What are the new methods of cyber fraud in the world of finance?

Cyber-crimes are rampant In the financial world today. The digital mode of banking is used by people in every nook and corner of our country. While technology has empowered us significantly, it also reminds us of the old adage– “With great power come great responsibilities.”

Search Engine (e.g. Google) – a new tool for fraudsters

One of the key tools for the fraudsters these days is the “Search Engine.” This utility has become an essential part of our lives. Many of us do not think twice before reposing our total faith on the information provided by these search engines. Google allows users to edit contact details of any establishment such as Banks on Google map and Google search to make their services more useful for users. However, this facility is misused by cyber fraudsters. They change the contact details and related information on Google to accomplish their evil designs. Let’s elaborate the steps of such a fraud which is executed by using search engines.

· A user searches for a branch contact details or information on Google.

· The search engine displays few details along with the mobile number of branch manager or contact details of the branch which have been actually planted by the fraudsters exploiting the algorithm of the search engine.

· The user trusts the mobile number and calls the same for help.

· The fraudster uses the trust factor of the customer and using his skills gains the confidence of the customer to extract all details like debit card number, CVV. In case of UPI frauds, the fraudster manages to get downloaded UPI in the customers mobile. Ask money/request money feature of UPI is rampantly used for siphoning off the money. There are many other modes of UPI as well which will be shared for awareness in the meantime through this space. Primarily, the fraud happens due to sharing of VPA, UPI Pin, or giving access to mobile phone through screen sharing apps in case of UPI.

· Based on the interaction with the customer, mode of fraud (UPI or Debit card) is selected by the fraudster to defraud the customer.