Wednesday 1 May 2024

Online Scams, Cyber Fraud and Safe Digital Banking

With the advent of digital media, online cheating and scams are commonplace now. Users need to be aware to exercise caution and refrain from falling for tempting offers and clicking suspicious links.

If it looks too good to be true, it truly isn't true.

It is said- "All that glitters is not gold."

Indian banks, other institutions, and individuals have been sharing the need to be cautious about glittering deals and offers.

Through its public awareness initiative, the Reserve Bank of India (RBI), has been sharing a series of communication- "RBI Kehta Hai... Jaankar Baniye, Satark Rahiye".

In English, it means- "RBI says... Be Aware, Stay Cautious."

In other words- "Safe Digital Banking starts with you. Transact Safely."

Source: RBI Kehta Hai
More details here- 

Great that famous personalities viz superstars like Shri Amitabh Bachchan (image above) have been sharing the message. When celebrities share, more can be aware.

My father, Chartered Accountant A.K. Sabat, has been regularly sharing about investments in his talks. As the "Investment Guru" in the leading Odisha TV channel OTV's "Business Odisha" programme, CA AK Sabat has informed many to invest safely. The aim must be to make informed choices and ensure capital protection and long-term growth to take care of life goals.

It is said - "Prevention is better than the cure."

Also, it is said- "A fool and his money are soon parted."

But, the fact is that even many wise people including celebrities have been cheated in the past by believing unscrupulous people and false deals. Those cheats were supposedly trustworthy people whom they knew & some had even grown up with them!

After being the target of cheating scams, some have shared their bitter experience and warned others. Kudos to their spirit and intention to ensure that others know and do not suffer through what they went through. We must learn from all.

By the chit-fund scam, many "investors" have been duped and have lost their life savings. While some recovered a partial amount, many others came to the streets...

The TV series "Jamtara: Sabka Number Aayega" dramatized some real cases. Many have fallen prey to scams and lost their fortune within a few seconds.

Fraudulent financial transactions have either been associated with "earn higher returns and get rich quickly" schemes or with "investments for a career/job/citizenship" etc.

In a recent Hindi movie "Dunki", the protagonists and many others lost a lot of money by believing in the travel agent who promised them entry to London. Some even lie against their home country to chase their foreign dreams. 

This is an issue worldwide, and not just in India or concerning Indians.

Dreams are shattered and "illegal immigrants" have faced grave consequences including loss of wealth, property, and even death. We keep reading about such missions going wrong - boats capsizing or people freezing across the border etc.

Recently, I came across this Indian Express news report that states that-

"Over 5,000 Indians are suspected of being stuck in Cambodia and forced to carry out the cyber frauds. According to government estimates, people in India have been duped of at least Rs 500 crore in the past six months."

Indian nationals in Cambodia are being forced to participate in online scams. India and Cambodia are working to resolve this. The Ministry of External Affairs has shared that the Indian Embassy in Cambodia is acting on the complaints from Indians who were lured by false job promises and were forced into illegal cyber activities. 250 rescued persons have been sent back to India.

More in this WION news report

When many are chasing easy targets and easy money, it is of prime importance to be aware, take care and share. "Knowledge is power."

How can we stop cyber fraud and online scams? Do share your views.

1 comment:

Your words mean a lot to me.

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