HDFC Bank shares an important update on frauds; check details

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With digital banking transactions gaining a huge traction in these last couple of years, online frauds have also been on the rise. In an analysis of such frauds by HDFC Bank for the first three months of the current financial year, it was found out that fraudsters use the peak business hours between 7:00 AM to 7:00 PM, as the preferred time of operations, according to a Business Standard report. According to the largest private sector bank in the country, since the pandemic’s inception, digital frauds are becoming increasingly sophisticated enough to gain people’s trust with a makeover.

Most of the victims in the age between 22-50

The bank’s fraud dispute analysis survey showed that 70% of the frauds happen during the said period of time and according to the report, fraudsters and scammers are generally in the outskirts of metro cities and urban centres, as the law agencies are strong in metros. For the modus operandi, the fraudsters use social engineering, with scripts based on themes like greed, help threat and commerce.

Using greed they lure customers with a lottery and by promising customers in helping them redeem card points. They also threaten them to update their KYC details, else the accounts will be deactivated. They also fall prey while initiating transactions to buy something online from an unverified  sites like liquor.

The analysis further highlighted that 80-85% of the victims fall in the age bracket of 22-50, who are more technically savvy. Though 80-90% of the frauds happen due to customer’s negligence, however many at times customers get defrauded even without sharing confidential information, according to the publication. 

Also, by making customers download genuine apps on their mobile phones, fraudsters are gaining access to their phones and get the confidential information through them. The Home Ministry has operationalised a centralised helpline number, 155260 and a reporting platform, where incidents of cyber frauds can be reported.