Click, pay, lose : Online money scams in India
India is witnessing a large amount of money scam in today’s world. Every year millions of Indians are victim of online scams, they are targeting anyone who uses online payments, UPI apps, digital wallets or even simple internet banking. In this blog we can explain the most common types of scams in India and mainly how you can protect yourself from online payment fraud.
Common types of money scams in India
1.UPI and Mobile Payment Scams:
The scammers are using fake OTP requests and PIN sharing, when the OTP number is shared the money will be losed instantly.
2. Cryptocurrency and investment scams
There are many fake investment and crypto apps that are promising high returns so when they heard about high returns people will invest into it and the money will be losed.
3. E-commerce scams:
Many online stores have cheated more buyers by making them pay for the product and never received the product or they have received the fake items.
4. Social media scams:
Scammers use whatsapp, telegram and instagram for making scam, they will pretend like a friend or family members and ask for money. Some fake job offers are used as a trick people to sending cash.
5. Phishing scams:
Phishing is one of the popular scam in India, scammers will send fake emails or SMS pretending to be the bank employee or UPI apps and then people will share the personal information to the scammers.
How to protect yourself from scammers
- Never share your OTP, PIN or password.
- Always think twice before spending amount to website or apps.
- Enable two factor authentication on your bank and UPI apps.
- Don’t click unwanted links, emails etc..
- Always read review before investing in apps or online platform.
- Educate the family members to avoid online scams in India
- Monitor bank statement regularly
- Check government websites for verified schemes
- Verify apps, website and messages
The future of online money scams in India
- Scammers are using fake AI voices to pretending like friends or family and asking for money
- Fake crypto and investment apps.
- Delivery scams
- Loan scams
Real life examples of money scams in India
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- UPI scam : Kerala teacher lost 2 lakh money scam in India
- Crypto scam : Fake crypto wallets caused widespread online payment fraud in India
- E-commerce Scam : During the festival season lots of fake festive sales led to many money scams in India
Money scams in India are becoming widespread. From UPI and mobile wallet fraud to cryptocurrency scams, e-commerce fraud, and AI deepfake scam, online scams in India are affecting millions of people every year. Online payment fraud is no longer limited to small losses. It can lead to major financial damage if precautions are no taken.
The key to stay safe from money scams in India is awareness. Recognising phishing attempts, verifying apps and website, avoiding sharing OTPs or passwords and educating family members can significantly reduce the risk of falling victim to online scams in India. Keeping updated about new forms of online payment fraud like AI and social engineering scam is essential in the digital world.
By following preventive steps and sharing knowledge, individuals can protect themselves and their loved ones from money scams in India. Vigilance , education, and caution are your strongest tools against modern financial fraud.
Remember, every small steps you take to verify and protect your digital transaction help you avoid becoming a victim of online payment fraud and other money scams in India. Stay informed, stay cautious and spread awareness to make the digital space safer for everyone.
Ultimately, spreading awareness about online payment fraud and money scams in India is just as important as safeguarding yourself. Sharing knowledge with friends, family and colleagues can help create a safer digital environment, reducing the impact of money scams in India and minimising losses caused by online scams.
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