Unveiling Top Financial Scams in India 2023

Updated on: 23 August 2023

Published on: 22 August 2023

In the increasingly interconnected digital landscape, online scams have become an unfortunate reality, preying on unsuspecting individuals and organisations alike. From phishing emails to fake investment schemes, the realm of online scams is vast and ever-evolving. In this blog, we delve into the intricate web of scams, uncovering their modus operandi, the latest trends, and precautionary measures. As we navigate through the intricate world of cyber deception, we shed light on various types of scams in India. Our exploration will not only encompass a comprehensive list of biggest scams in India but will also focus on the specific financial scams. Join us in understanding the mechanics behind these fraudulent activities, learn how to protect yourself, and gain insights into some of the most notorious scams that have shaken the Indian financial system. Welcome to a realm where knowledge is your armor against the ever-evolving world of online scams.

Types of scams

Here is a list of scams in India and how to stay aware of fake investment opportunities, identity thefts and much more.

• Part time Job Scam
• UPI Scam
• QR code Scam
• Loan Scam

Part time Job Scam

The rise of part-time job scams targeting the youth, involving tasks like data entry and content writing. Scammers entice victims with small commissions initially, but gradually convince them to invest larger sums for higher returns. Once a substantial investment is made, the scammer disappears, leaving the victim with significant financial loss. The audience is advised to stay vigilant and informed to avoid falling for such scams.

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UPI scam

In the UPI scam, scammers mainly target shop owners and businessmen. They send a large sum through UPI and then pose as someone who made a mistake, requesting the recipient to return the money through a provided link. Falling for this, victims unknowingly download malware, allowing scammers to hack their phones, access personal data, including bank details, and commit theft. Staying informed is crucial to avoid such scams.

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Also Read Top UPI Payment Apps in India

QR code scam

The QR code scam tricks individuals into believing they’ll receive money, but instead, funds are deducted. This often happens when QR codes are presented as offering vouchers or discounts, leading to debit rather than credit upon scanning. The emphasis is on scrutinising both the amount and the direction (incoming or outgoing) of the transaction. Staying alert and informed is crucial to prevent falling victim to such cyber scams.

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Loan Scam

The loan scam involves fraudsters using names resembling legitimate bank companies to create a false sense of urgency, pressuring victims about heavy penalties for missing loan repayment deadlines. This tactic aims to confuse and provoke quick action. Many fall for it, transferring money to fake links, only realising their mistake later when the actual bank’s terms remain unchanged. Staying informed is essential to avoid falling victim to such cyber scams.

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Also Read Personal loan hidden charges

Lottery scam

The lottery scam is familiar to most, involving SMS or email claiming a prize like 5 lakh rupees or a KBC WhatsApp message declaring a win. These scams manipulate trust, making victims believe they’re chosen for a special prize. Sharing personal details supposedly for receiving the prize leads to theft from the victim’s account instead. It’s crucial to never share OTPs and stay informed through Fibe to avoid such scams.

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Tips to avoid being scammed

Tips to stay safe from our CXO office

Amid the rise in digital transactions, remote work, and delivery apps in Digital India, the threat of cyber scams is also increasing. To protect against these, our CEO has some helpful tips for you:

1. Safeguard personal information and never share PINs
2. Be cautious of too-good-to-be-true offers
3. Recognise urgency tactics and verify payment recipient
4. Avoid attending to calls/messages from unknown and unverified sources
5. Regularly update your passwords
6. Monitor your bank account statements for unusual activity.

These precautions aim to promote awareness and ensure Freedom from Fraud.

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In continuation of the Freedom from Fraud initiative, Fibe launches our Cyber Insurance product to give you an added layer of security from digital threats. Remember to click on the checkbox while disbursing your loan to avail of this product. With Fibe by your side, embrace the digital world with confidence.