The Latest Financial Frauds and Scams to Watch Out For

Let’s collect all the financial frauds and scams that are doing the rounds in India in this thread.

Financial fraud is any act that uses deception to take money or property from another person or organization. Scams are a type of fraud that is specifically designed to deceive people.

Financial fraud and scams can take many different forms, but some of the most common include:

  • Identity theft: This is when someone steals your personal information, such as your credit card number, and uses it to commit fraud.
  • Phishing: This is when someone sends you an email or text message that looks like it is from a legitimate company, such as your bank or credit card company. The email or text message will often ask you to click on a link or provide personal information. If you do, the scammer can use that information to steal your money or identity.
  • Advance-fee fraud: This is when someone promises you a large sum of money, but asks you to send them a smaller amount of money first. Once you send the money, they will disappear and you will never see the promised money.
  • Imposter scams: This is when someone pretends to be someone they are not, such as a government official or a business representative. They will often use this false identity to trick you into giving them money or personal information.
  • Pyramid schemes: This is a type of investment fraud where people are promised high returns for recruiting new investors. However, the only way to make money in a pyramid scheme is to recruit new investors, and eventually the scheme collapses and everyone loses their money.
  • Romance scams: This is a type of online scam where the scammer pretends to be someone they are not, such as a love interest, in order to gain the victim’s trust and eventually steal their money.
  • Healthcare fraud: This is a type of fraud that is committed against healthcare providers, insurers, or patients. It can involve things like billing for services that were not rendered, falsifying medical records, or submitting false claims.
  • Cybercrime: This is a broad term that encompasses any type of crime that is committed using a computer or the internet. It can include things like hacking, data breaches, and online scams.

Financial fraud and scams can be very costly, both financially and emotionally. If you think you have been the victim of financial fraud or a scam, it is important to report it to the authorities as soon as possible.

Being aware of the risks and taking steps to protect yourself, you can help reduce your chances of being a victim of financial fraud or a scam.


Today morning, I got a call from +1203-602-5556 (Connecticut-USA).

The automated voice said that “This is a call from Paytm. You number is being linked to Croma. If you have not requested this, please press 1.”

When I pressed “1”. The voice said “Please enter the 6 digit OTP that we have sent to your mobile for confirmation”

This sounded fishy and so I checked the SMS that I received. This is what I got…
“OTP is XXXXXX for Paytm Login to Pay Croma. Do not share OTP for security reasons. Not You? Report

I didn’t enter the code.

I received the call 3 times back to back.

So what I am guessing is you enter the OTP in the call thinking you are preventing the linking. But that OTP is used for linking.

The fraudsters & scammers are getting smarter and smarter.

It is getting difficult to protect your money.


Thanks @alexnazy for starting this thread.

Adding to the list:

  1. Online Job Scams: Fake job offers and work-from-home scams

  2. Gold Investment Scams: Promises of high returns on gold investments have led to scams where people invest in fake gold schemes.


Sometime back, I had a lot of balance on Amazon Pay.

I received a call from a person who was very fluent in English and had a great accent too.

I really thought that this call was from Amazon.

He buttered me up and then said that as I had purchased something big recently (which I had), there was a lucky draw in which I had won.

So he said I need to give him a confirmation of my Amazon account details.

I thought that this maybe true - again because of the good English accent and the way he articulated the call. This was not your typical scam call.

So I gave him some details of the account like email, phone no. etc.

Then he came to the scam. He said he wanted the OTP for the identity verification.

When I checked the OTP, it was from Amazon Pay and he was trying to make a payment for some purchase.

Fortunately I was alert by this time and told him - “This scam is new to me. Can you please elaborate on how you guys do the scam”. I was genuinely curious because this is the first time I had got an Amazon Pay scam. I didn’t think that was possible. I was curious how these guys got my Amazon account details like Phone no, purchase information and my balance information.

