Our lives have been transformed by the technology we use today. Most things today can be accomplished online, making life easier. Online banking, shopping, booking tickets, paying bills, and more can be done.

A rise in online banking has led to a rise in online fraud. In the event of a single mistake, you can lose lakhs of rupees. Therefore, you should be very cautious when you make any kind of online transaction or update your eWallet.

An elderly woman was scammed out of Rs 2 lakh in an online fraud

The complainant was called by a woman claiming to be from her bank's credit card department in the last week of May 2020.

According to the complainant, when she answered the call, the caller already knew her 16-digit credit card number and used it to gain her trust. The caller used the pretext of extending the complainant's credit limit from Rs 1 lakh to Rs 2 lakh to obtain her other card details, including the CVV number and expiry date of her card.

Under the guise of completing the procedure, the accused told the victim that the process would generate passwords to complete, and the victim would have to share them with hir.

In accordance with her instructions, the woman shared her passwords (OTPs). Her account was then debited of Rs 2 lakh. When she asked about it, the caller told her it's a process and when her credit card limit is exceeded to Rs 2 lakh, she'll receive all of her money back in her account. 

At the beginning of July, when the complainant received her credit card statement, she discovered that Rs 2 lakh had not been credited back and the caller was a fraud.

On Thursday, the complainant filed an FIR at Mahim police station after filing an online complaint. Currently, the police are obtaining call details of the phone number used in the crime, as well as details of fraudulent transactions from the concerned bank and electronic wallet services.

You should also check: Fraud Story #118 - A fraudster steals Rs 3 lakhs using WhatsApp 

What to do if you get a call from such a scammer?

1. Be sure to verify the caller's details before providing him with any personal information. Authentic companies and banks will never ask for your sensitive information. 

2. Do not scan a QR Code or visit a link sent by anybody over the internet.

3. Using a digital escrow platform is a good idea. Payments can be made and accepted using Vouch. It is a digital escrow service that releases your payment once your desired service is provided. 

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 #125. 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