The advent of the internet along with mobile phones has transformed our lives like never before. Internet and mobile banking has further simplified our lives, with minimal need to visit banks, standing in line for every transaction. Furthermore, online transactions have made shopping as well as other activities so easy.
However, there is a serious downside to this, regarding which many of us are aware. In spite of being alert, some of us still fall prey to online scamsters. These cyber criminals use a combination of techniques to get the better of us, with disastrous consequences. They often call us on pretext of updating information, or impersonate some government official requesting sensitive information. With the help of social media, they often are able to get enough information about us, so when they call, they are able to inspire confidence. For example, with the help of facebook / Instagram, they may know about our travels, or the names of our relatives and friends. Using this basic information, they try to elicit more confidential information from us.
Once they get the required information, they are able to impersonate us on their device, and carry out transactions in our name. As an example, after getting the sensitive information, they are able to reset our passwords and then carry out the transactions through online banking and so on. More seriously, they may also be able to remotely access our devices and install malware that can then do multiple fraudulent transactions. For example, they may pose as technical experts, and ask for remote access to trouble shoot a problem we may be facing. Without realizing their intention, we give them access to our computer or mobile phone, and fall into their trap.
To avoid becoming prey, there are certain simple precautions we can take. Be very cautious if someone pretends to call from government office or bank. Never share confidential information like passwords, and card details, etc. Also, we must be extremely suspicious if someone offers a prize or says we have won a lottery and so on.
Remember, online fraudsters are successful only when we are casual. If we keep our homes locked and guarded from physical violation / break in, then similarly taking precautions online in our day-to-day transactions can keep our hard-earned money safe.
