Fraudsters are continually coming up with new ways to trick their victims, even using AI to identify targets and exploit their weaknesses. Fresh graduates are receiving fake job offers, while middle-aged parents are being threatened with police cases. Retired individuals are being persuaded to share financial information under the pretense of helping with KYC updates. Cybercrime has reached an industrial scale in India.
Despite repeated warnings from the RBI, banks, and other organizations about the dangers of sharing bank account details or falling for enticing investment schemes, many have ignored these cautions. From January to May 2024, nearly 9.5 lakh complaints were filed with the National Cyber Crime Reporting Portal, averaging one complaint every 14 seconds, according to an ET report. During this period, Indian citizens suffered losses of around ₹1,750 crore due to these scams.
While middle-aged and senior individuals are the most vulnerable, young people are also at risk of falling for scams. Here are 10 common tricks used by scammers to defraud you—stay alert!
- TRAI action against phone
Scammers are pretending to be from the Telecom Regulatory Authority of India (TRAI), saying your mobile number is linked to illegal activities and that your phone services will be cut off. The call is then handed over to someone pretending to be from the police’s cybercrime unit.
However, TRAI has stated that only telecom companies can disconnect phone services, not TRAI.
2. Fake Digital Arrest Threat
In another scam, a fraudster pretends to be a police officer and accuses the victim or their relative of a crime. A fake CBI officer then conducts an interrogation through video or audio call, threatening a digital arrest. It’s important to remember that the police have stated they do not conduct digital arrests or online interrogations. If you find yourself in this situation, hang up immediately and report the number to the authorities.
3. False Family Member Arrest Scam
Scammers may also impersonate a police officer and tell the victim that a close relative is about to be arrested on a serious charge. They may demand money to drop the charges and some might even use AI to imitate the family member’s voice. If you receive such a call, stay calm. Instead, verify the situation by checking with your family member before taking any further action to avoid falling victim to this scam.
4. Beware of Fraudulent Stock Trading Schemes
Social media ads frequently entice people with promises of high returns between 30-40% from stock investments. Victims are directed to a fake website that shows a bogus portfolio. At first, scammers promise impressive returns on a small investment, encouraging victims to invest even more.
However, when victims try to withdraw their money, the scammers vanish without a trace. Remember, “If a scheme promises very high returns, it’s likely a scam. Don’t fall for it.”
5. Beware of Scams Offering Easy Money for Simple Tasks
Scammers frequently promise large amounts of money for completing simple tasks, like liking YouTube videos or social media posts. After finishing these tasks, victims are pressured to invest in cryptocurrencies or other assets with the promise of high returns. To make the scheme seem legitimate, a small amount might be credited to the victim’s account.
However, once the victim invests a larger sum, the scammers vanish with the money. Remember, “Schemes that promise easy money are scams. Don’t be fooled by them.”
6. Beware of Fraudulent Customs Scams
In this scam, the victim receives a message stating that a parcel containing illegal items has been intercepted by the customs department. In a panic, the victim may agree to pay a bribe to resolve the issue or be asked to send money for the release of the shipment. Be cautious, as clicking on any links from the scammers can give them access to your device. If you receive such a message or call, hang up immediately and report the number to the authorities.
7. Fraudulent Credit Card Transactions
Scammers may call pretending to be bank executives, claiming that a large transaction was made on your credit card and asking for confirmation. The card is fake, and the call is redirected to another fraudster who offers help. Once they gain your trust, they request your card details, CVV, and OTP. If a transaction has occurred, you will receive an SMS about it. Always check with your bank to verify any suspicious activity.
8. False Money Transfers
Victims may receive a fake text message saying that money has been credited to their account. A scammer then calls, claiming the transaction was a mistake and asking the victim to return the money. However, the text message is not from the bank, and no actual money was transferred. Always check your bank account to verify whether you’ve received any money before taking any action.
9. Fraudulent KYC Updates
Scammers may send an SMS, call, or email asking victims to update their KYC details by clicking on a link. This link directs victims to a website that can access their device and steal personal information. Remember, banks never send links for online KYC updates; they always require a visit to a branch or an in-person interaction.
10. Fake Tax Refunds
Taxpayers who have filed their tax returns or are waiting for a refund may receive calls from scammers pretending to be tax officials. These scammers ask for bank details to speed up the refund process. Once they have this information, they can drain the bank account. Remember, the tax department communicates via SMS and mail directly to the taxpayer and already has your bank details.