Today, most citizens prefer doing things online, as it is easy and convenient. Be it booking a movie ticket or paying utility bills like electricity bills, water bills and so on, we prefer doing it online. As most things go online, banking has gone online too.
Fraudsters are taking advantage and cheating innocent people by emptying bank accounts. They have come up with innovative tricks, to carry out online fraud and wipe out money from your bank accounts. In this blog, we discuss the various methods used by fraudsters to steal money from the bank account.
Fraudsters con people by pretending to be customer care executives, which is the most common method used to steal money from bank accounts. Fraudsters call people saying their debit card will soon expire, or they give some reason to create urgency or fear. They collect personal banking information like card details, OTP and passwords to carry out a fraudulent transaction.
Fraudsters have come up with another technique to cheat people. They replace the customer care number of some companies on Google maps and Google search with their numbers. This is possible as Google allows anyone, edit the details of banks, shops or any other establishments on Google Maps and Google Search.
Once the number is replaced, fraudsters start getting calls from the people who want to speak to the customer care executives of banks. Fraudsters pretend to be customer care executives and collect sensitive information to wipe out money from bank accounts.
SIM Swap Fraud is another technique used by fraudsters to steal money from the bank account. Under this fraud, fraudsters contact your mobile operator with fake identity proof and get a duplicate SIM card for the mobile number associated with the bank account. Once the new SIM is issued, the original SIM is deactivated and all the OTPs sent by the bank go to the new SIM (duplicate SIM). Using this OTP they withdraw money from your bank account.
Fake apps are used to steal money from bank accounts. Fraudsters come up with fake apps which look similar to the original bank apps. Once customers download this app and give certain permissions, all sensitive data goes to fraudsters. Fraudsters wipe out money from the bank account using this information.
In Card skimming, fraudsters use a small electronic device called a skimmer, to steal card information. This happens when you insert your debit/credit card into electronic devices like POS (Point of Sale) or ATMs. When a card is run through a skimmer, the device captures and stores key information from the card. This information is then copied to a blank card and is used to withdraw money from your bank account or make online purchases.
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