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Cyber Safety From Online Financial Frauds

Electronic crime is at its peak nowadays. Everything we share, upload or whatsoever we use electronically is present on the internet and can be accessed easily by hackers, key loggers, fraudsters, etc for committing crimes. Financial fraud means when someone deprives you of your money, capital and degrades your financial health for personal gains with criminal intentions. Whenever you get trapped in such kind of offences immediately report the incident to respective law enforcement authorities and take legal action.

Financial Frauds Through Internet

The major financial frauds modes through the electronic medium are-

  1. Stealing credit/debit card details through phone calls and emails.

  2. Calling for jobs, relationships, money, etc and asking for security payments

  3. Hacking of accounts

  4. Use of forged sim-cards and duplicate Aadhar-cards for transferring amounts

  5. Providing Link to other fraud and counterfeit websites

  6. Invitation to offer for selling of products in cheap rates and commit fraud etc.

In the list of electronic frauds, spoofing and phishing are common. Whereas websites direct you to the other counterfeit website and tricked you to share the personal information such as passwords, card numbers, pin numbers, etc and later on they use it for committing.

There are different viruses, spyware, malware, etc. which are uploaded in our electronic gadgets without our knowledge through pen-drives, compact-disks, social media links, emails, etc. and the purpose of these Spywares, viruses is to either destroy the data or to ruin the system by overloading it or to collect data from a computer, laptop, or any electronic gadget in which they are installed and to send it to the source station without our knowledge, etc. Similarly, there are pop-up windows which are appearing suddenly on the website meanwhile we are working and they are mostly in the form of ads and when we click on that pop-up windows it will by default take us to the other counterfeit web-page and collect the personal data from our electronic system.

The real problem is with the senior citizens, children and with the illiterate class of peoples because they are not aware of these online frauds and the scammers are targeting nearly 70% of these age group peoples as they lack in fluency with technology and digital world and easily get convinced for sharing the details and the second problem is that most of the peoples of these age groups are unaware about what is personal and what is public and resulted with financial losses.

How To Get Protection From Such Crimes?

There are certain precautions and measures which is to be taken by everyone in order to protect their accounts and wallets from growing cyber crimes and to secure the personal information-

  1. To be updated with emerging crimes and frauds and to be attentive while attending calls, making online payments, surfing on websites, etc.

  2. Not to connect to an unknown Wi-Fi network for free data.

  3. Use network encryptions and firewalls to secure the system from hackers.

  4. To be sure about the websites before working on it, as it can be seen on the top left corner of the window, whether the site is secured or unsecured if it is secured it would be in green colour otherwise it is in red.

  5. Be sure to perform an internet search for pop-up blocker or to look at the options as given by major search engines to continue blocking pop-up windows.

  6. To scan the computer with antivirus on a regular basis and to clear temporary files and caches in the system.

  7. Avoid downloading from unknown sources and to use trusted store and websites for downloading.

  8. To delete the emails directly without opening it, if it is from an unknown sender and seems mischievous from prima facie.

  9. To use mixed passwords always with a combination of Alpha-numeric and special characters and to keep updating them.

Where To Report The Financial Fraud

There are offences and punishments for such kind of financial frauds in the penal laws and most specifically in Information technology act 2000. According to section 66B & 66C of IT Act 2000, if any person fraudulently, dishonestly and knowingly receives or retains stolen computer resources and use e-signature, passwords, or other unique identifications of any person for committing a crime, he shall be liable for imprisonment which may extend up to 3 years and with fine.

To report the financial fraud offences-

  1. Make complaint before police regarding the fraud with all the supporting evidence such as passbooks, online receipts, bank statements, suspect mobile numbers, email copy, etc.

  2. Make a direct online complaint on National cybercrime reporting portal of Government of India through website ‘cybercrime.gov.in’.


Aadarsh Kumar Shrivastava, 5th Year Student (B.A.LL.B.) from Government New Law College, Indore. You can contact the author at aksgs97@gmail.com

Editor: Vijayalakshmi Raju


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