Having access to the internet makes us feel liberating and powerful. However, this liberty and power may be glorified, especially when we hear reports like 4 out of 10 people in India were victims of identity theft. What is Identity…
Better understand and prevent 5 common types of Online Frauds
According to the Federal Trade Commission (FTC), 40 percent of adults between the ages of 20-29 have reported frauds where they ended up losing money in a fraud case. Here are a few real life stories to understand the most popular techniques these fraudsters are using to get unauthorized access to our private information and financial data.
How to Identify and Avoid Online Scams
Scams on platforms like Olx, Quikr and others have been taking place for quite some time now. Two recent cases have surfaced where two techies lost Rs 1L to fraudsters while trying to sell mattresses. These scams happen largely due to the lack of understanding of app-based payment services and UPI among the general public. In this article, we will discuss some practical tips to help you stay ahead.
Keralites lose millions to the Ponzi Scheme
The recent crackdown by the police on Kerala-based Non-Banking Financial Company (NBFC) Popular Finance, revealed that it was a Ponzi scheme— where money brought in by new investors was used to pay off the old investors. The firm also used…
Recent Loan Frauds cases in India
1. Chennai: Loan fraud: Gang that stole lakhs nabbed Source: Indian Express The Anti-Bank Fraud Wing of the Central Crime Branch on 6Feb2020 arrested six persons who were running a call centre in Pazhavanthangal (Chennai) and cheated several persons who…
Loan Frauds in India
Loan frauds as a percentage of total banking frauds jumped to 90% in fiscal 2019 from 55% in fiscal 2018 after regulatory standards were changed for banks reporting non-performing assets (NPAs). How to safeguard yourself from such frauds Fraudsters in…
Loan Frauds surge in FY19
Loan frauds as a percentage of total banking frauds jumped to 90% in fiscal 2019 from 55% in fiscal 2018 after regulatory standards were changed for banks reporting non-performing assets (NPAs). Loan frauds increased year-over-year to Rs 64,548 crore in…
How to report a Net Banking, Debit or Credit Card Fraud?
With the increase in the digital way of life, especially when it comes to financial transactions, the risk of financial frauds cannot be ignored. A fraudulent online transaction in one’s bank account, debit or credit card could be because of…
Beware of Lottery Fraud
In the recent past, there has been a spate of fictitious offers sent out to the general public. People have received phone calls, emails, SMS’s, whatsapp messages, and letters etc. telling them that they have won a lottery. They are…
Business Fraud
Business fraud consists of dishonest and illegal activities perpetrated by individuals or companies in order to provide an advantageous financial outcome to those persons or establishments. Also known as corporate fraud, these schemes often appear under the guise of legitimate…