Connect with us

Research & Opinion

Know All About Financial Cyber Crimes And Preventive Measures



Online Banking: As Cyber Frauds Increase, Here Are Some Simple Steps To Stay Safe Online

By Satyendra Sharma in NEW DELHI:

Nowadays, cyber crime has become a big concern around the globe and increasing in very fast manner. As per “Crime in India 2020” report published by National Crime Records Bureau (NCRB), Ministry of Home Affairs, Government of India, a total of 50,035 cases were registered under Cyber Crimes, showing an increase of 11.8% in registration over 2019 (44,735 cases). During 2020, 60.2% of cyber-crime cases registered were for the motive of fraud (30,142 out of 50,035 cases).

Financial cyber crime is also increasing day by day instead of implementing new security features in electronic banking. One of the main reason behind this is the lack of awareness among citizens in area of basic cyber security. People trust on Social media apps/websites like WhatsApp/ Facebook/ Twitter/ Instagram etc. They blindly trust on search result of Google  to find out contact numbers of banks/ merchants/ organization etc. from illegitimate links wherein fraudsters have already feeded their mobile numbers for committing cyber crime.  Mobile number of cyber criminals are also active on social media platform and Google search. In case of transaction-related problem, bank customer searches contact number of bank using Google, then fraudster’s mobile number also displays in Google search. When innocent people call on fraudster’s mobile number for banking or merchant related support, fraudster takes card details such as card number, expiry date of card, CVV and online banking ID and password etc. in fraudulent manner.

Further, fraudster shares a link to victim person on his registered mobile number with request to click on that link and install the app for providing online support. When victim installs the app and share the code, his mobile phone is accessed remotely by cyber criminals. This app may be Anydesk or Team Viewer Quick Support which is used to access the device remotely. In addition to phishing, vishing, spoofing and cyberbullying; cyber crimes are also being committed through ransomware attack and sextortion which is the subject of great concern.

Banks and State/ UT police including Ministry of Home Affairs, Govt. of India are issuing advisories on regular basis that “not to Click on the Link” received through SMS/ Whatsapp/ email and not to install app from link. However, due to unawareness or due to some greed, people are being duped by cyber criminals across the country. This is not only the problem of uneducated or less education persons; highly educated persons are also victimized. Citizens can register cyber crimes complaint at National Cyber Crime Reporting Portal or helpline number 1930 which is initiative of Ministry of Home Affairs, Govt. of India.

Most Important Types of Cyber Crime

Credit Card/Debit Card Fraud- Cyber criminals steal the credit card/debit card details such as card number, CVV code, expiry date of the card, PIN, OTP etc. using various techniques such as phishing, vishing, skimming and commit online banking fraud.

Phishing- It is technique of pulling out confidential information such as credit card/debit details, internet banking details etc from the account holder by deceptive means.

Vishing- It is the combination of Voice and Phishing wherein criminals dupe the bank customers by calling and posing themselves as bank official for taking the secret financial information (credit card/debit details, OTP etc) over phone lines and commit the fraud.

Spoofing- Cyber criminals use the identity of other person through email/contact number to pretend to have the identity of genuine person, so as to commit the crime by sending email or by phone call.

Exp- Fraudster sends fund transfer request to branch manager through spoofed email or makes call through spoofed number. Many branch managers have been duped by this technique.

Online Wallet KYC Fraud- Fraudsters use series of mobile numbers and call to the victims randomly for updating KYC of online wallet and commit fraud by taking payment credentials using different techniques like Google Form.

AnyDesk/Quick Support Fraud- Fraudsters call to the victim for updation of Aadhaar number/KYC and request victim to install AnyDesk/Quick Support app for online support. They request victim to make small amount of payment like Rs.1 or 10. Once victim uses payment credentials for doing this transaction, fraudsters view the same using these remote accessing apps. Thereafter, fraudsters commit the fraud using payment credentials and get the OTP using remote access of victim’s mobile phone and also delete the OTP/SMS so that victim can not be aware.

UPI (Unified Payment Interface) Fraud- Fraudsters are using UPI for committing the online fraud because it is very fast technique for payment which is available 24×7. Fraudsters call to the victim for giving prize or lottery amount and request victim to accept the money. They send payment collect request to the victim through UPI. Once victim authenticates using UPI PIN, the account of victim gets debited.

