#fraudulent tricks with RBI

[wdtom]

RBI Warnings: Protect Yourself from Fraudulent Schemes

The Reserve Bank of India issued a notification on August 29, 2024, warning that deceitful individuals are exploiting the RBI’s name to swindle the public. The RBI has noticed an alarming pattern of fraudsters employing both alluring and coercive strategies to trick people and businesses. In the digital era, it’s vital to comprehend these methods and protect oneself from such…

[sadiya29]

Common UPI scams you need to be aware of:

When it comes to UPI-based digital transactions, fraudulent acts and scams within India's Unified Payments Interface (UPI) system are called UPI fraud.

Fraudsters take advantage of weaknesses in the UPI ecosystem and use various strategies to trick people.

Fraudsters frequently deceive you into disclosing their UPI PIN or personal information to gain access to your bank accounts and conduct fraudulent transactions. Continue reading to learn common UPI enabled app scams and how to avoid them:

Vishing:

Vishing is the practice of hackers assuming the identity of bank employees and contacting them with inquiries. These people conjure up false information about you to obtain your password or PIN.

False QR codes for UPI:

Scammers or fraudsters will create a fake UPI QR code that leads consumers to harmful or phishing websites to obtain their private data or UPI enabled app credentials.

Impersonation

Fraudsters pose as reputable people or businesses, including bank employees or customer support agents, to deceive consumers into disclosing their OTP or UPI PIN.

Screenshots of fake payments:

To trick consumers into thinking they have received money, fraudsters fake screenshots of UPI payment confirmations and email them to them.

Phishing:

One of the most typical fraudulent UPI transaction methods is phishing. To obtain private information, scammers send phony emails. When you enter your credentials (password or PIN) on the fake website, your information is immediately transferred to the hacker for misuse. As a result, you become more vulnerable to UPI fraud.

Fraudulent Sellers:

It is common for internet markets to have dishonest vendors. These fraudsters trick unsuspecting customers by selling fake goods or processing an order but failing to deliver the merchandise. As a result, the e-commerce website needs to improve its credibility and suffer financial losses.

Fraud Using Apps for Screen Monitoring:

Someone with bad intentions might use screen monitoring tools to jeopardize your security and privacy.

These apps secretly monitor your screen actions, enabling fraudsters to obtain sensitive data, such as OTPs, UPI PINs, and other personal information. Their fraudulent acts are made possible by their access to your banking information.

Malware

Malware using UPI is among the most prevalent types. A fake email attachment or an unsafe website may unintentionally lead users to download malicious software. The purpose of malicious software is to extract and copy data from the infected device.

Cloning of SIM:

SIM cloning is the latest development that has gained popularity since banks implemented the OTP requirement.

If a fraudster manages to clone your SIM card, they might change your UPI PIN and obtain the OTP on their device. The fraudster obtains your bank account information and identification to reset your PIN. You will fall victim to UPI fraud in less than a minute.

Ideas to Prevent UPI Frauds:

You can follow the tips provided below to prevent harmful hacking into your UPI account:

Go over the RBI's UPI guidelines very carefully.

As a bank employee, keep your bank account information private.

Report any unapproved debt as soon as you become aware of it.

Aim to obtain customer service numbers only from official websites.

Use extreme caution when requesting payments.

Stay away from unapproved online retailers.

Final words:

So, beware of these fraudulent activities and be cautious at all costs. If you follow the above tips, you are on the safer side and can safely send and receive money using UPI. Learn both the benefits and consequences of choosing the best UPI earning app.

[seemabhatnagar]

**Senior citizen fell victim to a sophisticated cybercrime scam**

I recently received two suspicious calls. Two days back, someone claiming to be from TRAI threatened to disconnect my phone service in 2 hours. Yesterday, a woman posing as an RBI employee warned me about suspicious credit card activity. I ended both calls immediately.

These incidents highlight the constant evolution of #cyberfraud. Despite increased awareness, people continue to fall victim to these scams.

#cyberfraud #databreach

 I'm sharing a recent case before the Allahabad High Court of digital fraud encountered by a senior citizen.

#techsupportscam

➡️ Smt. Kakoli Das Gupta, a senior citizen, was victimized by a #cybercrime scam. A #fraudulentcaller posing as a FedEx courier claimed a suspicious package in her name had been shipped to Taiwan. Followed by an imposter claiming to be a police officer, who tricked her into revealing her bank account details. This led to the fraudulent transfer of Rs. 1,48,30,000 from her accounts over several days.

➡️The police swung into action, tracing the #fraudulenttransactions. During the investigation, Nishant's name surfaced, linked to the account of Sandhu Enterprises, where a significant amount of the stolen money had been deposited. Despite not being named in the FIR, Nishant was accused based on his father's name mentioned in a co-accused's #confession. Soon after, the police arrested Nishant and claimed to have recovered incriminating evidence from him. Nishant was arrested and has been in Jail since May 7, 2024.

