Types Of Online Frauds And How To Keep Yourself Safe From Them

As per a report presented by the Economic Times, the online fraud risk of different countries was evaluated, and India ranked as the 2nd most susceptible country to cyber threats with 8.1 index points, after Indonesia. The report further adds that there are at least 48% of customers in India that experienced online frauds directly or indirectly.

Being said that, individuals are more prone to online frauds, which can cause them substantial financial loss. Few of the common internet frauds that an individual is exposed to while browsing online are mentioned as follows.

Types of online fraud

• Phishing — In this kind of online threat, personal information of a customer such as a username, credit card number, password, etc. is collected by fraudsters disguising as an authentic or legitimate website or email.

Individuals may input private information in such malicious websites or emails, exposing their data to potential financial risk. This might result in cases of identity theft as the information is exposed to potential threats.

Consequently, individuals availing identity theft insurance cover can protect themselves financially from the substantial losses accompanying these cases.

• Spoofing — As a process of spoofing, the user or device encounters invasion of a malicious party, which is identical to another authentic party, over a network for fraudulent operations. Spoofing can cause fraudsters to steal data, inject malware, etc.
• Fraudulent pop-up windows, websites, emails — More often, users receive fraudulent emails asking them to input confidential details like credit card number, password, etc. In case the user provides any such information on these spam emails, pop-up windows, or malicious websites, they are more susceptible to credit card fraud online.
• Spyware, malware, and viruses — These are injected in a user’s system through various means — malicious third-party software that are bundled spyware file with the application, or by clicking through malicious links online. The injected spyware in devices then can collect private information and utilise them for online banking fraud and other financial cases.

Since these online threats can put one in huge debt and cause substantial financial strain over them, they should take preventive measures to not fall in such traps. Subsequently, they must ensure care while browsing to protect themselves from online fraud.

How to protect yourself from fraudulent online activities?

• Research and read about the possible online threats that a user is exposed to while browsing online. Awareness helps as individuals can avoid providing private information in malicious and suspicious sites, emails, and links.
• Make sure to secure your electronic device from online shopping frauds by blocking pop-ups as this prevents the network from opening malicious sites.
• Installing an antivirus program and scanning the device regularly for detection of spyware and other viruses protects the same.
• Individuals should avoid downloading files from unknown sources or malicious and spam links as that may contain spyware or malware.
• Make sure your internet browser and the system is updated regularly to use the latest, secure, and protected version of it.
• Do not share passwords online or over a network; create strong passwords that aren’t too obvious.
• Do not provide remote access to other individuals/companies asking for it online or over a call.
• Be cautious of unusual payment requests and register complaints against them.
• Individuals can also avail Pocket Insurance & Subscriptions like card protection plan offered by Bajaj Finserv that offers financial protection to customers in case their wallet is lost, or their cards encounter fraudulent transactions.

In addition to the preventive measures, availing financial protection plan like purse care ensures that policyholders are financially resourced and overcome the situation should they face cases of online fraud.