🚨 Your Next Call or UPI Request Could Be a Trap—Stay Safe !! 🚨
CA Anish Joshi
Senior Manager @ Nayara Energy | GST Compliance | GST Litigation | Process Improvement | Process Automation | Mentor | 200k + Post Impressions
Beware of These Digital Scams: How Cybercriminals Are Stealing Your Money
Imagine this: You’re going about your day when suddenly, you receive a call from an unknown number. The caller claims to be a law enforcement officer and informs you that your courier contains illegal items. You’re told you’re under “digital arrest” and must pay a hefty fine immediately via UPI. Panic sets in. Could this be real?
Sadly, this is just one of the many sophisticated scams plaguing our digital lives today. Cybercriminals are constantly evolving their tactics, making it essential to know what to look out for.
📈 Cybercrime is on the rise
2021: ~1,37,254 complaints recorded.
2022: ~5,15,083 complaints recorded.
2023: ~11,31,649 complaints recorded.
2024: ~17,10,505 complaints recorded.
💰 Between January and April 2024, cyber fraud led to losses exceeding ₹1,750 crore.
Let’s break down the most common scams and how they operate:
1️⃣ Fake UPI Payment Requests
How it works:
You receive a UPI payment request from an unfamiliar number—often claiming to be for pending bills, refunds, or security checks.
Approving the request unknowingly transfers money out of your account.
How to protect yourself:
Ignore requests from unknown numbers.
Verify transactions directly within your banking app.
Remember, genuine companies won’t send random UPI payment requests.
2️⃣ Mistaken Money Transfer Scam
How it works:
A scammer deliberately transfers a small sum to your account. Soon after, you receive a call or message claiming the transfer was a mistake.
They request that you “refund” the money using a different payment method or by providing additional banking details.
In many cases, once you return the money, the original (fraudulently injected) funds are reversed by the bank, leaving you at a loss. In some variants, the scammer uses the exchange as an opportunity to extract sensitive banking information.
How to protect yourself:
Do not rush to return funds—even if the transfer appears genuine.
Immediately contact your bank to verify any unexpected deposits or refund requests.
Never share your banking credentials or OTPs with anyone over the phone.
3️⃣ Cash-in-Hand Scam
How it works:
A fraudster approaches you—either via a call or in person—claiming they have “cash in hand” available for a transaction.
They assert that to access this cash (or complete a sale), you must first transfer money or pay a small fee online.
Once you comply, the scammer vanishes, and the promised cash never materializes.
The scam may also be used to subtly extract your banking details by establishing a relationship built on an initial “successful” transaction.
How to protect yourself:
Be wary of any deal that requires you to pay upfront to “unlock” cash or complete a transaction.
Always insist on meeting in person for cash transactions.
Verify the authenticity of the deal through trusted sources before transferring any money.
4️⃣ Risky QR Codes
How it works:
You’re prompted to scan a QR code for refunds, prize claims, or verifications.
The code may link to a fraudulent website or even trigger a UPI transaction, exposing your banking credentials.
How to protect yourself:
Only scan QR codes from trusted, verified sources. Use your official banking app for transactions, and verify the recipient beforehand.
5️⃣ Hacked WhatsApp Messages
How it works:
You receive an urgent message from a friend or relative claiming they’ve been hacked and need financial help.
The scammer, having taken over their account, convinces you to send money quickly.
How to protect yourself:
Call and verify the person directly through a different channel before acting on any request.
Enable two-factor authentication (2FA) on your messaging apps.
6️⃣ Ransomware Attacks
How it works:
By clicking a malicious link or downloading an untrusted file, malware is installed on your device.
The malware encrypts your files, and you’re then forced to pay a ransom to regain access.
How to protect yourself:
Avoid downloading files or clicking links from unverified sources.
Keep your antivirus software updated and regularly back up important data.
7️⃣ Phone Call Scams: Bank Card Details Extraction
How it works:
A scammer calls, posing as a representative from your bank, to “verify” your account details.
