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During the COVID-19-induced lockdowns, digital modes of payments have seen a lot of traction. Customers benefit from digital payments because they make financial transactions easier. However, this also invited many fraudsters to make use of gaps and dupe the customers in different ways. To make banking customers aware of digital payments-related frauds, the Reserve bank of India has released a booklet that throws light on the modus operandi of such scamsters and what precautions customers should take before making financial transactions.

How does Phishing hacks work
Fraudsters create a phishing website that appears to be a legitimate website, such as a bank’s website, an e-commerce website, a search engine, and so on. Fraudsters distribute links to these websites by SMS, social media, email, and Instant Messenger, among other methods.

Source By : https://economictimes.indiatimes.com/wealth/save/10-types-of-banking-frauds-in-india-customers-should-know-about/articleshow/90438911.cms