Video Call Bank Scams: How to Stay Safe & Protect Your Money
26 June, 2024
Synopsis
Video call bank scams, leveraging platforms like WhatsApp and AI technology to impersonate trusted contacts, have emerged as a significant threat.
To stay safe, it's important to be wary of unknown video calls, protect sensitive information like OTPs and bank details, stay informed about the latest scams, use screen sharing carefully, and conduct transactions on secure networks.
Individual vigilance and an informed approach are crucial in safeguarding not only their finances but also their personal trust and connections in the digital world.
In the ever-evolving world of technology, the convenience of digital banking and communication has brought with it a new wave of cyber threats, notably video call bank fraud. The recent surge in video call fraud involves scammers exploiting the video call feature of popular apps. They mimic the identities of people you trust using sophisticated AI technology, making their pleas for financial help seem incredibly real and urgent. In this article, you can get information on this digital masquerade that's deceiving many.
What is Video Call Fraud?
Video call fraud occurs when scammers use video calls to deceive individuals, often by impersonating someone they know using sophisticated technology. They create fake scenarios to extract money or personal information. This type of scam can occur on various platforms, including popular messaging apps.
You may transfer the money expecting the individual to return it once they're out of the financial crisis. The individual can pose as your spouse, parents, siblings or close friends. In reality, scammers use Artificial Intelligence (AI) to con you.
How to Recognise Video Call Fraud?
The crux of these scams is the exploitation of trust during video calls. Scammers, armed with information obtained from social media, create scenarios that compel you to act swiftly, often leading to substantial financial losses. The method is cunning: it does not ask for sensitive information outright but plays on the emotional bonds to elicit financial help.
Exercise Caution with Unknown Calls: Be wary of video calls from unfamiliar numbers. If in doubt, disconnect the call and verify the caller's identity through a regular voice call.
Guard Your Information: Never share OTPs, bank details, or personal passwords over a video call, even if the request seems legitimate.
Awareness is Key: Stay informed about the latest cyber fraud tactics. Remember, knowledge is your best defence.
Screen Share Safely: Be cautious with the screen share feature. Ensure no sensitive information is displayed inadvertently.
Use Reliable Networks: Conduct financial transactions over secure, private networks. Public Wi-Fi networks can be breeding grounds for cyber criminals.
What is the Impact of Video Call Scams on Banking?
Video call scams can impact your financial data in numerous ways. Scammers may prompt AI to represent a family member asking for financial data such as account numbers, passwords, UPI IDs or PINs. This information can then be used to access your bank accounts and carry out fraudulent transactions.
Cybercriminals may use video calls as a means to distribute malware onto a device. For instance, they might persuade you to download a file or click on a link during the call, which contains malicious software designed to steal sensitive information stored on the device.
How Should You Complain About Video Call Fraud?
To report video call fraud, contact your local police or cybercrime division. Additionally, you can report the incident to the platform where the fraud occurred. Provide as much detail as possible, including call records and screenshots.
To report such frauds, individuals must immediately lodge a complaint on the National Cyber Crime Reporting Portal (www.cybercrime.gov.in) or via the cybercrime helpline (1930).
Each of us plays a pivotal role in ensuring our own digital safety. By staying informed and cautious, we can effectively guard against these insidious scams. Remember, in the digital realm, it's not just about protecting your money, but safeguarding your trust and personal connections. Stay safe, stay secure.
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Disclaimer: *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
