A fool and his money are soon parted.
As we step into the outer world, we are fascinated by a lot of things, most of
which comprises of materialistic assets. We are always in a haste to become
famous, to have lots of money, go on expensive trips, eat in 5-star restaurants.
However, in the digitally connected world, the presence of thieves is not
limited to the deserted roads.
As it has become easier to get connected to people across the world, we are
vulnerable to online frauds, scams, putting our money and hard work in vain. The
worst part is that the scammer is always at an advantage to impersonate or
conceal his actual identity and status.
Following is a list of 5 frauds/ scams one must be aware of:
Multi-level marketing/ Quest Net Scam This is a scam which has taken the entire country by storm. Unfortunately,
on a daily basis, people are falling prey to this scam. All over the
country, there is an entire chain of people (in thousands) who brainwash you
into this scam. They make you realise that all your life you have been
living in misery and it's high time when you can uplift and become a 'self-made person' who can easily turn his startup idea into reality within
no time. They ask you to invest a nominal amount (minimum 2-3 lakhs to be
precise) and fascinate you with sponsored international trips, expensive
cars, lavish lifestyle.
A scam by a Hong-Kong based company Quest Net (Qnet) has drained the
hard-earned money of lakhs of innocent middle-class people PAN India. In the
hearing of the multi- crore scam of Qnet operating in India by the name of
Vihaan Direct Selling (India) Pvt Ltd., Bombay High Court observed that the
motto of the company is camouflaged and the sole intention is to fool
others. It is a chain where a person is fooled and then he is trained to
fool others to earn money. For that purpose, workshops are conducted where
study and business material is provided with a jugglery of words, promises
and dreams. Thus, the deceit and fraud is camouflaged under the name of
e-marketing and business.
Credit Card Fraud Many times, a message pops up in your phone telling you that your phone
number or your account has won a lottery for Rs 5,00,000 and you are
required to give bank details so that they can deposit the money in your
account. Sometimes, we receive a call from our 'Bank' we have our account
in. They try to gain your confidence by reciting the first six digits and
asking you to deposit the credit card monthly amount, else your account will
be blocked. Then, they ask you to tell the OTP (One time password) you
receive on your number and the moment you tell the OTP, your account is
debited with all your money.
Even though banks keep on running campaigns regarding this, many times
people have fallen prey to this scam. We all are well familiar with the
Jamatra credit card fraud wherein in 2017, Jamatra, a district in Jharkhand
had become a hub for the maximum number of abovementioned cybercrime in the
App-based loan companies' fraud Many a time we find ourselves in a situation where we are falling short of
funds, especially when we have just started earning. We are stuck in a
situation where neither can we afford credit cards nor we find it suitable
to approach a near one for help. These apps seem like a blessing in disguise
when faced with such a situation. Although, there are many articles doing
rounds talking about the genuineness of such apps, there are several reasons
why the author regards them not only fraudulent but also an invitation to
These apps mostly target college-going students and young
professionals within the age group of 24-28 who have just started earning
money. They provide loan for an amount ranging between Rs. 5,000 to Rs.
Unlike banking institutions, there is the least filing of
formalities. The interest rate is between 24-30%. Now, the problem arises,
when the person is unable to deposit the money. When the person asks for a
moratorium or is unable to pay the entire amount in one go, that's where the
problem arises. These apps have people working for them, who make a list of
such 'defaulters' and start harassing them with threatening WhatsApp
messages, calling them late at night, sending them fake FIRs, legal
Also, these companies start asking for penalty amounting to double
or equal the sanctioned loan amount. A person harassed by similar act had
approached RBI asking for a moratorium, wherein the RBI informed the person
that the said NBFC (Non-Banking Financial Company) is not registered with
RBI and the person shall contact Registrar of Companies. There are
several app-based loan companies which are operating in this fashion such
as Rupeefast, Cash flow, Timely cash, Momo, Kissht, etc. and are using
aggressive methods to recover the loan amount.
Freelance Sites fraud Earn from home! Earn 5000 an hour! All these ads really make us wonder if
it is that easy to earn money online, how come people commute for 2 hours a
day for a lesser paying job. Even though there are genuine sites, the
traffic of 'freelancing' has covered the internet to such an extent that it
has now become simply impossible to pick out genuine ones from the
The most fraudulent ones are those which involve data
entry. The author came across certain reviews of a site called Resumebott which
has fooled several people.
The reviews vividly explain the operation of the abovementioned site. You
receive a message in your phone asking you to register on the abovementioned
site. Then, you are given one week-two weeks' time to fill the details of
resume in a form. The deadline is to fill 250 resumes (minimum) within the
stipulated time. Thereafter, you are lured by messages filing your phone
with schemes like fill 700 resumes and get 70 rupees for each resume.
Thereafter, you are called by some typing agencies, which ask for the id and
password and tell you that they will fill the form in 4 hours and will take Rs. 1500 as advance and the rest after payment.
This doesn't ends here. If you decide to fill out those 250 forms all by
yourself, you will receive a message informing you that the form required
80% accuracy and you failed by 5% or so. Thereafter they will ask to shift
the deadline for you (exclusively) by 4 days to 1 week on payment of say, Rs.
2000/-. So, in all, you lose your valuable time and sometimes, your
Second-hand product-based sites fraud We all have come across sites like quickr, olx etc. People consider buying
second-hand products at a great bargained price than going for a brand new
one. Since this market saw a boom in India, there are people who are
fraudulently making a fortune out of it. Recently a twitter was published by
the officials of CISF wherein some antisocial elements have been putting up
ads for sale of second-hand products like car, luxury furniture at a
tremendously cheaper price.
These elements have been using fake IDs of defence and police professionals in order to gain trust and thereby asking
the people to pay 10% or 50% advance to book the product. One must be extra
cautious while coming across such sites because one can easily lose money
fascinated by such great deals.
We are well versed with the phrase All that glitters is not gold
important to not to be fascinated by the ads and deals we come across and trust
blindly. Also, when it comes to the above mentioned frauds and scams, it is
always better to prevent than to cure. The reason is the difficulty in tracing
out the criminals behind them. These people leverage through the loopholes of
the cyberspace and it would take a lot of time and hard work for even the cyber
police to trace them down.