The Latest Financial Frauds and Scams to Watch Out For

General
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But why link main bank account with Aadhaar card. Instead Open saving account specially for for DBT and Subsidies in govt bank or any other bank.

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I don’t understand. Isn’t Aadhaar linked with all the Bank accounts? As we have linked PAN card and Aadhaar? :thinking:

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you can get a duplicate/new sim for the same number!

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@Pratyushh I think @Abhinav_Goyal is telling to get a new SIM if the mobile is lost. To get a replacement SIM for the old number, we need Aadhaar biometrics. But if we lock the biometrics, we need the old number for unlocking the biometrics using OTP. So it’s a chicken and egg problem.

So I am thinking that he means that I should get a new SIM, link it with Aadhaar, unlock biometrics and then get a new SIM with the old number.

But this is a hassle. :grimacing:

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@alexnazy you don’t need biometric for a sim!

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@Pratyushh Yes. We have already established that.

I understand… Thanks! :slightly_smiling_face:

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Buddy I didn’t got the reference :grimacing:

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@Priyansh_Gaur Sorry! Tagged you by mistake instead of @Pratyushh. :grimacing:

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Logistics and courier scams are a recurring issue, frequently reported in news articles and on social media platforms. Yet many individuals continue to fall prey to them

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No AEPS we’ve to seed aadhar with bank account. Not all bank account link to aadhar card. Linking and seeding is different thing.

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All about DigiKavach:
(1.) As per Google, DigiKavach is an early threat detection and warning system; it is designed to identify and study emerging financial fraud patterns before these cause ‘widespread harm.’

(2.) Under this, its teams will first study the methods and modus operandi of scammers, and follow it up by drawing insights to detect the threats early.

(3.) Finally, the teams will collaborate with collaborate with a ‘wider ecosystem’ to cross-share insights effectively.

(4.) For the initiative, the Mountain View, California-headquartered tech firm is collaborating with the Fintech Association for Consumer Empowerment (FACE); the latter will flag potential threats ‘on priority.’

(5.) The programme is a part of ‘our consistent efforts to combat predatory digital lending apps on Play Store’ in the Asian nation.

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Understanding the basics of digital scams

  1. Offers that seem too good to be true
  2. Beware of fake sweepstakes websites
  3. Fake KYC fulfillment and customer support scams
  4. UPI collect scams

And above all else be aware of the types of scams and stay alert.

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Common Tactics Employed By Fraudsters In KYC Scams

  • Fake And Duplicate KYC
  • Phishing
  • Identity Theft
  • Smishing

What To Do In The Event Of KYC Frauds

If you find yourself in any of the aforementioned situations, follow these steps to address the KYC fraud.

  • Immediately notify your bank and your local police station about the scam.
  • Compile and submit all details related to the fraud, covering the entire timeline.
  • Document evidence by taking screenshots and obtaining printouts of relevant documents, including messages, call details, and emails.
  • Present this evidence to the bank for further investigation.
  • File an official complaint at the local police station, providing the same evidence along with a bank statement.
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“Flipkart Payments has requested money on Paytm. On approving, Rs.65098 will be debited from your account. http://m.p-y.tm/UPIpas :PPBL”

I received this SMS today. People are getting bolder with their frauds.

We need to be extra careful nowadays as it’s easier to lose our money now more than ever.

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Finally! This was long overdue.

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