In today’s digital age, the prevalence of scams and fraudulent activities has surged dramatically. From parcel scams to identity theft and mobile app fraud, nefarious individuals are constantly devising new methods to deceive unsuspecting victims. 

In this comprehensive guide, we’ll delve into some of the most common scams circulating today and equip you with the knowledge to safeguard yourself and your loved ones. 

Parcel Scam  

Imagine this: You get a call from someone claiming to be from a courier company, Customs, or even the police. They say a package addressed to you has been seized and found to have illegal items inside. Then they start pressuring you, threatening fines or even arrest unless you do what they say. 

Here’s the sneaky part: They’ll ask for your private info like bank details or ID numbers, pretending it’s for verifying who you are or speeding up their investigation. But once they have this info, they use it to steal your money or identity. 

How do you stay safe? 

• Stop and think before giving out personal info or money. Legit companies don’t ask for these things on the phone or in random emails. 
• Trust your instincts. If a call or message seems fishy or they’re rushing you, it’s probably a scam. 
• Listen to your gut feeling. If something feels off or too good to be true, it likely is. Stop talking to them and get help from someone you trust. 
• If you think you’re being scammed, tell someone right away. You can report it to the police by calling 1930 or go to the Cyber Crime website at www.cybercrime.gov.in. Your quick action could stop others from getting scammed.  

 SMS and Voice Fraud Scams 

Imagine this: You get a text saying your bank account’s blocked, with a number to call for help. Anxious, you dial, only to talk to someone claiming to be from the bank. They sound legit, calming your worries and asking for your account info for “verification.” 

But here’s the catch: it’s a scam. The person isn’t from your bank but a scammer aiming to trick you when you’re scared. And the result? You might lose your money. 

How do you stay safe? 

• Bank SMS: Legitimate messages from banks typically display the bank’s name or a short identifier, not just a random number. 
• Sender ID: Banks never send messages from personal numbers. Be wary of any SMS claiming to be from your bank that comes from an unknown or personal number. 
• Grammar and spelling: Authentic messages from banks are professionally written and free of grammatical or spelling errors. If you notice mistakes in the text, it’s likely a scam. 
• Branding: Fraudsters may attempt to make their messages look authentic by using the bank’s domain name, logo, or other branding elements. 

Remember, your bank won’t ask for sensitive info over the phone. If in doubt, verify first.

Additional Reading: 10 Things to Know About TRAI’s New Caller ID and SIM Swap Rules 

Protecting Yourself from Identity Fraud 

Identity fraud occurs when someone steals your personal information, such as your ID card number, bank account details, or other sensitive data and uses it without your permission to commit fraud or other crimes.  

Fraudsters often obtain your personal information through various means, such as phishing scams, data breaches, or even by stealing physical documents. They then use this information to impersonate you and apply for loans or other financial services, leaving you to deal with the consequences. 

How do you stay safe? 

• Be vigilant with personal information: Only share your KYC (Know Your Customer) and other sensitive personal details with authorised personnel or through authorised channels. Be cautious when sharing information online or over the phone. 
• Secure your documents: Keep your physical documents, such as ID cards and bank statements, in a secure place. Shred any documents containing sensitive information before disposing of them. 
• Regularly monitor your accounts: Keep a close eye on your bank statements and credit reports for any unauthorised transactions or accounts opened in your name. Report any suspicious activity to your bank immediately. 
• Request document purge: After closing a loan or any other financial transaction, request the institution to purge any documents you provided. This reduces the risk of your information being misused in the future. 
• Date and purpose: Whenever submitting KYC documents, ensure you mention the date and purpose clearly. This helps in tracking and verifying the use of your information. 

Additional Reading: 11 Tips To Scam-Proof Your Online Transactions 

Mobile App Scams 

There’s been a rise in fraudulent mobile phone messages containing attachments that prompt you to download unfamiliar applications. We wanted to emphasise the importance of exercising caution when encountering such messages, as they pose a significant threat to your personal information and online security. 

How do you stay safe? 

• Avoid sharing sensitive information: Under no circumstances should you share or update your User ID, Password, CVV, PIN, or any other sensitive information by downloading unknown applications from untrusted sources. 
• Beware of urgent messages: Scammers often create a sense of urgency in their messages, using alarming statements like “Your account will be blocked” to prompt immediate action. If you receive such messages, we urge you to reach out to your bank directly to verify their authenticity. 
• Do not click on suspicious links: Refrain from clicking on any links or responding to messages that seem suspicious or unfamiliar, as they could lead to malicious websites or compromise your device’s security. 
• Download from trusted sources only: Be vigilant about the apps you download onto your device and ensure they come from reputable and official sources. Avoid downloading apps from third-party stores or websites that may harbour malware. 
• Regularly review your apps: Take the time to review the apps currently installed on your device and look out for any signs of suspicious activity or unauthorised access. 
• Use official channels for information: For accurate and reliable information regarding BankBazaar services, always rely on the official website  for details. 

By arming yourself with knowledge and adopting proactive measures, you can mitigate the risk of falling victim to common scams and protect your personal information and financial assets. Remember, vigilance is key in safeguarding against evolving threats in the digital landscape.  

Stay informed, stay cautious, and together, we can combat fraud and preserve the integrity of our online interactions.