Internet Banking/ Mobile Banking Fraud- Nowadays without going to branch bank customers can get the facility of Internet banking/mobile banking. Using vishing technique, fraudsters call to the bank customers and get the payment credentials and get the Internet banking/mobile banking facility for committing the fraud. Once they get mobile banking facility, there is no need to OTP for doing transactions.

Online Sell Fraud- When people use the online websites like OLX/Quickr for selling their old items, they receive call from fraudster also. Fraudster uses UPI collect money facility and send the request to victim for accepting the same.

Google Search Fraud- Many people search on Google for getting the contact number of banks/online shopping websites for addressing their issues. There is lots of fraud mobile numbers are available on the web world. Once the customer/consumers call on these mobile numbers for addressing their issues, fraudster gets the payment credentials and do online transactions in victims’ bank account.

SIM Swap Fraud- Using online SIM swap facility, cyber criminals get a new SIM card issued against your mobile number through the mobile service provider. Further, using swapped SIM (new SIM), fraudsters get One Time Password (OTP) and other SMS alerts required to carry out online transactions through bank account.

Cryptocurrency Fraud- Cryptocurrency is a type of digital currency that exists virtually. There is no physical existence of cryptocurrency. You can exchange cryptocurrency with someone through online mode only without using an intermediary like a bank. Bitcoin, Ethereum, Litecoin, Ripple and Dogecoin are well known cryptocurrencies. Cryptocurrency payments do not come with legal protections. Scammers are finding new ways to steal your money using cryptocurrency. There is possibility of scam if someone requests you to pay through cryptocurrency.  

Ransomware– Ransomware has grown to be one of the biggest problems in the era of information technology. It is a type of malware which blocks a computer or encrypts the data and demands money in the form of virtual currency like Bitcoin for the restoration of the functionality. Ransomware threats are becoming more prevalent in enterprises. They are attempting to extort money from their victims with promises of restoring the functionality or restoring encrypted data whatever. But there is no guarantee that after paying the ransom you will give access to your computer system or restore files again.

How to Prevent from Cyber Crime

  1. Never share your sensitive financial details like card number, expiry date, CVV, ATM PIN, OTP, online banking ID and password to anyone.
  2. Do not forward the message to other numbers if received from illegitimate sources.
  3. Do not scan QR code through UPI app which is received from unknown sources.
  4. Do not enter UPI PIN in case you receive QR code or link otherwise you account will be debited.
  5. Please note that UPI PIN is used for deducting the money from your bank account. For receiving money, no UPI PIN is required.
  6. Do not click on the link received from unknown sources.
  7. Do not open email attachments from unknown sources.
  8. Block your web browser pop ups.
  9. Keep your passwords strong and secret.
  10. Keep backup of important files in a separate disk/ memory card.
  11. Do not install apps through link. Apps should always be installed directly from play store/ app store.
  12. Do not install Anydesk or Team Viewer Quick Support app in your mobile phone.
  13. Do not visit unsafe or suspicious websites. Please note that secure website always starts with https.
  14. Check the URL in the browser address bar and look for any spelling mistakes.
  15. Bank’s toll free number is mentioned on the backside of debit/ credit card. You can also visit the corporate website of banks for getting toll free number.
  16. In case of cyber crime, you can lodge a complaint at the National Cyber Crime Reporting Portal or helpline number 1930 which is initiative of Ministry of Home Affairs, Govt. of India.


The main reason behind increasing cyber crime is the lack of awareness among citizens in the area of basic cyber security. Cyber security awareness can play an important role to reduce the cyber crime. We found that majority of Indian citizens are not aware with basic banking cyber security and easily duped by the cyber criminals. Further, citizens are also not aware about secure use of social media accounts and easily become victim. To combat cyber crimes, basic cyber security awareness training should be provided to every citizens. There is also a strong need of awareness about National Cyber Crime Reporting Portal and helpline number 1930 among citizens so that cyber crime cases can be reported without delay.

Disclaimer: “All contents presented in this article are personal views of authors. These contents can not be treated as official views of the authors.”

Satyendra Sharma

Writer: Satyendra Sharma, Chief Manager (IT), PNB Head Office, New Delhi and Nodal Officer for Indian Cyber Crime Coordination Centre (I4C), Ministry of Home Affairs, Govt. of India.

Continue Reading