Money transfer scam targeting senior citizens: How to stay safe and avoid falling prey?

Recently, there has been a surge in online scams, particularly targeting senior citizens. Many unsuspecting victims have lost their hard-earned money due to fraudsters who are operating scams via calls and messages. This article is dedicated to those who recently lost their hard-earned income and were the victims. A recent incident sheds light on common online scams, which offer tips on how to stay safe.

About online scam incidents

Senior citizen duped in a phone scam

It was a regular morning when a senior citizen from Noida, a woman in her 60s, fell victim to a money transfer scam. The caller who posed as a client to her husband persuaded her to transfer nearly Rs 50,000. She received several transaction SMS on her phone, and the caller convinced her that he transferred her the money by mistake, and she may transfer him back.

Believing the words of the caller who knew her husband’s name she started to transfer the amount, but by the time her neighbour intervened, the transfer was complete by her, and the scammer’s phone number was deactivated.

Strategic scam player

Scammers often use urgency and false familiarity to manipulate their victims. By making urgent and quick decisions they trap the elderly people.

Growing Threat: Online scams on the rise

Incidents like this are becoming more frequent, affecting so many people from all age groups. Social media is flooded with several videos showcasing how scammers are making calls and following a set pattern to fool internet banking users. Scammers exploit technology, social engineering and emotional manipulation to trick victims. 

Here are some of the most common scams which have been affecting the people of India:

1. Phone-based scams: Fraudsters have been posing as bank representatives or government officials, asking for OTPs, and convincing the user for urgent fund transfers.
2. Phishing emails and messages: Victims are receiving messages which appear to be from legitimate companies, and lure them to share their personal information.
3. Fake e-commerce sites: These sites have been offering unbelievable discounts but steal money without delivering the products.
4. Investment scams: Scammers offer high returns on investments, often targeting people who are nearing retirement.
5. Online money transfer scam: Calling to be a known person to an acquaintance, and the sense of urgency to make a transfer from the user.

The rise in digital transactions and the increasing comfort of older adults with online services may make them easy targets for such scams.

How to stay safe: Important tips to avoid scams

One has to stay vigilant in today’s time if you are using online banking. Here are some practical safety measures which could be taken to protect yourself and your loved ones from losing money:

1. Verify caller identity: Always double-check the identity of callers, especially when they request money or personal information. Use official channels to confirm.
2. Never share OTPs or passwords: Bank officials or government authorities will never ask for OTPs, passwords, or sensitive data over the phone.
3. Be cautious with links: Avoid clicking on suspicious links in emails or messages, even if they appear to be from known institutions.
4. Enable two-factor authentication: Secure your online accounts with two-factor authentication to add an extra layer of protection.
5. Report suspicious activities: If you encounter any suspicious activity, report it immediately to your bank or the cyber crime department.

Awareness and caution are your best defence against falling victim to online scams.

What to do if you have been scammed?

If you or someone you who has fallen prey to an online scam, taking quick action can mitigate the damage:

1. Contact your bank immediately: Inform your bank about the unauthorized transaction to attempt a reversal.
2. Report to cybercrime helpline: Reach out to the National Cybercrime Reporting Portal in 1930 in India.
3. Chakshu portal: Report the entire incident on the Chakshu app
4. File a police complaint: A police report could be of some help in legal proceedings and increase the chances of recovering your money.

Acting quickly can make a difference in recovering lost funds and preventing further misuse. Remember, it’s always better to be safe than sorry when it comes to financial transactions.

ALSO READ: Amazon and Flipkart sales: Here’s a list of smartphones under Rs 15,000 to buy

ALSO READ: Do you know, that Ratan Tata helped BSNL with Rs 15,000 crore: Here’s why