It’s Safer Internet Day and on this day we’ve delved into the most common types of scams and frauds that affect users in terms of monetary loss or financial frauds. That said, citizens must arm themselves against the rising tide of financial scams that continue to plague India.
Here are some of the common scams that you should know about to stay protected and safe.
UPI frauds
The most common frauds happen via the Unified Payments Interface (UPI) that has penetrated the entire country and everyone from premium stores to small businesses and vendors are currently using it.
In these scams, fraudsters employ various tactics, including disguising collect requests as cashback offers and luring victims through deceptive QR codes. Shockingly, a staggering 55% of all digital payment frauds in India are now associated with UPI transactions.
Online banking and credit card fraud
Online banking and credit card fraud are also pretty common these days. These scams happen as a part of phishing attacks, identity theft and fraudulent transactions using stolen card details.
Investment scams
Investment scams have increased a lot since the Covid-19 pandemic. In this scam, scammers promise to offer huge returns compared to banks and other investment options to dupe people.
Part-time job scams
Part-time job scams are common over WhatsApp and SMS, where scammers pretend to be HR executives in some reputed firms and offer users easy payments just for completing tasks that are simple and easy like liking a video, etc. which ultimately leads to financial fraud.
Courier scam
Courier scams is also in trend these days. In this, scammers call users claiming that they have found illegal items in their courier which the user has sent to someone abroad. Most often, the courier guy asks for personal and banking details just to confirm the package and that leaks to financial fraud.
Tips to stay protected

  • While there’s no “One size fits all” policy when it comes to staying protected from these financial scams. But, there are a couple of things that you can keep in mind to prevent these scams from happening.
  • Stay aware: The most important part is to stay aware of common scams and fraud tactics that scammers are using these days.
  • Sharing personal details: Second, make sure not to share any personal information without random callers over a phone call, email or any other medium.
  • Sharing financial information: Just like sharing personal details is supposed to be avoided, sharing financial information is a must to avoid. It should be noted that banks do not call to ask for financial information from users.
  • Passwords: Passwords and 2FAs should be a mandatory thing these days for all accounts. This adds a layer of security or keeps the account protected from getting hacked.
  • Wi-Fi connection: Free Wi-Fi is tempting, but it also comes with a major risk. Most scams happen when a device is connected to a free Wi-Fi network in the airport, cafes, etc.
  • Keep devices security updated: Smartphone makers release security patches almost every month. To keep the devices’ security up to date, it is important to install them. T
  • Keep track of transactions: Checking bank statements regularly can prevent a lot of banking frauds and at times it can also help you get the money back, if reported timely.

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