# The Latest Financial Frauds and Scams to Watch Out For **URL:** \ **Category:** General\ **Created:** [1 September 2023 07:07 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378 "2023-09-01T07:07:27Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![alexnazy](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/alexnazy/32/18797_2.png) [@alexnazy](https://community.jupiter.money/u/alexnazy)\ **Post date:** [20 September 2023 03:32 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/21 "2023-09-20T03:32:52Z")
> **[Financial fraud top cyber crime in India; UPI, e-banking most targeted: Study](https://www.hindustantimes.com/business/financial-fraud-top-cyber-crime-in-india-upi-e-banking-most-targeted-study-101695036325725.html)** > > Financial frauds accounted for 75% of cyber crimes in India from Jan 2020 to Jun 2023, according to a study by an IIT Kanpur-incubated start-up. “Subcategories include debit/credit card fraud, business email compromise, internet banking-related fraud, and the alarmingly prevalent UPI (Unified Payments Interface) fraud (47.25 per cent)”. “as technology continues to advance, so do the tactics of cybercriminals, making it essential for all stakeholders to stay informed and vigilant”. ---
**Author:** ![alexnazy](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/alexnazy/32/18797_2.png) [@alexnazy](https://community.jupiter.money/u/alexnazy)\ **Post date:** [20 September 2023 16:58 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/22 "2023-09-20T16:58:45Z")
> **[AI-powered WhatsApp Video Call The Latest Way To Dupe People Of Their Money -...](https://www.news18.com/business/ai-powered-whatsapp-video-call-the-latest-way-to-dupe-people-of-their-money-8584815.html?utm_source=pocket_mylist)** > > The scammers, with the help of AI, can now generate the same face and voice as your close relatives and video call you. Technology advances… We benefit and we also lose. 😮‍💨 ---
**Author:** ![alexnazy](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/alexnazy/32/18797_2.png) [@alexnazy](https://community.jupiter.money/u/alexnazy)\ **Post date:** [25 September 2023 15:10 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/23 "2023-09-25T15:10:46Z")
> **[Govt warns of various online financial scams, shares video](https://www.dnaindia.com/technology/report-govt-warns-of-various-online-financial-scams-on-telegram-shares-video-cyber-crime-cyber-dost-fraud-3061826)** > > It has shared a video and asked people to report such scams by dialling 1930 to report such online fraud. Cyberdost has shared a video and asked people to report such scams by dialling 1930 to report such online fraud. ---
**Author:** ![alexnazy](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/alexnazy/32/18797_2.png) [@alexnazy](https://community.jupiter.money/u/alexnazy)\ **Post date:** [2 October 2023 14:42 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/24 "2023-10-02T14:42:30Z")
> **[Two influencers accused of a million dollar fraud continue to inspire people...](https://www.cnbctv18.com/personal-finance/top-instagram-influencers-viral-video-accused-of-million-dollar-fraud-17927411.htm)** > > A Mumbai-based influencer promoted automated forex trading via Vanuatu-based broker that had no licence in India. Hundreds of people lost their life’s savings in the Ponzi scheme. ---
**Author:** ![saurabhsaha](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/saurabhsaha/32/19981_2.png) [@saurabhsaha](https://community.jupiter.money/u/saurabhsaha)\ **Post date:** [2 October 2023 14:53 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/25 "2023-10-02T14:53:18Z")
A 31-year-old man was arrested for allegedly duping shopkeepers on the pretext of getting their rental charges on UPI transaction soundbox waived off, police said on Saturday > **[Delhi: Man held for duping shopkeepers by claiming to waive off rental...](https://www.deccanherald.com/india/delhi/delhi-man-held-for-duping-shopkeepers-by-claiming-to-waive-off-rental-charges-on-upi-transaction-soundbox-2707662)** > > New Delhi, Sep 30 (PTI) A 31-year-old man was arrested for allegedly duping shopkeepers on the pretext of getting their rental charges on UPI transaction soundbox waived off, police said on Saturday. ---
