Every day, fraudsters learn new methods for scamming people and making quick money. There have been lots of people who have fallen victim to the tricks played by fraudsters and lost money.  The fraudsters select random numbers and tell the victim that they must update their Know Your Customer details or they will be disconnected from the network, or they have been selected in some kind of lucky draw and they have won cash prizes.

Despite the fact that many people are aware of these fraudulent calls and messages and ignore them, there are some innocent people who fall for this scam and lose their money.

Senior citizen falls prey to online fraud in Mumbai, loses Rs 4 lakh

In the Mahim area of central Mumbai, an unidentified individual posing as an executive of a mobile network service provider allegedly duped a 72-year-old man out of Rs 4 lakh.

The incident was brought to light when the senior citizen filed a complaint against the bank claiming that he lost savings totaling more than Rs 4 lakh. 

The complainant said that he had received a message on July 25 telling him to update his Know Your Customer (KYC) details or face being disconnected from the network, which led him to dial the number mentioned in the message.

Upon calling the number a person claiming to be an executive of the mobile service provider company requested him to download an application, which allowed the fraudster to view the victim's phone's screen, the complainant said. Because the victim did not understand how the application worked, he followed the fraudster's instructions, allowing him to view what the victim was doing on his computer.

The fraudster requested the victim to transfer a fee of Rs 10 as part of the procedure, then obtained vital information such as ATM card numbers and passwords, which were then used to transfer Rs 4 lakh.

After receiving a call from his bank the next day, the victim learned of the fraud. As a result of the complaint, the police have registered a case under relevant sections of the IPC and IT Act, and investigations are underway, he said.

You can also check: Fraud Story #104 - Duped by the fake army officers

How to avoid getting tricked by fraudsters?

1. You're contacted by someone claiming to be an executive of a company or bank. Make sure the information is accurate before trusting it. Contact the company directly by visiting their official website.

2. Watch out for fraudulent calls demanding you download any application. Block any call asking for confidential information.

3. Don't let strangers guide you through the mobile app installation process. The person might be scamming you if he wants to modify your mobile settings.

4. It is recommended that digital escrow platforms be used for payment. When making an online payment with Escrow, you do not share your financial information with anyone. There is a platform for escrow called Vouch.

How does digital escrow work?

In digital escrow, a third-party account holds the money deposited by the buyer until the seller fulfills the terms of the contract. The escrow company supervises the transacting parties.

What is the role of Digital Escrow in preventing online fraud in India? 

Digital escrow services are offered by many companies in India. Among the most trusted is Vouch.

Vouch’s Digital Escrow service is a transparent way for buyers and sellers to build trust and secure a clean transfer of product and payment. Sellers can feel assured that they will be fairly compensated promptly, and buyers will feel confident that their order will be delivered as expected and on schedule. Vouch Digital Escrow keeps you updated and informed at every step of the transaction process till the end. Vouch’s professionals are always available to assist you with all queries that you may have during the entire transaction process. 

There is no scope for deceit or fraud since the payments, shipping, delivery, and execution are carried out under the honest and watchful eyes of the Vouch’s professionals. With Vouch, any business transaction becomes transparent, uncomplicated, and hassle-free. If you ever come across a fraudster asking for OTP, asking you to scan a QR code, or asking you to click on phishing links, you can simply refuse and ask him/her to proceed with the transaction through Vouch.

This is Fraud Story #123. Check back here for more fraud stories and scams that you can protect yourself from.

Safety is not just about protecting your credit, debit card number, and UPI accounts. It's about having control of your money till you've received the product or service you bought online!

Note: This is a good-faith initiative to educate the world about avoiding frauds like these and how to act when you're becoming a victim of such a situation. 

Do you have a fraud you would like to report? Please write to us at letstalk@iamvouched.com