Online banking frauds see huge rise in Delhi post Covid-19 lockdown

As more people move to digital transactions, cybercriminals are finding new ways to exploit vulnerabilities in online systems. In the past year, there has been a significant increase in the number of complaints related to debit and credit card fraud, SIM swapping, and internet banking fraud in the city, according to a report in The Times of India (ToI).

The Delhi Police received 5,294 complaints related to debit-credit card and SIM swap frauds in 2022 against 2,483 in 2021. Scammers steal crucial details like CVV numbers and 16-digit card numbers from their targets by employing various nefarious methods.

An officer said the scammers posed as customer care officials of banks and asked for card details and one-time passwords (OTPs) from people. After obtaining the details, they make unauthorised transactions. Scammers would often entice victims on the pretext of redeeming card points. They would also ask for OTPs on the pretext of account verification.

Fraudsters also steal people’s information by skimming data. They would also clone cards by planting a chip at ATMs, another officer said. Another way scammers dupe victims is by swapping debit cards. Fraudsters hunt for private information by posing as bank officials and sending phishing emails.

The higher number of complaints seems to correlate with the rise in digital payments, especially after the Covid-19 lockdown. An officer said, after the 2020 pandemic, there was a big jump in the usage of digital payment interfaces for transferring and receiving money. The loopholes in the system were exploited by criminals and they started targeting people with different methods. The number of complaints has been rising over the last two years.

Complaints related to internet banking fraud also saw a big jump. 3,579 complaints were received last year against 1,347 in 2021, the data shows. Fraudsters would make fake sites for several banks which mimicked the originals. An officer said when a user, without verifying the contents of the site, enters the ID and password of his or her bank account on the site, the scammer takes control of the bank account.

Using unsecured WiFi connections in public places also makes systems vulnerable to hackers. Scammers also dupe people by sending malicious links through the mail.

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