From UPI To SIM Swap: 5 Scams Every Indian Must Know To Protect Their Money

One wrong click can lead to a major financial loss. As online transactions become increasingly common, fraudsters are constantly inventing new ways to trick people into sharing sensitive information or transferring money.

Finance influencer Monica Malik often stresses that building wealth is important, but protecting it is equally crucial. Here are five common scams that every Indian should know about and the simple precautions that can help prevent financial losses.

UPI Collect Request Scam:

UPI has transformed the way Indians send and receive money. However, scammers are exploiting its popularity through fake collect requests.

Victims often receive messages claiming they have won cashback, rewards or refunds. The fraudster asks them to accept a payment request and enter their UPI PIN. Instead of receiving money, the amount gets deducted from their account.

Remember, a UPI PIN is required to send money, not receive it.

SIM Swap Scam:

In this scam, fraudsters obtain a duplicate SIM card linked to the victim's mobile number.

Once the duplicate SIM is activated, the victim's phone loses network access while scammers receive OTPs and banking alerts. This allows them to gain access to financial accounts and carry out unauthorised transactions.

If your phone suddenly shows no network for an extended period, contact your telecom provider immediately.

Remote Access App Scam:

Scammers often pose as customer support executives and ask victims to install apps such as AnyDesk or TeamViewer.

Once installed, these applications can give fraudsters access to the device, allowing them to view personal information, banking details and messages.

Banks and financial institutions never ask customers to install remote access applications.

Phishing Scam:

Phishing attacks usually arrive through emails, text messages or fake websites.

Victims are informed that their account has been blocked or that immediate KYC verification is required. The links often appear genuine but are designed to steal login credentials, passwords and financial information.

Always verify the sender and avoid clicking suspicious links.

Impersonation Scam:

Fraudsters frequently pretend to be representatives from banks, the RBI or government agencies.

They speak confidently and request sensitive information such as OTPs, CVV numbers or banking details under the pretext of verification.

Remember, genuine officials never ask for OTPs, PINs or CVV details over calls or messages.

Stay Alert, Stay Safe:

Financial fraud can affect anyone, regardless of age or income. According to Monica Malik, awareness remains one of the most effective ways to protect yourself from scams.

Before sharing information, approving requests or clicking links, take a moment to verify the source. A few seconds of caution can save months of financial stress.

The more informed you are, the harder it becomes for scammers to succeed.

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