**Author:** ![razack](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/razack/32/23790_2.png) [@razack](https://community.jupiter.money/u/razack)\ **Post date:** [3 October 2023 06:28 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/26 "2023-10-03T06:28:57Z")
> AI Deepfakes Scam, much like the ones we’ve previously discussed concerning AI-powered WhatsApp video calls in earlier posts. ---
**Author:** ![alexnazy](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/alexnazy/32/18797_2.png) [@alexnazy](https://community.jupiter.money/u/alexnazy)\ **Post date:** [5 October 2023 03:17 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/27 "2023-10-05T03:17:52Z")
> **[Pune's Assistant Professor Loses Rs 20.6 Lakh in Online Task Scam - The420.in](https://the420.in/assistant-professor-online-task-fraud-20-6-lakh/?utm_source=pocket_saves)** > > Harrowing tale of a 42-year-old assistant professor swindled of Rs 20.6 lakh in an online task scam. This article nicely explains the stages of these kinds of scams. ## Unveiling the Modus Operandi Let’s unravel the intricacies of the elaborate scam that befell the assistant professor, exposing the crafty modus operandi utilized by the fraudsters. ### 1. **Initial Lure and Alluring Offer** The culprits made their move by reaching out to the victim via an enticing text message, dangling the promise of a part-time job with a prominent online retail platform. This initial contact aimed to draw the victim into their deceitful web. ### 2. **Building Trust and Roping In** Once the victim showed interest, the fraudsters escalated their ploy by engaging him over the phone. They guided him to create an account, requesting a small payment of Rs 1,000 for account recharge. To gain trust, they even added Rs 1,300 to the victim’s bank account, creating a facade of credibility. ### 3. **Cultivating Confidence through Small Transactions** Continuing the charade, the criminals transferred minor amounts to the victim’s account, coupled with online tasks. These transactions were intended to build confidence and legitimize the entire scam. ### 4. **Proposing Investments for False Profits** With the victim’s trust secured, the criminals enticed him further by proposing investments in these tasks, promising lucrative returns. The victim, enticed by the illusion of substantial gains, transferred a significant sum totaling Rs 20.6 lakh, falling deeper into the trap. ### 5. **Claiming a ‘Damaged’ Account** To intensify the scam, the fraudsters fabricated a tale of the victim’s account being damaged due to alleged delays in task completion. This ploy was used to demand more funds for account ‘repairs,’ prompting additional money transfers. ### 6. **The Grim Realization and Final Betrayal** In the end, the victim’s trust was shattered as the criminals persisted in their money demands. The assistant professor finally recognized the deception, facing a substantial financial loss. This incident serves as a cautionary tale, emphasizing the need for vigilance and verification before engaging in enticing online opportunities. ---
**Author:** ![Pratyushh](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/pratyushh/32/2667_2.png) [@Pratyushh](https://community.jupiter.money/u/Pratyushh)\ **Post date:** [6 October 2023 06:35 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/28 "2023-10-06T06:35:53Z")
Emma with a heart. ![IMG_20231006_120456](https://us1.discourse-cdn.com/flex020/uploads/jupiter/original/3X/3/b/3bc2429142e9593b4f4b99866f837a83a647b1eb.jpeg) ---
**Author:** ![Priyansh\_Gaur](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/priyansh_gaur/32/19243_2.png) [@Priyansh\_Gaur](https://community.jupiter.money/u/Priyansh_Gaur)\ **Post date:** [6 October 2023 07:31 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/29 "2023-10-06T07:31:47Z")
beo i got a similiar one they asked me to rate a hotel and they gave me 150rs then next task was to send them 1000rs and they will return it in 10min and give u 1300rs back and 300rs was ur profit I blocked them at this point taking away their 150rs​:joy:😂 ---
**Author:** ![alexnazy](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/alexnazy/32/18797_2.png) [@alexnazy](https://community.jupiter.money/u/alexnazy)\ **Post date:** [6 October 2023 07:50 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/30 "2023-10-06T07:50:50Z")
@Priyansh_Gaur Makes me happy to know that you outsmarted them and profited Rs.150. Great! ---
