How do people get duped financially while being educated? The answer is a lack of Financial Literacy, Awareness, and a violation of the "Dont's guidelines". 😒
We take things for granted and believe that mishaps will never happen to us. We believe that we are smarter than others. Maybe, but never more than the scammer.
Being positive is good, but we frequently disregard statutory warnings! ⚡
(1) How many times have you received messages / phone calls requesting you to complete KYC or risk having your bank account or debit card blocked? 📌️
You are then provided with a link to keep your account active!
Perhaps it is a genuine call from your bank, but banks never send an external link to click for KYC or feed personal credentials. They usually request that you visit their branch or go to their website / App. They don't even accept documents sent via email.
✅ Always check with your branch or relationship manager to ensure the validity of such SMS/calls!
Phishing scams are very common nowadays. They ask for your personal financial information, login credentials, credit card/debit card numbers, etc. via fake emails/websites that appear legitimate.
(2) Have you ever been contacted about receiving a bonus / dividend / revival of an existing/lapsed insurance policy? 📌️
Individuals are asked to pay some money or unpaid premium amount upfront in exchange for a larger sum of money later on.
✅ It is recommended in this case to visit your insurance company branch or call their toll-free number or contact your insurance advisor.
(3) You receive a message crediting your wallet for a certain amount with link! 📌️
My bank account is never credited with free money. Then why is money deposited in an external wallet by someone? Even Paytm has also stopped offering cashback after a stock market listing. :)
👉 What we don't understand is why someone unknown (or even known) would be so generous to give us money without even asking.
Of course, eCommerce companies such as Flipkart, Amazon, and Credit Card do offer coupons, points, cash in your wallet, or gift vouchers via email, but to use on respective websites.
(4) Have you received a request for money from a friend on a social media site such as FB? 📌️
And when you ask a friend to call over the phone, the typical response is: because he is unable to contact you due to a medical emergency, please transfer the funds to the specified account urgently.
✅ Cross-check by calling your friend to confirm the money demand. Check that the bank account address is in the same city as your friend's.
To trap victims into disclosing materialistic information, the scammer employs psychological & emotional manipulation.
Perhaps your friend's FB account was compromised, alternatively, a new fake account of your friend is created.
(5) Winning a lottery without having purchased a ticket! 📌️
When it comes to claiming the prize, you need to first click on the provided link and pay the required token fee.
👉 Never ever click on any suspicious links, apps, or attachments.
Ransomware is malicious software that encrypts a user's files and demands payment, which is usually cryptocurrency.
(6) Receive an offer to open an overdraft account to use in an emergency! 📌️
Or getting calls from Agents of Bajaj Finance, HDFC, ICICI, or other banks for Loan or credit card offers!
We are required to provide Pan, Aadhar, Bank Statement, Salary Slip, Cancelled Cheque, Photo, Email, Mobile, and other documentation.
👉 All of these documents are cash equivalents. There is enough information for any fraudster to use against us.
Do we recognize the agent or telecaller?
👉 Always confirm the identity of an agent/caller from the respective company/bank or visit the branch directly.
(7) Have you ever given your CVV / OTP to an unknown caller? 📌️
The bank never requests CVV / OTP.
It has been repeatedly reminded not to share the 3-digit CVV code mentioned on the back of credit/debit cards, as well as the OTP with anyone.
Everything has now moved online. You can make financial transactions, pay bills, and transfer money with a single click using net banking, credit cards, debit cards, UPI, or any payment processing app.
👉 Your negligence may prove to be very costly later.
(8) Does your debit / credit card PIN match your DOB? 📌️
Recently, a lady's purse was stolen while she was commuting, possessing a debit card, Pan, Aadhar, and a mobile phone. The thief used her birth year as a PIN and took the money from the ATM.
👉 Why do we keep our PIN so simple so that it replicates our vehicle number or date of birth?
(9) You receive an email from a senior authority / CEO / MD requesting personal help! 📌️
You simply click on the link without verifying the domain address or the legitimate source of that email.
(10) Ponzi investment schemes in which individuals are persuaded to invest in fictitious or non-existent businesses! 📌️
You are asked to invest in schemes that promise high returns in a short period of time.
👉 You receive a call to sign up for an insurance policy that promises to double your money in three years. You were told a short-term investment call in insurance with instant liquidity.
✔️ People are unaware that insurance companies cannot guarantee returns greater than 6%-7% p.a. and that the lock-in period is 5 years.
✔️ Market link instruments like Equity, MF, NPS, ULIP, PMS, Gold, Silver, Real Estate, etc. do not guarantee a return.
⚡ Understand one thing: Fraudsters and PhishER are eventually caught by cyber cops. Chances are you will receive your money back partially or fully if it is not spent. But suffering would be yours until then.
Lawyers & courts consume a lot of your time, energy, and money. Here, I'm assuming that the police will register your FIR promptly & politely and that they will prioritize your case over others.
💎 It is critical to be cautious of unsolicited messages or emails. Keep in mind that prevention is a thousand times better than cure!
