intermediate

Recap of the Intermediate Course on Frauds

Before diving into the advanced-level content of the Frauds module, it’s essential to have a solid grasp of the intermediate concepts. Here's a quick recap of what was covered in the foundation course to ensure you’re ready to move forward:

Understanding Financial Fraud and Its Impact

Financial fraud refers to deceitful practices aimed at illegally gaining money or valuable information. It’s important to be aware of the various forms of fraud, as they can affect individuals and businesses alike. This awareness is the first step in safeguarding yourself against potential scams.

Common Financial Frauds

Phishing

A prevalent form of online fraud where attackers use fake emails or messages that look official to trick individuals into clicking on malicious links or sharing sensitive information. Examples include fake websites that mimic legitimate sites and fraudulent messages about unpaid bills or false tax refunds.

Smishing

Similar to phishing, but through text messages. This method often involves scams such as lottery notifications or urgent requests through messaging apps like WhatsApp, aimed at stealing banking details or tricking people into scanning fraudulent QR codes.

Vishing

Voice phishing involves scam calls where fraudsters pretend to be from trustworthy organizations and try to persuade individuals to reveal personal information. Examples include fake calls about redeeming credit card reward points or OTP scams involving fake deliveries.

Spoofing

Fraudsters disguise themselves as someone familiar or a trusted entity to trick victims. This could involve mimicking a relative’s voice or pretending to be a legitimate organization in emails or calls.

Key Tips to Identify and Respond to Fraud

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    Be cautious with unsolicited emails, messages, or calls asking for personal or banking information.

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    Verify any link or attachment before opening, and watch out for incorrect logos, poor grammar, or spelling errors.

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    Never share OTPs or other sensitive details over the phone, email, or messaging apps.

How to Stay Protected

strong password

Strong Password Practices

Use complex, unique passwords and update them regularly.

two factor authentication

Two-Factor Authentication (2FA)

Implement 2FA on all your accounts for added security.

caution

Cautious Use of Public Wi-Fi

Avoid accessing personal financial data when connected to public networks.

software update

Software Updates

Keep your devices and antivirus software up to date to safeguard against evolving cyber threats.

safe shopping

Safe Shopping

Stick to reputable sites for online shopping, and check for HTTPS in the URL to ensure a secure connection.

Steps to Take if You Become a Victim

If you encounter a suspicious transaction or potential fraud:

1

Contact your bank immediately and provide the relevant transaction details.

2

Request to freeze your account and block your cards to prevent further unauthorized transactions.

revisit

These above concepts were covered in the Intermediate module. If you need a quick review, feel free to revisit it.

In the Advanced module, we'll explore these topics further, including fraud identification strategies, explore the psychology of fraudsters, discuss fraud avoidance tactics, gain knowledge on card skimming, and shed light on detailed fraud prevention plans in addition to SEBI’s role in fraud control and prevention.