New Delhi: Cyber Fraud can be considered as any fraudulent crime which is conducted via a computer or computer data. The crimes are extensive. Fraudsters can use the cyber world to gain access to victims’ identity, their online accounts and their bank accounts.
They can then finance terrorists with the money and information obtained from this. Because the internet and mobile banking are used so widely, there are more opportunities than ever for cyber fraud to be committed by criminals. Fraudsters have access to the victim’s bank account details and can utilize the money and information they obtain from their system for terrorist purposes.
Let us take the example of the victim of Cyber Fraud, Sunil Jhaveri, founder of MSJ MisterBond Pvt Ltd. Sunil got a call from FedEx (fake) which stated that one parcel which he had sent from Mumbai to Taiwan was intercepted by customs and it contained passports, credit cards and 200 gms of MDMA. The employee who was a fraudster connected with to him from Cyber Crime Mumbai Cell.
In his LinkedIn post, he said that his call was transferred to Mumbai Crime Branch. There a sub inspector took all his details and asked for his Aadhar Card details. He added that the Sub-Inspector called someone from the Aadhar Card department to find out more details. He added that the inspector put him on hold and his call with Aadhar card person on speaker phone.
He then wrote in his post that the so-called Aadhar Card department stated that this Aadhar Card Holder had 3 bank accounts with HDFC, ICICI and SBI banks for money laundering. He further in his post stated that the Sub inspector then gave him this story of all these linked to one MLA case for money laundering, drug money, Pulwama attack, terrorist funding etc. In his post, he also talked about the inspector asking him about his bank account balances (“Fortunately I have a habit of keeping minimum balances in my accounts”). He added that it disappointed them. Then they asked for his investment details and amounts.
He further wrote that he was instructed to redeem his investments on Monday to prove to them that it was genuine transactions coming into his account. He also said that he was told to redeem his investments on Monday to prove to them that these were genuine transactions coming into his account.
He also wrote that throughout the day they were asked to stay under House arrest by putting them on a video call and ensured speaking to them every hour or so. He also said that he was asked not to contact his kids and lawyers as it can be an issue of national security. He was also sent a notice (supposedly from CBI) and a sub-inspector ID Card. He mentioned in the post that by that time his wife had already Googled and read about this cyber fraud including the name of this sub inspector.
He wrote that finally, he mustered the courage to call his lawyer friends who told him that this was cyber fraud and many had lost lacs of rupees due to this. In the end, he wrote that he informed all his friends and family not to fall into this trap of fraud in future.
Phishing emails and viruses are commonly used by cybercriminals and fraudsters to attempt to obtain their victims’ financial and personal information online. Please do not respond to emails that require you to confirm your bank account details or provide your bank information, even if they have an attached link.
Knowing what your bank and related organizations would ask of you is essential to preventing cybercrime; they would never contact or email you to request your bank information. You should contact the bank directly to find out if this email came from them or not, even if the email or phone call seems genuine and honest.
Here is a list of ways we can prevent cybercrime
1) Ensure our system is up to date.
2) Use of a full-service internet security suite
3) Use of a secure internet connection
4) Use of strong password
5) To be aware of pop-ups and fraudulent mail
6) To protect ourselves from identity threats
7) To manage our social media settings
8) To get the right cyber insurance policy
