Fraudsters come up with new methods to make money quickly and scam people every day. There have been numerous cases of people losing money to fraudsters.  By picking random numbers, fraudsters tell their victims they must update their Know Your Customer (KYC) details or they will be disconnected from the network.

The majority of people are aware of the scams and ignore them, but there are still some that fall for them and lose their money.

An elderly Mumbai resident was scammed online and lost Rs 4 lakh

According to the police, a 72-year-old man was allegedly duped out of Rs 4 lakh by someone who posed as a mobile network executive in Mumbai's Mahim area.

The incident was brought to light when the senior citizen filed a cheating complaint on Wednesday. He claimed he had lost savings of Rs 4 lakh.

A message was sent to the victim on July 25 to update his Know Your Customer information or he would be disconnected from the network, following which he called the number listed in the message.

According to him, the fraudster pretended to be an executive from the mobile company and asked the complainant to download an application, which enabled the fraudster to see the mobile screen.

According to the official, the unidentified suspect obtained key information, such as a password and ATM card number, and asked the victim to transfer a fee of Rs 10 as part of the procedure. The information was then used to transfer Rs 4 lakh.

The victim became aware of the fraud when his bank contacted him the next day.

A police complaint has been filed under relevant sections of the IPC and IT Act, he said, and an investigation is underway.

Also Check: Fraud Story #181- Vishing Scam: How to avoid it?

How to avoid this fraud -

1. Do not divulge your personal information to anyone over the phone. In no case will a bank or a reputed company ask for your personal information like your card number, CVV, or OTP over the phone.

2. You shouldn't let a stranger guide you through the mobile app installation process. If he requests to modify your mobile settings, it might be a scam.

3. The use of digital escrow platforms for payments is recommended. When you make an online payment with Escrow, no financial information is shared. 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 #188. 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. 

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