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You are under digital arrest! How fake cop scams draining victims’ bank accounts

Economic Times

Economic Times · 8m ago

You are under digital arrest! How fake cop scams draining victims’ bank accounts

Digital arrest scams are on the rise in India, with scammers posing as officials from law enforcement agencies and coercing victims into paying large sums of money to avoid legal trouble. The scams start with a phone call alerting the victim to a parcel containing illegal substances or accusing them of criminal activity. The scammers then video call the victims, level false charges, and order them to stay at home under 'digital arrest'. The victims are instructed not to contact anyone and are then coerced into making online transfers to the scammers. These scams have led to significant financial losses and highlight the need for stricter regulations and awareness among the public.

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Cybercrimes on rise: Tamil Nadu Police warns public; Chennai, Coimbatore, tier-II cities vulnerable

Economic Times

Economic Times · 7m ago

Cybercrimes on rise: Tamil Nadu Police warns public; Chennai, Coimbatore, tier-II cities vulnerable

The Tamil Nadu Police has issued a warning about the increasing number of cybercrimes in the state, particularly in Chennai and Coimbatore. Between January and August 2024, there were 1,679 registered cybercrime cases, with financial fraud being the most common. These scams have led to a loss of about Rs 189 crore. The police have urged the public to be cautious of various scams, such as online share trading fraud and fake job offers. They have also advised victims to report the crimes promptly on the National Cyber Crime Reporting Portal to increase the chances of freezing the scammers' bank accounts.

Upstox Cautions Investors of Impersonation Scams

Inc42 · 12m ago

Upstox Cautions Investors of Impersonation Scams

Upstox has recently issued a warning to investors about the rising number of impersonation scams using fake social media accounts, apps, and websites. These scams often target customers from Tier II and III cities. In response, the company has launched an awareness campaign to educate its 1.4 crore customers about the risks involved and how to avoid falling victim to such scams. This alert comes in the midst of SEBI's efforts to tighten regulations on unregistered financial influencers and introduce new market measures.

Nithin Kamath sounds alarm over digital arrest frauds in India

Economic Times

Economic Times · 3m ago

Nithin Kamath sounds alarm over digital arrest frauds in India

Zerodha co-founder Nithin Kamath warned about the rise of digital arrest frauds in India, where scammers pose as law enforcement officers to extort money. Victims, often senior citizens, are tricked into thinking they face legal trouble unless they pay up. Scammers use fear and sophisticated tactics, including fake identities and extensive personal information, to deceive their targets, leading to significant financial losses. Kamath advises caution against unknown calls and messages.

Bumble's new AI tool identifies and blocks scam accounts, fake profiles

Startup News FYI

Startup News FYI · 1y ago

Bumble's new AI tool identifies and blocks scam accounts, fake profiles

Bumble has introduced a new AI-powered feature called Deception Detector, aimed at identifying and blocking spam, scams, and fake profiles. The tool successfully blocked 95% of identified spam or scam accounts in testing, leading to a 45% reduction in user reports of such accounts within the first two months. Bumble's internal research showed that fake profiles and the risk of scams are top concerns for users. The tool is part of Bumble's efforts to create a safer online dating experience and builds on previous AI features, such as Private Detector.

AI-generated scams to increase cyber risks in 2024

Economic Times

Economic Times · 1y ago

AI-generated scams to increase cyber risks in 2024

According to cybersecurity firm McAfee, AI-generated scams such as deepfake media will pose a greater risk of identity theft, phishing scams, and cyberbullying in 2024. The technology has the potential to spread misinformation through AI-generated voice, video, and photo scams, impacting victims' lives. This could also lead to increased instances of cyberbullying, with disturbingly realistic fake content targeting children. McAfee also predicts that AI will be used by cybercriminals to manipulate social media and shape public opinion, while charity frauds and Olympic-related scams are also expected to increase.

Bengaluru businessman loses Rs 1.98 crore to FedEX scam

IndianStartupNews

IndianStartupNews · 1y ago

Bengaluru businessman loses Rs 1.98 crore to FedEX scam

In Bengaluru, a businessman lost a whopping Rs 1.98 crore in a scam where individuals impersonated FedEx employees and law enforcement officials. The fraudsters would first inform victims about an intercepted package containing illegal substances and then transfer the call to a fake "cybercrime branch" where victims are falsely implicated in money laundering investigations. The rise of such financial scams in Bengaluru is becoming a growing concern, with many falling victim to online job scams as well. To protect oneself, it is essential to verify packages directly on the official FedEx website and avoid sharing sensitive information with strangers.

China raises stakes in cyberscam crackdown in Myanmar, though loopholes remain

Economic Times

Economic Times · 1y ago

China raises stakes in cyberscam crackdown in Myanmar, though loopholes remain

China is intensifying its crackdown on online scams in border areas of Myanmar, aiming to tackle criminal syndicates and their illicit activities. Despite joint operations with neighboring countries that have led to the return of thousands of victims, the crackdown primarily targets lower-level scammers rather than the masterminds behind these operations. Chinese authorities have made arrests and issued arrest warrants for individuals associated with powerful families in Kokang and Wa, which share the border with China. However, it remains unclear to what extent China's efforts will root out these scams and prevent future ones.

'Digital Arrest' scam wipes out life savings of 90-year-old in Gujarat

Livemint

Livemint · 7m ago

'Digital Arrest' scam wipes out life savings of 90-year-old in Gujarat

A 90-year-old man in Surat, Gujarat was scammed out of his life savings of over ₹1 crore by fraudsters posing as CBI officers. The scammers, in collaboration with associates in China, initiated the scam through a WhatsApp call, accusing the victim of being involved in drug trafficking and money laundering. The conmen placed the victim under a 'digital arrest' for 15 days, extracting sensitive information and transferring ₹1.15 crore from his bank accounts. While some suspects have been apprehended, the alleged mastermind remains at large. The victim's lack of familiarity with digital crime was exploited by the fraudsters.

These dangerous scammers don’t even bother to hide their crimes

Arstechnica

Arstechnica · 1y ago

These dangerous scammers don’t even bother to hide their crimes

The Yahoo Boys, a collective of scammers from West Africa, are openly operating on various social media platforms, including Facebook, Instagram, TikTok, and YouTube, while sharing fraudulent activities and methods. They openly distribute scripts and advertise fake social media accounts, including those used for blackmail and sextortion scams. The scammers also utilize AI to create fake nude images and real-time deepfake video calls. While some accounts have been removed, many remain active on social media platforms, allowing the scammers to conduct their activities with minimal consequences.

Smartphone users, this is the most 'dangerous' SMS that most people lose money to

Startup News FYI

Startup News FYI · 1y ago

Smartphone users, this is the most 'dangerous' SMS that most people lose money to

McAfee's Global Scam Message Study found that Indians receive 12 fake messages or scams per day, spending 1.8 hours weekly identifying them. Shockingly, 82% have fallen for fake messages, with fake job notifications and bank alert messages being common tricks. The study revealed that 60% find it harder to identify scam messages due to hackers using AI to make them more believable. Indians spend 105 minutes per week verifying messages, and 88% trust AI to detect online scams. To protect against scam messages, experts recommend thinking before clicking, being cautious if it seems too good to be true, and using scam protection software.

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