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Fake Review Scam
maybe u can call it a scam or something but it happened to me some days ago anyway people should look out for this
so a couple of days ago I received a WhatsApp msg the no was of u.s.a they said that if u want to earn extra money pls reply to this msg so I already knew it it was a scam but went further anyway just to have a little fun with these scammers
so they told me to give a review for a restaurant and provided me the link it was a google review link as far as I remember so I went on it put 5 stars and took a ss but didn’t posted the review and ended them the ss.
now they told me that congratulations u won 150rs pls send ur WhatsApp number and they sended me a invitation code and told to provide this to their receptionist on telegram I said ok with the proof I messaged her and she told me to provide some more details like number bank details and review proof but I was little bit skeptical to as to provide it or not but went with it anyway I don’t know why but yeah went with it and gave a account that I don’t use and has 0 balance which I was about to close and to my surprise I received 150rs which I didn’t expected a bit but now comes a bit of a twist she told me to join a grp she provided me with the link and over there they used to put task and users were supposed to do those and she told me to if u want to earn more complete 3 more tasks on of which was that now I have to pay 1000rs first time user offer ACC to them and they would return the amount in 10min and I stopped here because it is like they provide u small amount thinking it is a good way to earn money but in that grp I was seeing people were paying as high as 55k to their assignee an I was shocked maybe they return money I suppose but still they are manipulating the review system and tricking people to buy shitty and crappy stuff even Gyan therapy made a video regarding this how on meesho or some e commerce platform u buy stuff and inside their is coupon that tell people to review it and they will get money if they message it to them with a proof
So people should actually look out for this and do more due diligence


Can connect :grin:


This was all-over Twitter a few months back.


This was exactly the same I received on my WhatsApp which I mentioned same message and style everything.
I stopped after j received 150rs from the scammer :joy: and afterwards they kept on messaging me to transfer money for other tasks I blocked them :joy::joy: uno reverse

Part time job offer scam :upside_down_face:

The name though :face_with_open_eyes_and_hand_over_mouth:

There was this one time when I got a call from SBI Cards. The guy told me that he needed to verify my card because there was a chance of a scam that has happened.

I knew straight away that the call was a scam. But I wanted to see how long I can waste this guy’s time so that he doesn’t scam someone else in that time.

So I was asking politely what had happened. What needs to be done and all. This took about 10 mins.

Then the guy got impatient and asked me to give the card number immediately.

I told him… 1234567891011 (Ya. Not my most creative moment. :grin:)

He got so pissed. He just said thank you and disconnected the call.

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I don’t get any scam calls and things but I have witnessed pyramid schemes a lot.

Many of my online friends where part of a pyramid scheme called MTFE.
Theme of the company is : they are Canada based AI trading company :joy:

People where getting unrealistic returns and they where getting earning rewards on referrals etc…

Whenever I warned them it is a pyramid scheme. They used to say " Bro you don’t know about AI trading, it is a trusted platform ".

2 weeks ago, that company closed down scamming lot of money :joy:.

All those kyc requirements for banks and I have never seen a single guy running Ponzi scheme getting caught :thinking:


A Truecaller search shows this


Even software engineers are falling for this. It’s so convincing right?

Recently I took a Rapido ride and the driver was telling the same story from this article. The only difference being Crypto instead of rating hotels.

The time and effort that these people put to scam people. Maybe if they do it for ehe betterment of society… They would have made a change.


Is there a way to stop this UPI scam?

This is the third request today.

Message 1:
“Dear Customer, Jio Prepaid Recharges has requested Rs25.0 from you on your MyJio UPI Application. If you accept and approve the request, Rs25.0 will be debited from your updated bank account. To approve the request, go to MyJio UPI app.”

Message 2:
“Dear Customer, Jio Prepaid Recharges has requested Rs749.0 from you on your MyJio UPI Application. If you accept and approve the request, Rs749.0 will be debited from your updated bank account. To approve the request, go to MyJio UPI app.”

Message 3:
“Approve your automatic payment for Jio Prepaid Recharges. Enter your UPI PIN to complete setup. Details: :PPBL.”

Some guy keeps requesting this through my UPI ID.

This guy has the nerve to set up an automatic mandate.

Is someone experiencing the same? Is there a way to stop this nonsense?

I don’t want to delete my UPI VPA. So is there any other solution?

If u use Paytm change ur vpa and set it as default

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Guess this is the time for IVR (Interactive Voice Response). Scammers are upgrading. :face_exhaling:

"I thought I was being smart, but I ended up making a foolish mistake. I urge everyone to be cautious to avoid falling into a similar trap. I won’t disclose the exact amount I lost, but it’s more than a lakh. I have reported the incident to the police and contacted the cyber cell,” Mitra said.