TYPES OF INTERNET FRAUDS

Internet fraud is a sort of deception that involves the use of the internet. It is not a single fraud; rather, it is a collection of frauds. Internet fraudsters are omnipresent, and they are always coming up with new ways to defraud people and drain their bank accounts. We’ll talk about the many types of internet scams in this blog.

Types of Internet Fraud

1. PHISHING OR AN EMAIL PHISHING SCAM

Fraudsters utilise this tactic to steal your personal information. Fraudsters send you emails impersonating as a legitimate or well-known organisation in this scam. The primary goal of the emails is to steal your financial information. A link or file is generally included in these emails. You will be directed to a phoney website if you click on those links. The false website will request critical information such as your credit card number, UPI code, and other bank account information. Furthermore, clicking on such links will infect your machine with a malware.

2. SCAMS IN ONLINE BUYING

It is one of the most significant online scams in recent years. Fraudsters use this method to build up bogus online shopping portals in order to defraud unsuspecting people of their hard-earned money. They display appealing products at a low price on their website. However, after paying for the transaction, either the fraudulent product is provided or the merchandise is not sent at all. There will be no return or refund procedures on these websites, and there will be no customer care personnel to contact.

3. THEFT OF PERSONAL INFORMATION

Identity theft occurs when criminals steal your personal information over the internet and use it to apply for a personal loan, a two-wheeler loan, or a bank credit card. When you take out a loan in your name, you are responsible for paying it back. Banks will give you a payback notification. If you do not repay the loan, your credit score will suffer and you will be labelled a loan defaulter.

Additionally, your stolen information might be utilized to construct phony social network accounts.

4. SCAMS INVOLVING WORK FROM HOME

The work-at-home scam is one of the most common types of online fraud. Fraudsters take advantage of those looking for work from home possibilities by suggesting that they may earn a lot of money by working from home for a few hours. Job searchers will be required to deposit a set amount of money for a job kit that will be useful for the employment in order to register for the scheme. There will be no record of employers once the money is deposited.

5. LOTTERY SWINDLE

Lottery fraud is one of India’s top three internet scams. Lottery fraud occurs when con artists phone you or send you emails and texts claiming you have won a lottery worth millions of rupees. You will be required to deposit money online in the name of tax in order to obtain the lottery money. When you visit phoney websites, you may be prompted to pay money. When you use those websites to make a payment, all of your card information is taken.

6. MATRIMONIAL DECEPTION

People use online matrimony sites to find their life partners in our fast-paced world. However, the sad reality is that many people lose lakhs of dollars when searching for their soulmates on matrimony websites. Innocent people are duped by fraudsters who create phoney profiles. In addition, various gangs have been formed to carry out this scam. First, the perpetrators persuade victims to trust them. Money is taken from the victims once the trust has been established.

7. TAX EVASION

This type of fraud usually occurs during tax season, when taxpayers are expecting a return. Taxpayers receive phoney refund SMS and emails from fraudsters pretending to be from the IRS. These messages are mostly delivered with the goal of gathering personal information such as I-T Department internet login credentials, bank account information, and so on. You will be requested to give sensitive bank information in order for the refund money to be credited to your bank account.

8. FRAUDLENT USE OF CREDIT CARD REWARD POINTS

Credit card firms offer reward points or loyalty points to encourage people to use their cards. Frauds involving credit card reward points have also been reported. Credit cardholders are contacted by fraudsters pretending to be from their credit card provider and offering to assist them in redeeming their credit card reward points. They generate a sense of urgency among cardholders by emphasising that the deal will expire soon. Cardholders will be required to enter their card details as well as an OTP in order to redeem their reward points. Fraudsters use these details to carry out fraudulent transactions.

9. OLX FRAUD

OLX fraud has become all too widespread, and many people have lost money while buying and selling items on the platform. Fraudsters pose as Army troops and place ads on the platform, which is a common occurrence on OLX. To gain people’s trust, fraudsters exploit army personnel’s stolen identification cards. They take money from the buyer in exchange for the claimed product, but they never deliver it. Fraudsters take advantage of the goodwill associated with the armed forces to defraud people of their hard-earned money.

10. SCAMS ON SOCIAL MEDIA

As the number of people utilizing social media grows, so does the number of social media hoaxes. Cyberbullying is one of the most common forms of social media fraud, and many youngsters have fallen victim to it. Cyberbullying is the use of social networking sites to bully people. There are also other more social media scams, such as a Facebook friend fraud.