Prevent becoming a victim of online banking fraud. Be aware of tricks fraudsters use

By February 18, 2020 LifeStyle, TechEasy

Sourced with thanks from gadgetsnow.com

Prevention is better than cure. Older persons are more susceptible to frauds where your bank details, credit card details and other related sensitive information are stolen from via an online scam. So it’s a good idea for us to be aware of the methods used so that we can recognise it when a conversation or a transaction doesn’t seem right. Familiarise yourself with the tricks used as listed out by the author below and it will help keep you safe from online banking frauds

Prevent becoming a victim of online banking fraud. Be aware of tricks fraudsters use

Being aware of these common methods fraudsters use, may help you protect yourself from being a victim of such frauds where in your online bank details etc are stolen from you

Refund on online transactions: Ask for credit/debit card details to process refund on online transactions

In this, fraudsters claim to be calling from a popular e-commerce platform (say Amazon or Flipkart) and offer refund on any recent online transaction made. They try to trap the online shopper by promise of refund and take his/her bank or credit/debit card details.

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Smishing: Starts from fake SMS about online shopping cashback

This fraud is related to online shopping. Customer receives an SMS in context of online shopping or cashback. He/she is asked to share confidential details such as grid card details, ATM card PIN, UPI PIN, debit card number and CVV.

Juice Jacking: Fraudsters install malware/spyware using chip embedded at public charging spots

Under this method, fraudster installs malware/spyware using chip embedded in public charging spots. This chip copies your sensitive data and installs malware on your smartphone, whenever connected.

Vishing: This starts from a call from customer service

Under this fraud, the customer receives a call and is asked for transaction banking details such as OTPs or user ID delivered on your registered mobile number. The fraudster then forwards activation SMS on your phone which is later used to gain access of your bank account.

Remote assistance: Fraudsters use remote access apps like Teamviewer, QuickSupport and AnyDesk

Using this method, the caller asks to install system assistance apps such as Teamviewer, QuickSupport and AnyDesk. These apps give the fraudster your smartphone’s complete access.

Phishing: Fraudsters send malicious link via SMS or emails

In this method, fraudsters send malicious link via SMS or emails that asks recipient to share his/her confidential details such as grid card details, ATM card PIN, UPI PIN, debit card number and CVV.

Cashbacks: Come via WhatsApp or SMS offering cashbacks on online shopping

These usually come via WhatsApp or SMS offering cashbacks on online shopping. These messages are usually phishing attempts which try to lure people into sharing their online banking details.

KYC check: Fraudster claims to be bank or Paytm executive and asks to share details to complete KYC

This is another common online fraud that many people have fallen to. In fact, Paytm has warned its users against KYC fraud. This scam starts with a call from someone claiming to be a customer service officer from your bank or Paytm KYC executive. The callers tries to scare by saying that your bank, card or Paytm account will be blocked or something similar. The entire aim is to convince you to download remote access apps like AnyDesk or TeamViewer.

SIM upgrade: Also called SIM swap fraud is basically registering a new SIM card with your phone number to get bank OTP

Not really new, this fraudulent method is used by criminals to trick gullible smartphone users who end up losing money in matter of minutes. SIM swap or simply SIM card exchange is basically registering a new SIM card with your phone number. Once this is done, your old SIM card becomes invalid and your phone will stop receiving signal. Now, once the fraudsters have your phone number, they will get OTPs on their SIM card. With this they can initiate bank transfer and even opt to shop online after getting OTPs. This fraud too starts with a call from a person who pose as an executive from Airtel, Vodafone or Jio. He or she then asks you that it’s a routine call to improve call drop pro

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Disclaimer: The content including advice on this website provides generic information only. Its not been customised for any particular individual or situation. It is in no way a substitute for a qualified and specific opinion whatever be the area viz. health, finances, retirement, lifestyle etc. Always consult a domain specialist for more information. The information is the viewpoint of the author/source and Retyrsmart does not claim responsibility for this information.
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