**Author:** ![Pratyushh](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/pratyushh/32/2667_2.png) [@Pratyushh](https://community.jupiter.money/u/Pratyushh)\ **Post date:** [6 October 2023 09:03 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/31 "2023-10-06T09:03:13Z")
I did not want to give them any hope! 😂 ---
**Author:** ![alexnazy](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/alexnazy/32/18797_2.png) [@alexnazy](https://community.jupiter.money/u/alexnazy)\ **Post date:** [6 October 2023 09:09 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/32 "2023-10-06T09:09:00Z")
Yes of course. Better safe than sorry. I would have done the same. Cautious people we are… 😉 ---
**Author:** ![Priyansh\_Gaur](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/priyansh_gaur/32/19243_2.png) [@Priyansh\_Gaur](https://community.jupiter.money/u/Priyansh_Gaur)\ **Post date:** [6 October 2023 09:16 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/33 "2023-10-06T09:16:31Z")
It’s always good to scam the scammers 😂😂 but be safe ---
**Author:** ![razack](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/razack/32/23790_2.png) [@razack](https://community.jupiter.money/u/razack)\ **Post date:** [6 October 2023 09:53 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/34 "2023-10-06T09:53:47Z")
> [@Beware of WhatsApp scams rotating\_light](https://community.jupiter.money/t/beware-of-whatsapp-scams/47319): > > These scams are pretty relevant now a days. What these people are doing is giving you few bucks then they win your trust and ask you to deposit more. Instead we can teach them a lesson by doing the task let them give them the money and then just block them slight_smile I have came across many posts of similar scams , where many outsmart scammers to obtain money from them. However, we should always remember that one post by @specter. Could what he said be true? Is there a potential risk of our accounts getting frozen? (I too see no wrong in tricking those scammers 😆 😆) > [@Beware of WhatsApp scams rotating\_light](https://community.jupiter.money/t/beware-of-whatsapp-scams/47319/5): > > Some people are extracting the money from them and boasting about it. But what they don’t know if that money has a bad trail, the recepient’s accounts gets frozen too as we have seen such cases here on the community. ---
**Author:** ![Devansh\_Bartwal](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/devansh_bartwal/32/13133_2.png) [@Devansh\_Bartwal](https://community.jupiter.money/u/Devansh_Bartwal)\ **Post date:** [6 October 2023 10:15 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/35 "2023-10-06T10:15:10Z")
My account is alright till now. ---
**Author:** ![Priyansh\_Gaur](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/priyansh_gaur/32/19243_2.png) [@Priyansh\_Gaur](https://community.jupiter.money/u/Priyansh_Gaur)\ **Post date:** [6 October 2023 10:22 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/36 "2023-10-06T10:22:21Z")
Yes this can be true but what if someone closes their account before they can freeze it 😂 ---
**Author:** ![alexnazy](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/alexnazy/32/18797_2.png) [@alexnazy](https://community.jupiter.money/u/alexnazy)\ **Post date:** [6 October 2023 19:34 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/37 "2023-10-06T19:34:38Z")
> **[UPI QR code scam: Types of fraud and ways to protect your finances](https://www.cnbctv18.com/personal-finance/upi-qr-scam-fraud-payment-online-digital-types-ways-steps-to-protect-festival-17934681.htm)** > > As the digital payment landscape continues to evolve, awareness and caution remain your best allies in protecting your financial well-being. Read this to understand more on UPI QR code scam ---
