By AsliReview Team · 30 July 2026
Financial frauds account for a large share of cybercrime complaints in India. These scams target your bank account, digital wallets, UPI apps, debit cards, credit cards, or investments. In many cases, victims lose money within minutes because fraudsters create a sense of urgency and panic.
The good news is that most financial scams follow predictable patterns. Once you understand how they work, you can spot the warning signs before it's too late.
UPI (Unified Payments Interface) has made digital payments simple and fast. Unfortunately, it has also become one of the most common targets for scammers.
Instead of hacking your bank account, fraudsters usually trick you into approving a transaction yourself.
A scammer may:
Many people mistakenly believe that scanning a QR code always means receiving money. In reality, it can authorize a payment from your account.
Rahul listed his old laptop for sale online. A buyer agreed to pay ₹35,000 and sent a QR code, saying it was needed to receive the payment. Rahul scanned the code and entered his UPI PIN. Instead of receiving money, ₹35,000 was deducted from his account.
Remember this simple rule: your UPI PIN is only required when sending money, never when receiving it.
QR codes have become common in shops, restaurants, and online transactions. Fraudsters misuse this familiarity by sending fake QR codes or replacing genuine ones.
Priya contacted a fake customer care number found through an online search. The executive claimed to process her refund and asked her to scan a QR code. Within seconds, ₹12,000 was deducted from her account.
Someone calls claiming to be from your bank.
They may say:
To "verify" your account, they ask for:
Once shared, the scammer uses the information to transfer money.
Banks do not ask for OTP, UPI PIN, ATM PIN, CVV, or your internet banking password over phone calls, emails, SMS, or WhatsApp.
An elderly customer received a call claiming his KYC had expired. Believing the caller was genuine, he shared the OTP sent to his phone. Within minutes, multiple unauthorized transactions emptied his account.
Many people search Google for customer care numbers.
Fraudsters exploit this by creating fake listings with their own phone numbers.
When victims call:
Before calling customer support:
Credit card scams continue to evolve. Common methods include:
Card Skimming — Fraudsters secretly install devices on ATMs or payment terminals to copy card information.
Phishing — Victims receive fake emails asking them to "verify" their card details.
Fake Reward Points — Scammers claim your reward points are about to expire and ask you to share sensitive information.
Contactless Fraud — If a card is lost and contactless payments are enabled, small purchases may be possible before the card is blocked.
Although digital payments have grown, ATM scams still occur. Examples include:
A fraudster obtains a duplicate SIM card for your mobile number, often through identity theft or social engineering.
Once they control your number, they can receive:
This allows them to take over your financial accounts.
If your SIM suddenly stops working:
Everyone wants to grow their money. Scammers take advantage of this by promising unusually high returns with little or no risk.
Common examples include:
There is no legitimate investment that guarantees extremely high returns without risk.
Promises like "double your money in 30 days," "guaranteed 10% monthly returns," or "risk-free investment" should immediately raise suspicion.
A Telegram group claimed to offer exclusive stock tips with guaranteed profits. Members were encouraged to invest larger amounts after receiving small initial returns. Once significant funds were deposited, the administrators disappeared.
Ask yourself:
If the answer to any of these questions is "no," reconsider the investment.
Scammers often pay small profits initially to build trust. This creates confidence and encourages victims to invest much larger amounts later. The early "profits" are usually part of the scam.
If you discover an unauthorized transaction:
Before making any online payment:
Report it on AsliReview and help protect others from the same fraud.
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