Top 5 Digital Frauds: How to Prevent Them?
The development and day-to-day use of advanced technology- in the form of smartphones with the internet has created an enabling environment for fraud. Every single day- thousands of people across the globe become a victim of digital fraud. Although there is enough protection built into the UPI and transactions, fraudsters always come up with new ways to challenge our security to get the hold of our critical data and money. That’s why most of the companies nowadays either hire CISM professionals or train their employees with cyber security certification and training courses.
Methods used by the fraudsters range from creating Unified Payments Interface (UPI) to sharing of QR codes on WhatsApp.
Why do people fall for these traps?
The reason most of the people fall from these traps is that they cannot differentiate between the general transactions they often do and fraud transactions. For instance, suppose you are standing in a parking lot, and a man approaches you requesting if you can do him a favour by paying the parking ticket money online and he will give you $5 in case. Does it seem suspicious? No, right? But it is a fraud because the next man will ask you to scan a QR code with your banking app, and the moment you will do it, your account will be wiped out.
Such QR scams are common in the Netherlands, and while the local police are trying to catch these fraudsters, the public needs to educate themselves with the most common digital frauds and learn how to avoid them.
Also Read: How to Prevent Fake Experience and Credentials While Hiring A CISSP Professional
UPI money fraud
There are tricksters out there who have learned to exploit the request features of the UPI by sending fake payment requests with messages like “Enter your PIN to receive the $XXX”. Once you enter the pin, the trickster will get the money.
How to avoid it?
Don’t need to enter your UPI pin to receive the money and cross-check everything before proceeding with UPI payment in any situation.
Remote Access fraud
This type of fraud involves the third-party screen share applications that allow fraudsters to view and control the screen of the victim. Fraudsters simply ask users to install the applications like TeamViewer, Screenshare, AnyDesk and use them to get access of the bank credentials. Although these apps are not malware, they grant access to your systems and smartphones to third parties who can exploit the information to steal money.
How to avoid it?
Do not download third-party or any other suspicious app without reading about them. Make sure you are using it to give access to a person whom you trust.
QR code scam
As people have started to rely more and more on virtual money transfer through various applications, QR code scam has become quite common. In this type of scam, fraudsters send you a QR code, asking you to scan it and enter your pin to receive money. In some cases, scanning the code is enough to empty your bank account without any requirement to enter the PIN.
How to avoid it?
Do not share your UPI PIN, card number, or expiry date with anyone. Make sure you keep your password in a secure folder that cannot be accessed by anyone.
Social media impression fraud
Heard about social media impression fraud? It is quite common nowadays. Similar to tech support fraud, social media impression fraud takes place when a malicious hacker or fraudster tracks the complaints and shares fake contacts or impersonates support team, bankers or RBI officials and asks for the confidential information no banker or support executive is supposed to ask for.
How to avoid it?
Right before you provide any confidential information over the phone call, search online to ensure they are genuine people and not imposters.
Sim swap frauds
Have you ever received a call where the person from the other side asks you to forward an SMS containing the SIM card number for verification? Well, if you have received the call and forwarded the SMS then, congratulations! You have become a victim of Sim Swap fraud. Immediately call the support team to deactivate the duplicate sim and inform banking authority about it, so they can remove it from your account for a while to prevent any fraud.
How to avoid it?
Do not reply to unknown emails, texts and calls from unknown addresses and be aware of malicious phishing links that come with these.
In the end, it takes no CISM professional to detect fraud, and if you pay close attention to your transactions and payment requests, you can easily differentiate frauds from genuine requests. Moreover, if you learn more about cyber security, then feel free to explore ProICT Training.
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