**Author:** ![alexnazy](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/alexnazy/32/18797_2.png) [@alexnazy](https://community.jupiter.money/u/alexnazy)\ **Post date:** [7 October 2023 14:34 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/38 "2023-10-07T14:34:23Z")
> **[How AI Is Supercharging Financial Fraud–And Making It Harder To Spot](https://www.forbes.com/sites/jeffkauflin/2023/09/18/how-ai-is-supercharging-financial-fraudand-making-it-harder-to-spot/?sh=5beb46da6073&utm_source=pocket_mylist)** > > From smoothly written scam texts to bad actors cloning voices and superimposing faces on videos, generative AI is arming fraudsters with powerful new weapons. " **Five Tips To Protect Yourself Against AI-Enabled Scams** Fortify accounts: Multi-factor authentication (MFA) requires you to enter a password and an additional code to verify your identity. Enable MFA on all your financial accounts. Be private: Scammers can use personal information available on social media or online to better impersonate you. Screen calls: Don’t answer calls from unfamiliar numbers, says Mike Steinbach, head of financial crimes and fraud prevention at Citi. Create passphrases: Families can confirm it’s really their loved one by asking for a previously agreed upon word or phrase. Small businesses can adopt passcodes to approve corporate actions like wire transfers requested by executives. Watch out for messages from executives requesting gift card purchases–this is a common scam. Throw them off: If you suspect something is off during a phone call, try asking a random question, like what’s the weather in whatever city they’re in, or something personal, advises Frank McKenna, a cofounder of fraud-prevention company PointPredictive." ---
**Author:** ![alexnazy](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/alexnazy/32/18797_2.png) [@alexnazy](https://community.jupiter.money/u/alexnazy)\ **Post date:** [8 October 2023 07:03 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/39 "2023-10-08T07:03:50Z")
> **[Aadhaar fraud alert: How banks use new methods to protect your money from...](https://economictimes.indiatimes.com/wealth/save/new-aadhaar-fraud-alert-how-banks-use-new-methods-to-protect-your-money-from-scammers/articleshow/104231948.cms?utm_source=pocket_saves&from=mdr)** > > Aadhaar enabled payment systems (AePS) transaction fraud can be done if the fraudster has got access to the bank customer's fingerprint/IRIS impression/data, their Aadhaar number and name of the bank where the account is maintained. In order to stay... " **How do banks protect your money from frauds?** Banks also have a risk monitoring cell that alerts a customer when they detect any suspicious or fraudulent transactions. “Banks have deployed monitoring tools to track anomalous transactions in the customer account. Accordingly, various monitoring rules have been defined by the bank and configured. The generated alerts are being continuously monitored by the analysts. Banks also report the details of unauthorized transactions to the National Payment Corporation of India (NPCI) for further action,” says Biju K of Federal Bank." ---
**Author:** ![alexnazy](https://sea2.discourse-cdn.com/flex020/user_avatar/community.jupiter.money/alexnazy/32/18797_2.png) [@alexnazy](https://community.jupiter.money/u/alexnazy)\ **Post date:** [8 October 2023 20:45 UTC](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378/40 "2023-10-08T20:45:30Z")
> **[₹16,180 crore siphoned off after hacking of payment gateway company account;...](https://www.thehindu.com/news/national/16180-crore-siphoned-off-after-hacking-of-payment-gateway-company-account-thane-police-register-fir/article67396026.ece)** > > Thane police uncover ₹16,180 crore fraud involving payment gateway service provider. Five accused named in FIR, including ex-bank manager. Probe reveals forged documents, money transferred to several accounts. Investigation underway. "The fraud was taking place since long and came to light following a complaint lodged with Srinagar police station in Maharashtra’s Thane city of hacking of the payment gateway account of the company in Thane in April 2023 and ₹25 crore being siphoned off, an official from Naupada police station said. When the police conducted a probe into it, a mega fraud worth over ₹16,180 crore came to light, the official said quoting the FIR." Guess even the payment gateways are not spared. 🤔 [Previous page](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378.md?page=1) [Next page](https://community.jupiter.money/t/the-latest-financial-frauds-and-scams-to-watch-out-for/48378.md?page=3)