Banking Frauds: Types of Banking Frauds, How to keep your money safe? Check here

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ICICI Bank issued an email to its customers to highlight a new kind of financial fraud that is becoming more widespread. Bank scammers allegedly con people out of their hard-earned money through Facebook and WhatsApp.

Banking in India has seen tremendous growth over the last few years, right from instant payments, money transfers to instant loan approvals. Along with this ease of banking, there has been a side-by-side increase in frauds and the types of frauds.

To highlight a new type of fraud doing the rounds, ICICI Bank sent an email to its customer to create awareness on this type of financial fraud. According to bank fraudsters are scamming people off their hard-earned money through Whatsapp and Facebook.

Here is a look at how this fraud works.
Frauds through WhatsApp/Facebook account
Fraudsters access a customer’s Facebook or WhatsApp account and send messages requesting money to the contacts on the customer’s contact list.


said, “In these desperate times, we have seen many genuine requests for funds, so a request from a known contact does not feel out of the ordinary.”

The contact sends the requested monies without contacting the requested party to confirm that they actually need them because the request came from a trusted source.

The bank also warned to be careful and always confirm in such cases. If at all your WhatsApp or Facebook accounts get hacked, do bring it to the notice of the authorities.

“Please be aware that banks will never request private information like your transaction and login passwords, one-time passwords, unique reference numbers, etc,” stated the ICICI Bank email.

There are other different types of frauds including Phishingvishingsmishing and online scam.

To obtain customer information like account numbers, login IDs, login and transaction passwords, mobile numbers, addresses, debit card grid values, credit card numbers, CVV numbers, PAN, dates of birth, mothers’ maiden names, passport numbers, etc., scammers use a combination of email phishing, voice phishing, and SMS phishing.
Phishers have developed their technology to carry out complex attacks and utilise cutting-edge social engineering techniques to trick users of online banking.

Vishing refers to a con artist’s attempt to obtain private information from you over the phone. information such as a user ID, login and transaction passwords, one-time passwords (OTPs), URNs (unique registration numbers), card PINs, grid card values, CVVs, or any personal information such a date of birth or mother’s maiden name.

Fraudsters call consumers and pose as bank representatives in an effort to deceive them into giving their personal and financial information. Then, without your knowledge or consent, these details will be utilised to carry out fraudulent activity on your account, resulting in monetary loss.

It combines phishing with short message service.
Cell phone users all over the nation are receiving messages suggesting that their accounts are past due, need to be updated, or even that they need to sign up for a new program. There are toll-free phone numbers and links in the message.

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