Here are the different kinds of frauds:Identity Theft Fraud: “In an identity fraud, some other individual can avail a loan in your name and then leave you to face devastating consequences,” says Monga. Hence, identity theft is a crime involving the usage of another person’s personal or financial details to make unauthorized transactions or purchases. There are different ways to commit it and this could lead to a severe impact on someone’s credit, finances, and reputation. In such cases, often a hacker can breach the data of a person and get sensitive information such as name, bank details, and salary information from an organization. Advance Fee Fraud: When it comes to advance fee fraud, scammers implement deceptive tactics in order to lure unanticipated victims into paying upfront charges or fees before they receive their promised loan amount. Hence, advance fee fraud is a crime where a fraudster tries to trick people into paying advance amounts such as income tax, GST fee, or processing fee, in the context of winning a lottery, a lottery, or being offered a loan. For example, in a lottery scam, the fraudsters inform the participants that they have first to pay a processing fee or a GST fee. They tell the victims to deposit the money in definite banks, and after the GST, they ask for further fees on income tax. And this is how they trap the people into this scam. Phishing Scams: Phishing and online frauds have taken a new rise in the past decade with the digital boom. Having a strong digital presence can be both – a blessing and a vulnerability. In a phishing scam, a fraudster tries to obtain sensitive information from a person by impersonating a trustworthy entity in an online space. Since we engage in online transactions regularly, we often end up leaving behind certain particulars of our account details. Cybercriminals and scammers keep on devising new ways to trick you into divulging financial and personal information online, leading to huge losses. Often communications from fraudsters come in the way of email, text messages, or even phone calls, and they contain links to fake websites or malicious attachments. In email phishing, you might receive a deceptive email from your bank about your home loan, to trick you into revealing confidential information or clicking on malicious links. Loan Modification Scam: In case you are finding it difficult to find a loan, there could be scamsters who may promise you a loan. Protecting your digital information and being cautious with online interactions is crucial. Fraudsters promise to modify loan terms to make them more manageable, but instead, they demand upfront fees, use high-pressure tactics, and often ask for a power of attorney. This can lead to further financial loss and legal complications. In such scams, a fraudster might promise loan modifications wherein certain terms can be relaxed, new facilities may be provided, or interest rates may be reduced. In this case, fraudsters target individuals who are struggling to meet their loan repayments. These culprits are always ready to exploit this susceptibility through deceptive loan modification scams. “In this kind of fraud, imposters end up demanding upfront fees, offer guarantees of immediate results, engage in pressure tactics, and also often request signing power of attorney,” says Monga. Also read; Top-Up Home Loan: Consider It For Home Improvement, Here Is Why
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