The Anatomy of Ongoing Financial Frauds

A fool and his money are parted soon...

A very old saying indeed, but the meaning still holds its due relevance. Intelligent and deliberate decisions need to be made regarding money or we'll all turn out to be fools.

Yet even after much consideration, still some decisions don't turn out to be good for which sometimes credit goes to the financial frauds happening around us.

Financial fraud happens when someone deprives you of your money or otherwise harms your financial health through misleading, deceptive or other illegal practices. This can be done through a variety of methods such as identity theft or investment fraud.

Precautions are always better than cure.

Hence, in this blog, I will be throwing light on some ongoing Financial fruads which would help all of us be a little bit more alert.

UPI Scam

The advent of UPI transactions marked a significant milestone in digital payments in India. However, fraudsters quickly adapted, devising various schemes to exploit unsuspecting consumers.

In the realm of online fraud, perpetrators create deceptive websites enticing victims to invest in stocks or cryptocurrencies. Telegram and whatsapp groups are utilised to mass- invite individuals for investmemt purposes, deceiving victims into believing they are making reliable investments in stocks, businesses and cryptocurrencies.

Digital Banking And Credit Card Frauds

With the rising popularity of digital transactions, the occurrence of online banking and credit card fraud has become increasingly pervasive. Common tactics employed by fraudsters include phishing attacks, identity theft and fraudulent transactions utilizing pilfered details.

QR Code Scam Alert

The prevalence of QR code scams is on the rise in India, with fraudsters employing deceptive tactics to lure victims into scanning fraudulent QR codes, resulting in the direct theft of funds from their bank accounts.

Investment Scam Warning: Unrealistic Returns Ahead

Investment scams continue to lure individuals with enticing opportunities that promise quick and guaranteed returns. These fraudulent schemes prey on people's aspirations for high returns and often involve fictitious companies or fake investment products.