit Card Annual Fee Waiver-Fake Offers

Credit cards are type of controlling payment instrument as they allow you to simply avail an instant line of short-term credit while making transactions. It has several appropriate feature of regular, on-time payments can also improve your credit score which leads to easier long-term loan approvals. On the other hand, together with all these merits, credit cards also run the risk of being targeted for fraud including small skimming devices are attached to normal Point-of-Sale (PoS) devices to hack your data. These devices scan and store the card information while the customer completes a swipe transaction.

    • Always Verify The URL
    • Your Bank’s Official Website For Any Online Transaction
    • Report The Telephone/Mobile Number


    • Always use or contact your bank’s official helpline numbers

  • Don’ts


    Do not share personal details and bank account details with anybody ,

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