They ask for sensitive information like your card number, CVV, or OTP. With these details, they can make unauthorized transactions.
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How to protect yourself:
Remember: Your bank will never call to request sensitive information.
If you receive such a call, hang up immediately and contact your bank using official channels.
8️⃣ USSD/MMI Code Scam: Call Forwarding Fraud
How it works:
A scammer asks to borrow your phone under the guise of making an emergency call. They then secretly dial a USSD/MMI code (e.g., 401PhoneNumber#) that forwards your incoming calls to their number.
This allows them to intercept OTPs, banking calls, or other sensitive communications.
How to protect yourself:
Never lend your phone to strangers.
Regularly check your phone’s call forwarding settings by dialing ##002#.
Disable call forwarding immediately if you suspect any unauthorized changes.
🔒 General Protection Tips Verify Before Trusting:
Always double-check any financial requests, even from familiar contacts.
Use Strong Passwords & 2FA: Enable two-factor authentication on all accounts.
Guard Your Sensitive Information: Never share your bank details, OTPs, or UPI PINs over the phone or online.
Stay Informed: Cybercriminals continually evolve their scams.
Keep yourself updated on the latest tactics.
📌 Check if Your Email is Compromised using below methods:
▪︎Firefox Monitor
▪︎Google Password Checkup
9️⃣ Legal Remedies Available Under Indian Law :
India has established a robust legal framework to combat cybercrimes, primarily through the Information Technology Act, 2000.
Key provisions include:
• Section 66: Addresses computer-related offenses, such as unauthorized access or damage to computer systems, with penalties of imprisonment up to three years, a fine up to ₹5 lakh, or both.
• Section 66B: Pertains to dishonestly receiving stolen computer resources or communication devices, punishable by imprisonment up to three years, a fine up to ₹1 lakh, or both.
• Section 66C: Pertains to identity theft, prescribing similar penalties.
• Section 66D: Addresses cheating by personation using computer resources, punishable by imprisonment of up to three years and a fine of up to ₹1,00,000.
• Section 66E: Deals with the violation of privacy, with penalties including imprisonment and fines.
Steps to Register a Complaint Against Cyber Fraudsters
• Collect Evidence:
Gather all relevant information, including screenshots, emails, messages, transaction records, and any other pertinent data that can support your case.
• Report to the National Cybercrime Reporting Portal:
The Government of India has launched the National Cybercrime Reporting Portal for victims to report cybercrimes online. This platform allows you to file complaints related to various cyber offenses, including financial frauds. You can also call the helpline number 1930.
• File a Complaint with Local Police:
Visit the nearest police station to file a First Information Report (FIR). If the local police station lacks a dedicated cybercrime unit, they will forward your complaint to the appropriate department.
• Approach Cyber Crime Cells:
Major cities have specialized cybercrime cells. You can directly approach these units for faster redressal.
• Notify Your Bank or Financial Institution:
If the scam involves financial transactions, immediately inform your bank to freeze or monitor your accounts for suspicious activities.
• Use E-Daakhil for Consumer Grievances:
For grievances related to online transactions or e-commerce platforms, the E-Daakhil portal facilitates the online filing of consumer complaints.
When to Register a Complaint
It's imperative to report cyber fraud as soon as you become aware of it. Prompt reporting increases the chances of tracing the perpetrators and recovering lost assets.
Key Takeaways
• Act Quickly:
Immediate action can prevent further losses and aid in the apprehension of fraudsters.
• Utilize Official Channels:
Always report incidents through official portals and law enforcement agencies to ensure proper handling of your case.
• Stay Informed:
Regularly update yourself on common scam tactics and preventive measures to safeguard against future threats.
By understanding the legal remedies and promptly reporting incidents, victims can navigate the aftermath of cyber fraud more effectively and contribute to the broader fight against cybercrime in India.
Let’s stay vigilant and spread awareness.
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Cost & Management Accountant I Adani Group I Indirect Taxation | LLB Persuing
1moVery well atticulated. Very useful read.👍🏻