‘Fraudsters have unlocked new ways to steal money from bank accounts’

Chennai: Scammers are now luring victims to share their confidential banking and personal information using social engineering tactics. They are enticing their targets through a combination of too good to be true offers, promise of help and sometimes even through threats, said Manish Agrawal, head, credit intelligence and control, HDFC Bank.

‘There has been a rapid surge in usage of digital platforms for making payments and other banking transactions. While this has led to a significant improvement in customer convenience, fraudsters have also become motivated to use digital routes to steal money. As the ease of doing financial transactions improved, attempts to fraud the customers have equally been straight through,’ he said.

Seamless transaction flow gives no time to customer if he/she authorises the transaction in favour of fraudsters, he said and added that the digital frauds have seen a makeover especially since the beginning of the pandemic and are now becoming sophisticated enough to gain people’s trust.

Fraudsters are using innovative methods to defraud common and gullible individuals, including those who are and are not entirely familiar with the techno-financial ecosystem.

 

NT Bureau