Nowadays, it’s too common to receive links from unknown numbers on your mobile. As Indian phone users, we often click on such messages to check if there is anything important, unaware of the malpractices involved in scamming people. These scams mostly lead people to their misery.
Online scamming
Online scamming is something that many people are unaware of how it works, and even if they get the idea, they don’t know when it is an important message or a fraud. So, one needs to be cautious and understand the cases and articles that are shared about scam cases.
The main focus of online scams is to either extract your money or your personal information for blackmail. That is why, more than ever, one needs to know how to go about these situations.
These are some points that will help you distinguish scams and frauds better:
Unsolicited Contact
Be cautious of unsolicited emails, phone calls, or messages from unknown sources, especially those that claim you have won a prize, owe money, or need to verify personal information urgently.
Too-Good-To-Be-True Offers
Offers that seem too good to be true are often considered fraud. They guarantee that the risk is shallow compared to your investment. They promise hefty returns on investment with nominal risk, but these promises are usually empty.
Requests for Personal Information
Scammers often pose as financial institutions or well-established banks and ask for your bank account details, social security numbers, or passwords. Legitimate banks or financial institutions never ask for sensitive details over text, email, or phone.
Urgency Tactics
Fraudsters often use pressure and manipulation tactics to force their victims to act immediately. Be aware of these patterns. Rather than giving in easily, question the authority or buy time so you can contact help from the cybersecurity department, police, or banks.
People need to be aware of this basic information because the public is not well-educated on the consequences of their actions. Knowledge only comes to those willing to learn. As a responsible citizen, you need to know the clauses, guidelines, and tactics of malpractice.
Many people are unaware that these matters can be reported to the police or banks. You can directly contact your nearest branch or their helpline number to seek help if it involves a transaction.
Case Study
A small case study to understand what happens. This is a true event that happened. The names are changed to protect their privacy. It is between an advocate and his friend suffering from an online scam:
Mr. AB is an advocate whose close friend, Mr. Kanth, used to receive links from unknown numbers on his mobile. One day, he received a link, clicked on it, and while they were traveling to the same location separately, four transactions totaling ₹45,000 were made from Mr. Kanth’s credit card account. Credit card transactions don’t settle immediately; it takes at least 24 hours for the money to reach the receiver’s account. Upon noticing the transactions, Mr. Kanth immediately called Mr. AB and informed him of the issue. Mr. AB promptly reported the transactions. Fortunately, the bank usually has excellent reporting policies and a well-structured system. There was no delay in reporting on their end while following all the necessary steps diligently. The bank immediately blocked the card. They informed Mr. AB that they had located the money and that it would only be transferred once a formal complaint was made to the cyber police. After filing the complaint, Mr. Kanth received a new card with the same limit. Within a week, the money was credited back to the credit card. However, there was a condition: “if at any point in the future, the bank found substantial proof that the transactions were legitimate, they reserved the right to reclaim the money due to misrepresentation.”
Luckily, in Mr. Kanth’s situation, having a lawyer helped, but more importantly, it was his awareness that protected his privacy and allowed him to recover the money or, in other cases, any personal information.
Conclusion
These points will help you navigate scams and frauds by understanding their methods and being aware of your control to be protected by taking necessary actions. Staying informed and vigilant is crucial in today’s digital age. Educating yourself and others about the risks and signs of online scams can significantly reduce your chances of becoming a victim.
