Digital Fraud – This is a new age term and someone we know has already been a victim of this. With the huge penetration of digital economy, the digital fraud or online frauds are becoming as common as sunlight.
Digital Frauds – What are some common online scams
Here is a list of some common frauds that are being used to scam us.
| Type of Fraud | Description |
| Vishing (Phone Scams) | Scammers impersonate bank representatives to steal login details, OTPs, or other sensitive information. |
| Phishing (Email Scams) | Fraudulent emails attempt to capture login credentials or payment details by mimicking trusted entities. |
| Spear Phishing | Targeted emails appear from familiar contacts, aiming to access sensitive data through links or files. |
| Skimming (ATM Fraud) | Hidden devices at ATMs or card readers capture card information and may use cameras to record PINs. |
| SIM Swap | Scammers get a duplicate SIM card in your name to intercept OTPs and transaction alerts. |
| Smishing (SMS Scams) | Fraudulent SMS messages direct you to phishing websites or fake customer support numbers. |
| Website Spoofing | Fraudsters create fake sites resembling bank websites to capture login details. |
| Malware (Device Attacks) | Malicious software captures sensitive data from infected devices. |
Digital scams – The scale of it
| Fraud Type | Percentage of Total Frauds | Increase in Fraud (Year-over-Year) | Average Loss per Incident (INR) |
|---|---|---|---|
| Phishing & Spear Phishing | 70% | 15% | ₹75,000 – ₹2,25,000 |
| Vishing (Voice Phishing) | 10% | 5% | ₹40,000 – ₹1,20,000 |
| Skimming (ATM Fraud) | 8% | 10% | ₹75,000 – ₹1,87,500 |
| SIM Swap Fraud | 5% | 20% | ₹1,50,000 – ₹3,75,000 |
| Smishing (SMS Fraud) | 4% | 12% | ₹40,000 – ₹75,000 |
| Website Spoofing | 3% | 7% | ₹1,12,500 – ₹2,25,000 |
| Malware Attacks | 2% | 9% | ₹1,87,500 – ₹5,62,500 |
Conclusion
Its essential that we wake up to the reality of digital scams and be 100% aware all the time.
