Top 3 financial scams that are happening in this pandemic

The covid-19 pandemic has hit hard to the middle class and below middle-class people. People are struggling financially and mentally.

They have lost their jobs and their small business is not performing well right now and scammers know it will they are using new ways to target and exploit people. In this post, We’ll know about the Top 3 financial scams that are happening in this pandemic.

1. The Job Scam

As you know people have lost their jobs due to coronavirus outbreaks. Scammers are using this as an opportunity to exploit people. In the job scam, people find a good job opportunity in a good company.

Generally, these scammers use social media platforms and job websites to reach people and exploit them. But in many cases, they contact people with SMS or WhatsApp Messages containing fake links.

There are mainly 2-3 things that scammers want to achieve through this scam is…

  • Collecting people’s personal details for marketing and promotions
  • Asking them to pay a salary account oppening fees and once a person pays that fees they block that person and move on to there next target.
  • They ask people for advance comission for giving this job.

You should keep in my that these scams are so much common now but still, people lose their hard-earned money. You should never pay any amount for getting a job. If someone asks you to pay for a job. This can probably be a scam.

2. The Loan Scam

Our team recently noticed that loan scams are happening on a large scale and people who don’t have enough knowledge about it are getting exploited.

Scammers using fake and duplicate social media accounts and pretending to be genuine bank loan providers, NBFC partners, and lending partners. These scammers have joined finance-related groups and they post something like

“If you have loan requirements call us or direct message to us. We provide loans all over India with 0% Interest”

– Loan Scammers

As you know the financial conditions are not good in most families. So, there are people who ask them for loans. Now, what these scammers do is that they ask people to pay 2-10% processing fees. To get the loan. And they also ask them to send photographs of there, aadhar card, pan card, bank account.

We all know that these all documents are sensitive and we shouldn’t share these on social media platforms with the person to whom we don’t trust.

In both ways, Scammers use these documents for illegal purposes and if the person pays them processing fees in advance they block their social media profile and move on to their next direct with a new fake account.

3. The Casback Scam

This scam is like phishing. Scammers call you and tell you that you have received a cashback of Rs.5000 in your digital money wallet. They ask you that you want to claim the cashback or reject it.

If you say yes I want this cashback they will send a “Request Money” UPI request to your digital wallet. Once they sent this request they will ask you that “Sir, Can you Rs.5000” written in your notification area.

Now, they will tell you to approve this request to receive Rs.5000 in your wallet. And once you approve the request and enter your UPI Pin. Rs.5000 will be deducted from your account and will be credited to the scammers’ accounts immediately.

4. How to stay safe from these scams?

Don’t get attracted to the lottery, high amount cashback, reputed job without any qualification and interview. These all are baits of scammers that they use to exploit people.

Don’t click and reply to spam messages and calls. Don’t send confidential documents with someone to you don’ trust. Never share your CVV and card details.

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