How does Cyber Fraud happen: Why does Cyber Fraud happen and how to avoid it? Know the methods of fraud like Phishing, OTP, UPI, Digital Arrest, easy tips for prevention and the right way to complain.
Cyber Security Tips: Banking, shopping, ticket booking, investment and government services – everything is becoming online. This has made our lives easier, but with it the risk of cyber fraud has also increased. Today, cyber criminals not only hack computers but also defraud people and empty their bank accounts. People lose their hard-earned money worth lakhs of rupees in just a few minutes. Let us know how cyber fraud occurs, what are its methods and how it can be avoided.
What is Cyber Fraud?
Cyber Fraud means a fraudulent crime in which money, personal information or banking details are stolen from people by using internet, mobile, computer or any other digital platform. Cyber criminals collect OTP, UPI PIN, bank details or passwords from people by winning their trust or creating fear.
How does Cyber Fraud happen?
Cyber thugs adopt different methods, but their objective is the same – to get your personal information or money. Usually they-
- Make fake phone calls.
- Create fake websites.
- Send fake SMS or email.
- Send the link on WhatsApp or Telegram.
- Create fake profiles on social media.
- Get malware installed in the mobile.
For example, you get a call posing as a bank officer or a CBI officer and you are told that your bank account is going to be closed. Tell me OTP. As soon as you tell the OTP, the account gets emptied.
Cyber fraud is happening in many ways
1. Phishing: Attempt to steal your personal information by posing as a bank or company through fake email, SMS or website.
2. OTP Fraud: Fraudsters call and ask for OTP and withdraw money from the account.
3. UPI Fraud: They cheat people by sending Collect Request, QR Code or fake payment screenshots.
4. Fake Loan App: They take processing fees, KYC or personal information from people by luring them with loans at low interest.
5. Investment Scam: Cheating is done by investing money in the name of double, share market, crypto or trading.
6. Job Scam: Registration fees are asked in the name of getting a job at home or a job abroad.
7. Romance Scam: Emotional relationships are formed by making friends on social media or dating apps and later money is asked for.
8. Remote Access App Fraud: Fraudsters gain control of your mobile by downloading AnyDesk, TeamViewer or other remote access apps.
9. KYC Update Scam: Fake links are sent on the pretext of updating KYC of SIM, bank or wallet.
10. Digital Arrest Scam: This fraud has increased rapidly and scares people by posing as police, CBI, ED or RBI officers. Money is transferred over video calls by threatening them with digital arrest.
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How to avoid cyber fraud?
- Never share OTP with anyone. Bank, RBI or government agency never asks for OTP, PIN or password.
- Create a strong password.
- Create different and strong passwords for every account.
- Start Two-Factor Authentication (2FA), this further increases the security of the account.
- Never click on unknown links.
- Avoid suspicious links from SMS, WhatsApp or email.
- Scan the QR Code thoughtfully.
- Be alert if someone asks to scan QR Code to send money.
- Never share bank details.
- Never disclose CVV, ATM PIN, net banking password or UPI PIN to anyone.
- Download any app only from the official store.
- Do not download apps from anywhere other than Google Play Store or Apple App Store.
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What to do if cyber fraud happens?
- Inform the bank immediately.
- Block the card or UPI.
- Call the National Cyber Crime Helpline 1930.
- Register complaint on National Cyber Crime Reporting Portal.
- Also lodge a report at the nearby police station.
- The sooner you report the fraud, the better your chances of recovering the money.
Content Source: Indian Cyber Crime Coordination Center (I4C), National Cyber Crime Reporting Portal, RBI, CERT-In, National Payments Corporation of India (NPCI), Ministry of Electronics & Information Technology (MeitY).