India has become a hub for scammers , hackers and fraudsters following the lockdown coupled with lack of financial education and Insurance regulations laws has left a huge hole in victims pockets.
Insurance Fraud in India has spreading in India
Remember the hera pheri scene where Akshay Kumar Says 24 Din me paisa double when you watch that scene you feel how can some one fall for something so obvious and untrue. But when it happens for real and you are unprepared the things aren’t fun and game anymore. These scams lead to real life problems people loosing lot of money eventually falling prey to depression anxiety and also in extreme cases trying to take their own life in today’s article we learn how can you safeguard yourself from these scams and what are the Early warning signs.
During this covid crisis insurance frauds have increased in India by a huge percentage due as it is pretty evident from many YouTube channels now covering it widely electronic frauds has become a organized and scammers are making huge profits by preying on their victims by capitalizing on the fear of covid in people.
With according to TOI just one private investigation lab has got over 350 crore worth of fraud complaints during covid. Despite of lockdowns have just helped the guys doing such frauds as people are loosing their jobs there is more anxiety towards the implications of medical costs incurred if you get covid 19 is high.
Early warning signs – Caller giving you lower quote than the regular insurance you can always check with calling the official call ce
Telegram Trade Signals Fraud
Many new groups have come up In India which ask traders to take a trade in promises of unrealistic returns how they prey people is by making Instagram pages with showing expensive cars and flashy lifestyles what they do is make 2 groups and give a signal of buying a particular stock and selling the same stock so according to probability even if stock moves either way they will show they made profits and charge you in some cases people have also given their password of trade accounts to these people through which these people make risky trades which ends up usually by victims getting lakhs in debt.
Early warning signs – Unrealistic promises screenshots of heavy profits these screenshots and pictures are usually fake made using a photo editor.
New malware infects Android TVs, IoT devices in 84 nations
Malware with ‘high probability’ of being launched in India This week, researchers from Trend Micro have reported an attack on Android TVs in 84 countries, and their initial findings highlight a high probability of a “high-impact campaign” launching in India (more on this here) which they allege will target an estimated 85 million Android devices.
Warning signs – Malicious sites promising you have won a lottery or a apple Iphone sometimes some site may say your windows is stuck and to call on a perticular number exit site immediately restart your computer or your devices if it makes your computer hang or stuck.
Summarizing what we can say is Frauds and scamming has increased alot in India and this coupled with factors as such as weak regulatory laws only being alert is a way of safeguarding your money from scammers it boils down to the age old saying.
“If it sounds too good to be true probably its a scam”.
We also have a traders help online chat help if you feel you someone or a some business is trying to scam you or someone you know you can share your experiences in the comments below also you can put a text in the chat section if you find any difficulties.