Post 20 | Understanding Phishing Tricks & Cyber Scams

Phishing Boom in India

In the digital expanse of 2023, India became a hotspot for phishing, recording a startling 79 million incidents, placing it third worldwide. These cunning exploits harness our inherent trust and the perceived urgency of our digital routines, often culminating in profound financial and personal privacy devastations.

Decoding the Call Forwarding Scam

Imagine receiving a call from your telecom provider, citing an issue with your SIM or account. The voice on the line, authoritative and urgent, instructs you to dial a code, like 401 followed by your phone number, to rectify the problem. However, this simple act unwittingly diverts all your incoming calls to the scammer, intercepting crucial OTPs needed for banking transactions. Such scams succeed due to the scammer’s perceived legitimacy and the victim’s unfamiliarity with the dire implications of seemingly benign requests.

In Pune, a businessman lost over ₹1 lakh to this scam, highlighting the ease with which scammers can manipulate telecom protocols.

To shield yourself, exercise caution with unsolicited instructions to dial unfamiliar codes, employ caller identification technologies to verify the legitimacy of callers, and periodically scrutinize your call forwarding settings for anomalies. Should you fall prey, swiftly deactivate any unauthorized call forwarding and alert both your financial institutions and law enforcement.

Understanding OTP Fraud

This scheme starts with a persuasive call from someone claiming to be a bank official who declares that your card needs an upgrade. To proceed, they require the OTP sent to your mobile. Once given, this seemingly harmless string of digits grants scammers the keys to your financial kingdom. The realism of the call, combined with the immediate need presented, pressures even the skeptical into compliance.

In Bangalore, an elderly couple became victims, losing ₹2.5 lakhs by trusting a fraudulent upgrade request.

Prevent such catastrophes by never sharing OTPs over the phone, double-checking the origins of such requests through direct, verified channels, and preferring secured paths for all financial dealings. If compromised, contact your bank without delay to prevent further damage, update your security settings, and report the incident to the appropriate authorities.

Other Real-Life Phishing Scams in India

• Fake Job Offers on Social Media: A man in Pune lost ₹8.56 lakhs after being duped by a scammer who posted a fake job offer on Telegram. The victim was asked to pay various fees for the recruitment process, which were ultimately pocketed by the fraudster.
• AI-Generated Voice Calls: Scammers have begun using AI to create realistic voice calls mimicking friends or family members. A survey by McAfee revealed that 83% of Indians fell for these fake voice calls, often resulting in significant financial losses.
• SIM Swap Fraud: In this scam, criminals obtain a duplicate SIM card for the victim’s phone number. They then use it to intercept OTPs and gain access to bank accounts. In a notable incident, 31 individuals from West Bengal were arrested for selling thousands of SIM cards to scammers.
• Phishing via Fake Government Websites: Scammers set up websites that mimic government portals, luring victims to enter personal information. A recent case involved a fake Income Tax Department site that collected taxpayer details and used them for fraudulent purposes.
• Unified Payments Interface (UPI) Frauds: Fraudsters often pose as bank officials, claiming issues with the victim’s UPI account. They trick victims into sharing UPI PINs or OTPs, allowing them to siphon off money. A study highlighted that financial frauds, including UPI scams, account for over 75% of cybercrimes in India.

Got Scammed? Here’s Your Rescue Plan

If you find yourself a victim of a phishing scam, it is crucial to act quickly to mitigate the damage:

Immediate Actions – Act Fast:

• Contact Your Bank: Notify your bank immediately to block any suspicious transactions and secure your accounts.
• Change Passwords: Update all passwords for online banking, email, and other sensitive accounts.
• Disable Call Forwarding: If you were tricked into activating call forwarding, contact your telecom provider to deactivate it.

Report the Incident Immediately:

• Local Authorities: File a report with local law enforcement.
• Cybercrime Helpline: In India, you can call the national cybercrime helpline at 1930 or visit cybercrime.gov.in to report the fraud.

Monitor Your Accounts:

• Check Statements: Regularly review bank and credit card statements for unauthorized transactions.
• Credit Reports: Monitor your credit reports to detect any signs of identity theft.

How to Stay Safe from Scams

To avoid falling victim to phishing scams, adopt these proactive measures:

Education and Awareness:

• Stay Informed: Keep up to date with common phishing tactics and scams.
• Training: Participate in cybersecurity training programs if offered.

Trust but Verify:

• Verify Calls and Emails: Always verify the identity of the caller or email sender, especially when asked for sensitive information.
• Use Official Channels: Contact banks and service providers through official phone numbers or websites.

Boost Your Security Online:

• Use Security Software: Install and maintain up-to-date antivirus and anti-malware software.
• Enable Two-Factor Authentication (2FA): Use 2FA for all important accounts to add an extra layer of security.

Caution with Information:

• Do Not Share OTPs: Never share OTPs or personal information over the phone or email.
• Secure Your Devices: Ensure your devices are secure with strong passwords and biometric authentication where possible.

Final Word: Stay Scam-Free

In today’s digital age, phishing scams have become increasingly sophisticated, preying on our trust and the urgency of our digital interactions. Understanding and recognizing the tactics used in scams like call forwarding and OTP fraud is crucial in safeguarding your financial and personal information. By staying informed, verifying the authenticity of requests, and adopting robust security measures, you can protect yourself from these insidious threats. Should you fall victim, prompt action and reporting can mitigate the damage and help bring perpetrators to justice.

Remember, vigilance and education are your best defenses against phishing scams. Always question unexpected requests for sensitive information, use official communication channels, and ensure your digital security practices are up to date. By doing so, you can navigate the digital landscape with confidence, keeping your data and finances secure. Stay safe, stay informed, and keep your digital presence protected.