With the introduction of internet banking, our lives have become more convenient. Many things can be done from the comfort of your home with the help of internet banking. You can use Internet banking to transfer money between banks, pay utility bills, book tickets, conduct online shopping, and more. Even as the number of people using online banking is growing, there is also an increase in fraud associated with online banking. Various tricks have been devised by scammers to defraud people online and make quick money. Therefore, it is extremely important to be cautious when conducting any online transactions.

Recently, a 65-year-old retired colonel, who lives in Sector 29 of Noida, lost nearly Rs 1 lakh in an online fraud scam.

A retired colonel lost Rs 99,991 to an online fraudster in Noida

The complainant, Colonel (retd) AK Rajpal, works at a private college as a professor. The night of August 10, he received a text message on his mobile phone. According to the message, his SMS services have been blocked and he must contact the number mentioned in the message to restore them.

After calling the number, the suspect asked the victim to download a mobile application that would allow him to view the victim's mobile screen. After this, he was instructed to recharge his mobile phone for ₹11. Using net banking, he recharged his mobile phone. He fraudulently withdrew an amount of Rs 99,991 from his bank account after stealing his net banking credentials.

Afterward, Rajpal contacted the bank to have the account blocked, police said. It was on August 11 that he contacted the Noida police cyber cell and filed a complaint. An FIR was filed on August 13 at the police station in Sector 20 after a preliminary investigation by the cyber cell.

Police in Sector 20 station house, Munish Chauhan, said it was a case registered under Section 420 of the IPC (cheating) and Section 66-D of the IT Act against an unknown suspect. The police are getting the help of the cyber cell to locate the suspect by looking at his IP address and call records.

Also Check: Fraud Story #198- While trying to order cake online, a doctor lost Rs.53,000

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 #216. 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