Online frauds are constantly evolving, and scammers are becoming more sophisticated. Learn about the different types of online fraud and effective tips to stay safe.
Internet transactions and financial operations are common today. With a few clicks, you can do business, pay bills, and manage investments anywhere and anytime. Online purchases are convenient, but one mistake click or ignorant decision can cost money.
Online scams are developing and growing more sophisticated. Staying up to date on scams and protecting your personal information and cash is crucial to avoiding these hazards. Our article covers numerous types of online fraud and offers practical advice on how to avoid them.
Opportunistic scammers hunt for weaknesses to exploit. Below are seven types of internet fraud and strategies to protect yourself and your finances:
Attacks phishing
Beware of emails that seem like banks or respectable companies.
How to avoid phishing?
Even if a bank website looks official, never submit critical information like bank details, your mother’s maiden name, or your date of birth. Only use the bank’s official URL to log into Net banking.
Vishing (phone scams)
Telephone scammers imitate bank employees or service providers. They may ask for your details to prove they are a real bank.
How to avoid phone-based financial fraud?
Elderly folks are most affected by this banking scam. They just need to ignore stranger calls, especially those promising insurance renewals or too-good-to-be-true discounts. Never give somebody your banking information or OTP over the phone.
Text messaging scams
Phone-based power bill alerts are a common smishing scam. Many people click on the message’s link to pay the fee, but they lose all their money.
How to avoid text scams?
Be wary of text messages saying you’ve won lotteries or asking you to phone a number.
Avoid calling unwanted text message numbers, which can readily trace your financial information.
Social-media fraud
Criminals build phony profiles to win trust and deceive people.
How to avoid social media fraud?
Virtual acquaintances should not see your personal images, video conversations, or banking information. Avoid sending money to online strangers.
India Tv: Online Shop
Sextortion (sexual stuff on video call) Image Source: FREEPIKOnline shopping
One of the crimes that was recently noted for its pain. Recently, scammers started video conversations, filmed the call receiver’s face for a few seconds, and then blackmailed them.
Save someone from sextortion?
Do not answer unknown video calls. Cover your device’s camera when an unknown number calls while chatting online, even with friends. Hackers and scammers may be recording you with your front camera at any time.
Online trading scams
Online shopping fraudsters may deceive you into buying or selling products.
How to avoid online buying scams?
Always check tangible items before exchanging money. QR code payments might let criminals access your gadget.
India TV scam
FREEPIKOnline scam image
SIM switching fraud
Attackers can clone and block SIM cards to make fraudulent transactions.
Protecting someone from fraud?
Never provide unauthenticated ID photocopies. Call your telecom provider immediately if your SIM is unexpectedly blocked.
INFORMATION AND PROTECTION TIPS
Recently, these seven scams have made headlines. Now we’ll discuss how to avoid these frauds and be prepared. There are 10 strategies to avoid scams:
- Keep updated: Update yourself on internet scams and frauds.
- Visit secure sites: Transact on websites with “https://” in the URL for security.
- Beware phishing emails: Avoid opening unexpected emails and clicking on dubious links or attachments.
- Two-factor authentication: Use 2FA wherever possible to secure your accounts.
- Strong passwords: Strong, unique passwords for each online account and a dependable password manager are recommended.
- Verify contacts: Before giving personal or financial information, verify institution emails, texts, and calls.
- Avoid public Wi-Fi for transactions: Avoid online transactions on public Wi-Fi networks.
- Check your accounts regularly: Check your bank and credit card statements often for illegal activities. Research investment risks before investing online. If something seems odd or too good to be true, it probably is. Trust your intuition and be cautious.
Modern online frauds are a genuine hazard, but you may avoid them with caution and awareness. Stay informed, adopt best practices, and be cautious when disclosing personal information or transacting online.
