Digitalization and falling victim to contemporary frauds

Anu Priya

How easy it is for us to obtain any kind of material. How much do we depend on the newest technological developments? However, have you considered how often we fall for the same scam at the same time?

Why do people get scammed? The following are the reasons for that:

1) By trusting anything that you have read or seen online; 

2) lack of fact checking 

3) The need for validation

4) urgent circumstances

Let's review on our previous saving methods and financial behaviors.

In the past, the majority of us saved money in piggy banks as children, broke them sometimes for emergencies or other needs, and spent the money appropriately.

Most women kept their money in the little kitchen containers and used it as needed. We have benefited much by keeping money in the kitchen container or piggy bank, since it has prevented us from falling victim to contemporary frauds.

Source: ai-techpark.com

What are the common types of financial frauds?

The most common kinds of frauds include malware or system breaches where funds are stolen, phishing, where the victim is coerced into revealing their credentials or perform financial transactions, and fake e-commerce sites or fraudulent schemes where victims voluntarily transfer funds, according to the article.

When money is transmitted willingly, there is no protection for the client.

In 2017, the Reserve Bank of India (RBI) adopted the notion of zero consumer responsibility in unauthorised transactions. This legal protection for customers only applies if they do not divulge their credentials or if the fraud happens after they notice that their account has been compromised.According to research carried out by DCRF, UPI-related scams account for 47.25 percent of all online financial crimes that occur in India.

Source:istockphoto.com

"A deep dive into cybercrime trends impacting India" is the title of the FCRF  study. examined and evaluated data on cybercrime from January 2020 to June 2023 and  The study is released at a time when India is both quickly embracing digitalization and dealing with an increase in cybercrimes.