#onlinesafteyforseniorcitizens

➡️Nishant's lawyers argued vehemently for his bail before the #Allahabad #HighCourt. They contended that Nishant Roy is a BBA student who was not named in the #FIR. He was implicated based on his father's name mentioned by another accused. False #recoverymemos were prepared, and no transactions were made in his account. Offences are triable by a Magistrate and the maximum punishment is 7 years. Custodial interrogation is no longer required. They stressed that Nishant's #custodialinterrogation was no longer required.

➡️On the other side, the state's counsel argued against granting bail. They pointed out that the informant, a vulnerable senior citizen, had been digitally defrauded and that the money trail led to an account connected to the applicant Nishant. The applicant's complicity is established, and he is not entitled to bail.

#cybersecurity

➡️Hon'ble Mr. Justice Ashutosh Srivastava, J., who presided over the case was not convinced to release Nishant on #bail at the stage when the #investigation against other co-accused, including Nishant's father, is ongoing and the #charges are yet to be framed.

#phishing

➡️The High Court rejected the bail application given the nature of the crime and ongoing investigations.

*Case Nishant Roy v. State of UP

Crl. Misc. bail App. 23954/2024, Before the Allahabad High Court

Heard by Hon'ble Mr. Justice Ashutosh Srivastava J

[cryptochurp]

Indian Police Arrest Man Operating Ponzi Schemes Exploiting Cryptocurrency

Crypto craze is at its peak in India, even though it has cooled off slightly around the world. As reported in Indian Express, the Indian police have arrested Kamal Vishnoi, a man who allegedly set up a fake bitcoin trading platform and tricked several investors into using it.

Also see: Bitcoin Core 0.16.0 Released With Full SegWit Support, New Address and Fee Options

Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts

The bitcoin hype in the country and lack of government regulations in the crypto space have led many fraudsters to launch fake crypto businesses, hoping to trick amateur investors who wish to get rich quick.

The police said the scam Vishnoi operated was similar to a separate multi-level crypto marketing racket run by two individuals who were arrested a few weeks back by the Cyber Cell unit. The scam defrauded several people for millions of dollars.

Illegal Crypto Platform and Cryptocurrency

According to the police, Nitin Gupta — one of the victims of Vishnoi’s alleged scam — lodged a complaint. The case was registered under IPC sections 420,406, and 20-(B) by the Economic Offences Wing (EOW). Vishnoi was charged under IT Act, 2000 – primary law in India dealing with cybercrime and electronic commerce.

As Indian Express reported, police sources pointed that Vishnoi launched a business that infringed RBI guidelines. He held seminars and events to lure investors and gain their trust, before vanishing with their money.

Gupta revealed that Vishnoi started what looked like a legal bitcoin trading platform, but which was entirely fraudulent, in 2016. Additionally, he presented an opportunity to investors to invest in Bitcoin and gain 5 percent daily interest.

“I met Vishnoi last year. He was offering several plans at 4-5 percent interest rate on a daily basis. He also offered me a referral plan, wherein I would get a commission rate for the number of people referred. I asked my close friends to invest,” said Gupta.

Invest 103 BTC and Receive 200 in Return

As per the police, investors had to first register themselves at a site called “Bittradingz” and then move their digital assets to personal e-wallets. Gupta invested 103 bitcoins, and in return Vishnoi promise to almost double the return, by returning 200 bitcoins in 30 days. This never happened. The major issue with the case is most transactions were done by cash, making them difficult to prove it in court.

In March last year, Vishnoi told investors that he was unable to pay the 5 percent interest and instead proposed to pay 2 percent, which investors agreed to. Meanwhile, Vishnoi launched yet another website called “Softcoinstradingz” and a new digital currency “Soft Coin”. Vishnoi demanded investors to invest 25 percent in the new Soft Coin currency.

His last contact with clients was in May last year, after which he absconded and cut all his communication links. However, the police have since arrested him, and now Gupta and other plaintiffs want their money back. As India has no regulation surrounding cryptocurrencies, it is unknown how the government will forward.

Government Warns Public of Ponzi Schemes

The Indian government on several occasions has warned crypto investors to safeguard themselves from Ponzi schemes floating around in the crypto space. In the past, the Reserve Bank of India and Securities and Exchange Board of India (SEBI) have expressed their concern that complete lack of a regulatory framework could even encourage e-Ponzi schemes.

December last year, a SEBI official stated, “SEBI cannot allow gullible investors to be taken for a ride with unlawful promises by these exchanges and those claiming to “mint” cryptocurrencies. A number of them are suspected to be indulging in fraudulent activities without actually minting any such virtual currencies that require very complex algorithms. ”

The present unregulated state of the crypto space is not only an issue for investors, but also the government. At present, the Indian government is flustered due to the absence of a regulatory framework for such investments.

Is it high time governments set a clear regulatory framework surrounding crypto space? Let us know your view in the comments section.

Images via Pixabay

The post Indian Police Arrest Man Operating Ponzi Schemes Exploiting Cryptocurrency appeared first on Bitsonline.

from WordPress http://ift.tt/2Fapc3t via IFTTT