UPI refund scam
The Unified Payments Interface or UPI has become a part of our day-to-day life in the last few years. From paying at your local kirana stores to recharging phones to booking flight tickets, we use UPI payment for various things. So scamsters have started adopting new methods to trick people using UPI apps. One such scam is the UPI refund scam, where fraudsters call and inform you that you have a lump-sum refund due. To gain your trust, they often use official jargon and professional language. They could impersonate officials of banks, the Income Tax Department or popular e-commerce websites such as Amazon or Flipkart. They will share a link with you through a message and insist you register through it to claim your refund. The registration process will require you to enter your bank account details or UPI ID and PIN. They will pressurise you to fill it up immediately so that the money can be instantly deposited into your account. But as soon as you do that, money will actually be taken out of your account.
How to protect yourself from UPI refund scam
The moment somebody contacts you with such an offer, check whether you are actually eligible for a refund or not. If yes, is it coming through a verified way? Bank or other officials will never ask you for such sensitive details, says Shilpi Mishra, President-Head Process, Controls, Risk Containment and Functional Training, Kotak Mahindra Bank Ltd. "Do not click on links received from unknown sources or sender IDs," she says.
Do not fall prey to offers of a refund — check these offers thoroughly first. And, never share information such as bank account numbers or UPI PINs with anyone.
OTP scam
In this type of fraud, you usually get a fake message from non-banking financial companies (NBFCs) offering a loan or credit enhancement. The message will ask you to share your financial details and ask you to share the one-time password (OTP) or PIN details that you will receive on your registered mobile number. The moment you share the OTP or PIN, fraudsters will use it to conduct unauthorised transactions from your bank accounts. Within a minute, you will see a huge chunk of money has been debited from your account. How to protect yourself from OTP scam
Be wary of offers that come out of the blue. "If an offer sounds too good to be true, it probably is. Be cautious of proposals that guarantee high returns with little or no risk," says Vaibhav Todankar, CEO-Retail Business, In-Solutions Global, a payment services provider.
Mishra says never scan a QR code or enter a PIN or OTP to receive money through UPI. To be extra careful, check SMS and emails regularly to ensure that no OTP has been generated without your knowledge. If it has been generated, raise the issue immediately with the financial platform and bank concerned. Fake delivery scam
E-commerce platforms such as Flipkart, Amazon and Myntra use OTP-based delivery processes to ensure the goods you have ordered reach your hands safely. You have to share the OTP with the delivery agent handing you the package.
Fraudsters have started adopting this method to steal money from bank accounts. Scamsters tend to target people who often shop online. They will come to your doorstep disguised as delivery partners of e-commerce websites or the postal department and will ask for money for a pay-on-delivery package. If you agree to do so, they will send a link to your phone to generate an OTP for delivery. If you click on the link, the fraudsters will get access to your phone and other personal details such as bank accounts.
If you refuse to pay for the package, they will say that they are cancelling the parcel. They might still send a link to your phone to initiate the cancellation. They ask you to click on the link to generate an OTP to confirm the cancellation. When you click on the link and share the OTP, the scamsters will use it to get access to your phone and bank account. Within the blink of an eye, you will lose a hefty amount from your bank account.How to protect yourself from fake delivery scams
First, if you have doubts whether you have ordered a parcel or not, always check the app of the platform from where the package has purportedly come. Then, check if you have received any message from the platform that your delivery is due today. E-commerce sites or delivery services often send a message mentioning the date of delivery. They often share the delivery partner's number, too, in that message. You can always verify the legitimacy of the delivery partner by calling that number. Before sharing the OTP, verify the delivery agent's identity. If it is a pay-on-delivery package, you can always open the parcel and check before paying.
Further do not respond or open unsolicited emails or SMS, says Sachin Yadav, Partner-Financial Advisory, Deloitte India.
Electricity bill fraud
If you pay your electricity bill online, then you must know about this latest route that fraudsters are using to trick people.
Many users have been receiving messages on WhatsApp or via SMS from random numbers that say their electricity connection will be suspended soon unless they immediately call a certain number. The message usually reads: "Dear Customer Your Electricity power will be disconnected Tonight at 8.30 pm from electricity office. because your previous month bill was not update, please immediately contact with our electricity 82xxxx1159 Thank you."
How to protect yourself from electricity bill scam
How can you identify whether this message is genuine or fake? "Always look out for spelling errors in messages that ask you to share sensitive details, as they will help you identify the fake ones," says Mishra. Then, you need to check whether the message has come from an official number. The electricity board or supplier generally sends SMS from the official number.
Check if any message or person (calling from a random number) is asking you to take immediate action about your electricity bill payment. "Scammers often create a sense of urgency to push victims into making quick decisions without giving them time to think things through," says Todankar.
Fake job offer scam
After Covid-19 started, one of the most common job scams is the work-from-home scam, where fraudsters offer you an opportunity to work from home and make a lot of money in your leisure time. Scammers often create fake job postings or even create websites that look legitimate at first glance. To make their offers more convincing, they use fake names and email ids that look like official email ids of certain companies or organisations. In many cases, fraudsters even conduct multiple rounds of fake interviews to draw out as much personal information as they can. They often ask you to pay an amount in advance for training, equipment or some other purpose.
How to protect yourself from fake job offer scam
If you have to pay money to someone to get a job or training for the job, it is almost alway a scam. Be cautious of such offers. A quick search about the company on Google will give you an idea of whether the company exists or not, and if there are contact details you can use to verify the offer.
‘Juice jacking’ scam: Never charge your phone with an unknown charger
Did your phone run out of charge? You may turn to a coffee shop or a nearby store to charge your phone. Be careful. In the latest scam, called "juice jacking", fraudsters often con people with the help of charging ports in public places to steal data from the phone. How does it work? Fraudsters install malicious hardware or software into these charging stations to hack your phone and steal sensitive information such as bank details or UPI passwords and more.
How to protect yourself from juice jacking
Try to always carry your charger. You can also invest in a good portable power bank to charge your phone on the go.
Stock market scam If you invest in the stock market, it is essential to stay vigilant to protect yourself from scamsters. Beware of schemes that promise you very high returns. You will often see ads on your social media profiles with offers to "double your money in 3 months". Don't fall for such get-rich-quick schemes. There are multiple stock market gurus on the internet offering trading advice. Always check the credentials and performance of the advisors before enrolling for their webinars or paid services.
How to protect yourself from stock market scams
Never share your trading account details with anyone even if the other person offers you high profits. Online trading offers convenience, but you must take caution to protect yourself.
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