It appears that new methods are constantly being developed for scamming people and making quick money in the world of fraud. The trickery of fraudsters has resulted in several cases of people losing money.  The most common way for fraudsters to target new victims is to use random numbers and advise them that if they don't update their Know Your Customer information (KYC), their accounts will be disconnected.

Vinod Kambli, a former Indian cricketer, lost Rs 1 lakh in a cybercrime case.

In recent times, Vinod Kambli, a former Indian cricketer, has been victimized by cybercrime. Using a private bank's executive's name, the fraudster withdrew Rs 1.14 lakh from his account under the pretext that he was updating his know your customer (KYC) information. After Kambli filed a complaint with the Bandra police, the incident came to light on December 3.

Bandra police's cyber team reversed the transaction with the bank's help. The complaint states Kambli was contacted by a person posing as an executive of a private bank. He was asked for his banking details in order to update KYC. Kambli was informed by the executive that his card would be deactivated if he failed to update his KYC information.

He fell victim to the fraud after downloading the “AnyDesk” application the caller told him he needed to update his KYC. Through the application, the fraudster was able to access Kambli's device remotely. In the course of the conversation, Kambli's account was debited and multiple transactions took place.

Upon realizing that the caller was not authentic, Kambli contacted his CA, bank officials, and the police. The cyber police requested that the bank reverse the transaction after they found out where the money was credited.

The police said, "We are getting records of call details and details of the bank account that the money was transferred to in order to track down the fraudster." Banks warn their clients repeatedly not to give out their OTP or KYC details to unknown callers in order to prevent such frauds.

Banks warn their clients repeatedly not to give out their OTP or KYC details to unknown callers in order to prevent such frauds.

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 #218. 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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