Financial Frauds; What You Need To Know

Outlook Money

Financial Frauds

Financial fraud severely impacts personal finances, it also causes direct monetary losses and significant stress. The victims bear the maximum brunt of it with drained accounts, unauthorized transactions and damaged credit scores.


kinds Of Financial Fraud

1. Phishing: Fraudsters often send fake emails or messages and pretend to be from banks or other payment apps to steal information. The common signs are SMS asking for personal details or OTP, links directing to fake websites, and spelling errors. 


2. SIM Swapping

In this, fraudsters duplicate SIM cards to intercept OTPs and complete transactions, including those from the credit card. The identifying signs are sudden loss of mobile network, inability to make or receive calls, and unusual activity in bank accounts. 

SIM Swapping

3. Fake Customer Service Numbers

Fraudsters also post fake customer service numbers online, influencing victims to share sensitive personal or banking information.

Fake Customer Service

Money Lost By Financial Fraud

If money is lost by financial fraud, one should report the incident immediately, block all cards, file a police report, notify the credit bureau and monitor all accounts.

Financial Fraud

Documents Needed

1. For Frauds Originating Within India: To report a fraudulent incident one must provide all documents to identify whether the fraud is a domestic or international transaction.


Domestic Fraud Transactions

In this case, the documents to be submitted are cardholder dispute forms with transaction details. Incident Letter with the date and signature, addressed to the bank. It must contain other details like account number, card number, how it was found out that the transaction was fraudulent, and any additional information about the fraud.

Compiled by Syed Muskan

Domestic Fraud