online fraud

The evolution of technology and the advent of digitalisation has led to various benefits. However, one of the downfalls of such advancements is the online frauds carried out by scammers. There has been a considerable inclination for online scams throughout India for a few years now. ATM skimming is the most popularly used tactic to steal customer information online. Since the types of ATM frauds in India are continuously increasing, one has to be prudent enough to stay away from them. 

ATM skimming has become a shortcut to fool people and retrieve a good amount of money from your bank accounts. It has become necessary to prevent yourself from falling prey to this scam, and being insured of the loss is the best way to move forward. To help you gain brief insight on the same, we have mentioned some of the diverse ways online frauds make you fool. Keep reading to know more!

1. Phishing or email scams

Phishing is one of the crucial online frauds that steal your personal information by posing as a genuine person or a registered company. Phishing involves fraudsters sending links in fake emails that have an intention to steal users’ and other sensitive financial information. These emails have links where you need to attach UPI code links or bank details. Clicking on these links will affect your systems with a virus or malware. Moreover, there has been an increase in ATM skimming, one of India’s different types of ATM fraud. 

2. Identity theft

In this fraud, the hacker steals your identity and approaches you as a friend or a family member, asking you for financial aid. In most cases, the approval of loans is easy, and you would be held liable for the loan payments. The hackers also use Instagram and Facebook to contact your friends and ask for money. Various other ATM skimming frauds are increasing, including the different types of pan card fraud

3. Lottery fraud

Lottery fraud is among the top scams, along with an increase in different types of ATM frauds in India. In lottery frauds, the scammers will send you emails and messages on WhatsApp stating that they have won a lottery worth a crore. To claim the lottery, you are liable to deposit a small amount in the name of tax. Once you deposit the payment, the fraudster will disappear. Websites like these can also steal your card details. 

4. Work from home fraud

Here the scammers promise individuals to provide a job opportunity in exchange for a handsome remuneration just by working part-time. Moreover, different types of fraud have extensively increased in India, one being ATM skimming. When job seekers deposit the money online in work from home scam, the fraudsters will disappear without leaving any trace. 

5. Online shopping fraud

Online shopping fraud is another scam where scammers set up fake websites and invite people to shop at lower prices. Once the payment is complete, the fraudster will deliver a bogus product, or your product will never reach you. Various online shopping website scams appear every day where; they are duping people. 

6. Card skimming

Skimming means stealing electronic data that enables the fraudster to counterfeit the card. Consumers will experience a usual ATM transaction until they notice a problem related to ATM skimming. It is one of India’s critical and increasing types of ATM fraud. Mainly, the skimmer changes the card details and PIN, which helps the fraudsters with cash withdrawals. 

7. Credit card points fraud

There are numerous credit card users in India. Each user will receive points when they use credit cards while making purchases. Fraudsters will take advantage and promise credit cardholders to redeem their reward points and entrust credit card security. They would also create a sense of urgency, stating that the reward will end soon. It will create a panic among the cardholders and share card details. 

8. Tax fraud

This type of fraud mainly pops up during the tax-paying season. Here, the fraudsters will urge the tax-payers to reply to the SMSs and WhatsApp messages where they have to enter the tax-payers bank details and other sensitive information. 

The rising ATM frauds might make you lose your valuable information or hard-earned money to the scammer if you are careless. Having a proper insurance plan will help you bounce back to your normal routine. You can choose insurance policies from Bajaj Finserv Pocket Insurance Plans. You can opt for plans like Cybersecurity Cover, Fraudulent Charges Cover, and many more. The premium amount for the Identity Theft Insurance Plan is Rs. 299, which is very affordable. The maximum sum insured can be up to Rs. 1,50,000. The plan includes reimbursement for financial expenses incurred like legal expenses, lost wages, and other applicable miscellaneous expenses as per the policy. Check out the exclusive Pocket Insurance plans today!

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