look news india
Financial scams in India are worrying and affect both individual's life and the economy. These scams involve fraudulent financial schemes, manipulation of the financial system, or methods to defraud investors and consumers. Such financial scams not only cause loss to the victim but also reduce public confidence in the financial system. According to Forbes report, a total of bank scams worth Rs 302.5 billion took place in India in the year 2023. There were fewer bank scams in the year 2023 compared to bank scams worth Rs 1.3 trillion in the year 2021. But it is important for citizens to be aware to avoid such bank scams or financial scams. According to a report done on financial scams, 69 percent of the scams in the year 2021 were cases of online fraud. According to the Reserve Bank, scams worth Rs 60,414 crore took place in the year 2021-22. These things show how big a challenge remains on the financial scam front in India.
upi scam
As the use of UPI has increased, this facility has expanded but along with it new scams have also started coming to the fore. More than 95,000 cases were registered in the financial year 2022-23. Of the scams on the digital payments front, 55 percent have come to light in UPI transactions. This particularly accounts for the highest incidence of account identity fraud.
Avoid clicking on unnecessary links and unknown messages. Double check the details while approving UPI transactions.
credit card fraud
Online banking and credit card scams have also increased due to the popularity of digital transactions. In the year 2023, 13,530 such scam cases were reported in the banking system. Of these, 49 percent scams were reported at the digital payment card-internet level.
Monitor hedge bank statements regularly. Enable transaction alerts and do not share OTP or sensitive information. Install known software to protect against online threats.
bank fraud
Credit scams like bank loans or informal transactions decreased in the year 2023. However, an estimated 65,017 frauds occurred in Indian banks between 2014 and 2023 and resulted in a loss of Rs 4.69 lakh crore to the banks.
Avoid unnecessary messaging, update passwords regularly. Add authenticity to online banking. Check the legitimacy of the financial institution before making important transactions.
qr code scam
QR code scams are on the rise. This has increased especially in Bengaluru. 41 percent of cyber crime incidents in Bengaluru are related to QR codes. QR code scams have increased from the year 2017 to May 2023.
Protection Scan the QR code from a trusted location. Be wary of unknown QR codes received via messages or emails.
Keep mobile security software updated regularly.
investment scam
Fraudulent investment schemes deceive individuals by promising investors high returns. The Rs 712 crore Chinese investment scam in Hyderabad highlights the dangers of such scams.
Invest only after thoroughly researching hedge investment opportunities. Is the company's credibility questionable, unrealistic compensation claims? Check it out. Consult a financial advisor before investing large amounts of money.
part time job scam
Online scammers trick people by making tempting promises of easy part-time jobs. Till April 30, 2023, Delhi Police has received 467 such complaints. There has been a significant increase in the year 2023 compared to only 32 complaints registered in the year 2020.
Check the validity of the rescue job offer. Avoid giving your personal and financial information to any unknown organization. Use reputed job portals to get employment. Remember, don't rely too much on high-paying part-time job offers.
courier scam
New scams targeting youth have also emerged. In the year 2023, 163 such cases have been reported in Bengaluru. These people target those people who get scared by the sudden message coming from the courier service and try to find out the significance of the message.
Prevention: First of all, check the sudden message from the courier service. Do not make any financial transactions or share personal information without thorough verification. Beware of phone problems with unreliable claims from courier companies.
