Let’s talk about Financial Fraud! When we hear the word fraud, we get scared. We think, ‘OMG A fraud happened!’ Let’s talk about the simplest financial fraud.
We’ll take a scenario: A lady was going to the market when someone from a bike came and pulled her golden necklace. This is the simplest fraud in finance. When we hear about all these thefts, from that day, till 7-8 days, all the ladies passing from that lane will wear a stole, or they will cover their chains and go out, and sometimes they stay alert that anyone is coming from behind, coming on a bike, etc. All this stays for 7-8 days, then this fever goes off, and from the 8th day the routine continues till the next fraud occurs.
Today we will learn about frauds and their protection. Firstly, don’t be afraid of fraud. If you are not investing and thinking, ‘What if a fraud happens’? then you are wrong.
Just take the below precautions:
If you are doing big or small transactions, please do not connect that device to free public Wi-Fi. Do not do any financial transactions using public Wi-Fi.
Then, always turn on your mobile internet when not in use because this can be used for cyber fraud. I learnt this effective thing from my friend Ms Anupama Basrur, a renowned and competent Cyber Security Expert.
Then, we always get attracted by a free app or game. India is a very free-free mindset country. In that app free editing happens, in that app image is created for free etc. Very good. Obviously, all the free apps would have ads. So, there would be many ad distractions in between. Many times, these ads want that you do something. And normally, we wait for that skip ad button on YouTube also. And these people who make ads highlight that button with which you can go to their website. Sometimes these buttons get clicked but that opens 4-5 tabs more in the background. Which we can’t see in the browser or the phone. Be aware. These small Little apps that open in the background, can be dangerous. And sometimes even your credit card details get copied.
Whenever you set passwords, set them very strong, specifically for your banking or any UPI or something like that. And always remember to have a two-factor verification authentication Never get trapped in- the “You have a bonus unclaimed on insurance policy” kind of calls. These have even statements like “RBI/SEBI/IRDA senior official is on the line”! Why would a regulatory officer call us for an unclaimed bonus??!!!
Check website URLs correctly specifically Amul and Anmul.
There should be no remote access to your computer. You should have Ready access to the helplines of companies and regulators. As RBI rightly says, Jaankar Baniye,Satark Rahiye! Women, you are the home ministers… This finance ministry step is also yours!
Shared by: Priyanka Acharya
Author’s bio: Priyanka Acharya is a Financial Educator, and author and hosts podcast shows ‘Ek Chuki Finance’ and ‘LaxmiGyaan Library’. With her unique blend of analogy and domain expertise, she intends to be Favorite (Priy) – Episode (Anka) in every financial story!
