Welcome to CybercrimesDaily, in this article we will know what is an example of online fraud? Online fraud is one of the crimes that is constantly increasing in the field of business. From online transactions to social media, we have become accustomed to online activities and with this, the risks have also increased. The ever-new strategies of online criminals have become a big problem for everyone, from ordinary people to businessmen. In this article, we will know what is online fraud and how can we get rid of it? Along with real-world examples, we will share strategies to stay safe in the digital world.
What Is an Example Of Online Fraud?
Online fraud is a type of fraud where criminals use internet services to deceive for personal gain. It involves various crimes such as:
- Identity Theft
- Credit Card Fraud
- Phishing Fraud
- Online Shopping Fraud
- Investment Fraud
- Love Fraud
- Job Offer Fraud
Online fraud is a type of fraud where criminals use internet services to deceive for personal gain. It involves various crimes such as:
Online fraud is not limited to individuals only, commercial banks and government institutions are victims of online crimes every day.
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Type Of Online Fraud
Imagine you receive an email and it looks like a bank email. The email says that your account has been temporarily suspended due to suspicious activity. Click on the link below to verify your details and reactivate your bank account.
Panicked, you click on the link and then you are taken to a page that looks exactly like your banker’s page. You provide your login details and OTP / ATM PIN.
After this, the fraudster gets all your details and your account is empty.
How Fraud Works
Here are some details about what happens in online fraud:
Bait creation: Criminals create a fake website and email that looks like the original website.
Target the victim: The email is sent to millions of people, usually by buying email addresses from the marketplace.
Click and trap: Once the victim clicks on the link, they enter the fake website.
Data theft: Any information provided on the fake website is recorded and used to access the account.
Money theft: The fraudster then withdraws money from the bank account or sells this information at a higher price on the marketplace.
Signs of a phishing email
To protect yourself, look for the red flags below
- Your real name will be replaced by Dear Customer
- If you do not take immediate action, your account will be closed
- There will be grammatical or spelling mistakes inside the box
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Sometimes there may be malware or viruses.
Other common types of online fraud:
Apart from phishing, here are some examples of online fraud
Online shopping scam
You get an offer that is not realistic, such as iPhone 14 for only 20,000. After you pay, the phone does not ring. These types of incidents are fake and scammers use fake websites to create these.
Job offer scam
You get a job offer like a work from home job with a good salary. But first, you will be asked to pay a registration fee. Once you pay, the company will disappear.
Love scam
Criminals will use dating apps or social media to build a relationship and gain your trust. Then they will ask you for money by citing an emergency. Many people lose millions of dollars without realizing it.
Lottery or Prize Scams
You will receive a phone call saying that you have won Rs 30 lakhs. But to claim this prize, you will have to pay a processing fee. Once you get the money, there is no trace of the prize. This is a scam.
Impact of Online Fraud
Along with the financial loss, online fraud causes not only emotional pain, but also emotional pain for the victims, such as:
- Emotional pain
- Lowering credit score
- Loss of trust in online platforms
According to NCRB, cybercrime incidents in India are expected to increase by 11% in 2023, with online financial crimes at their peak.
Here are some simple tips on how to protect yourself from online fraud:
- Strong Passwords
Always use strong passwords. Do not use the same password on different websites.
- Two-Factor Authentication (2FA)
Use two-factor authentication for banking and email.
- Website URL
Check website URLs carefully, sometimes there are spelling mistakes in the domain name.
Share OTP or PIN
Never provide OTP or PIN if asked for OTP or PIN from a bank or any service provider.
Antivirus and Anti-Phishing
Keep your system up to date with a good antivirus
Suspicious Activity
If you feel suspicious activity, complain on the National Cybercrime Portal https://cybercrime.gov.in or call the National Cybercrime Helpline number 1930.
What is the act for online fraud?
Section 66D– Punishment for cheating by online.
What is an online scammer?
Online scams are when someone tries to trick you into giving away your personal details, like bank password adhar card details ATM PIN.
Do banks refund scammed money?
Yes, banks may refund scammed money.
How do I report a scammer?
You can contact to National Cybercrime Helpline Number 1930 OR Log into National Cybercrime Portal www.cybercrime.gov.in
Conclusion
In today’s era, online fraud has become a real scam, understanding these frauds will protect you from these frauds. We have learned in this article What is an example of online fraud? Awareness is the key to saving yourself from any crime. Keep yourself educated and protect yourself and your close ones from online frauds.