Recently, a senior citizen from Noida, in her 60s, was recently targeted by a money transfer scam. The scammer, posing as a client of her husband, convinced her to transfer nearly Rs 50,000. Trusting the caller’s familiarity with her husband’s name, she proceeded with the transfers. However, before she could realise the scam, the transaction was complete, and the scammer’s phone number was deactivated.
Senior citizens are increasingly becoming targets of online scams, particularly those involving money transfers. These scams often exploit trust and vulnerability, resulting in significant financial losses for the victims.
What is money transferring scam?
A money transfer scam is a type of fraud where a scammer tricks a victim into transferring money to their account. These scams often rely on social engineering tactics, such as phishing emails, phone calls, or text messages, to deceive victims.
How these scams work:
- Impersonation: Scammers often impersonate trusted individuals like family members, bank officials, or government authorities.
- Urgency tactics: They create a sense of urgency, claiming that immediate action is required to avoid
financial loss or legal trouble. - Manipulative techniques: Scammers use emotional manipulation to persuade victims to transfer money or share sensitive information.
- Complex schemes: Some scams involve elaborate schemes with multiple stages, making it difficult for victims to identify the fraud.
How to protect yourself:
- Educate yourself: Stay informed about the latest scams and techniques used by fraudsters.
- Verify information: Never share personal or financial information with anyone unless you’re absolutely certain of their identity.
- Be wary of urgent requests: If someone is pressuring you to transfer money immediately, be cautious and verify the request through independent channels.
- Avoid clicking suspicious links: Don’t click on links in emails or messages from unknown senders.
- Use strong passwords: Create strong, unique passwords for your online accounts and enable two-factor authentication.
- Be skeptical of unexpected calls and emails: If you receive an unexpected call or email asking for personal information or money, be wary and verify the sender’s identity.
- Talk to trusted individuals: Discuss any suspicious activity with family members, friends, or financial advisors.
- Report scams: If you believe you’ve been a victim of a scam, report it to the local authorities and your bank.