Investors lose ₹1.5 crore in cyber fraud: 5 lessons to learn from it

(PTI) In a major cybercrime crackdown, the Delhi Police arrested 27 individuals across 11 states for planning and carrying out a cyber fraud that cheated victims of over ₹1.5 crore.

The suspects were linked to at least 10 major financial fraud cases, with analysed bank accounts showcasing transactions exceeding ₹13.91 crore.

How did the scam work

According to the officials, the fraudsters used several different ways to trap victims. Fake investment schemes assuring high returns, whereas malicious APK files sent as messages from alleged banking officials ensured remote access to victim devices.

Other ways were to impersonate officials of social media and lure victims into task-based online schemes. This way, they carried out credit card and visa-related fraud. 

5 key lessons for all credit card users

The core nature of these scams underscores the need for vigilance and awareness among all credit card users nationwide. Here are some important lessons that can help in avoiding such scams in future:

1. Always verify before clicking on any link. Ensure that you avoid downloading APK files or attachments sent on WhatsApp or email. Never blindly trust any new or unknown sources.
2. Make sure you set up 2FA (two-factor authentication). This will add an extra layer of security and help prevent your account from being easily taken over by fraudsters.
3. Set up alerts and automatic debit and credit message alerts on your mobile phone and email address. This will help you carefully monitor your bank accounts and credit card statements and prevent any unauthorised transactions from going unnoticed.
4. Stay alert and vigilant to any ‘easy-looking’ high return promises. Unrealistic offers, unreasonable promises of returns are generally scams. They are traps that must be avoided at all costs.
5. Never share your OTP, CVV or credit card details with anyone. Furthermore, if you encounter any scam or suspicious activity, you should immediately use official channels, such as the NCRP portal, to register your complaint and obtain a swift resolution.

Therefore, being vigilant and alert online while using your bank account through internet banking or your credit card through your banking application is the first step towards preventing serious financial damage and cyber fraud.

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PTI: Delhi Police arrests 27 across 11 states for cyber fraud of over ₹1.5 crore