Fraudulent activities in 2024: UPI scams, digital arrests, and more top the list

2024 saw a significant rise in fraudulent activities, with cybercriminals adopting sophisticated methods to exploit individuals. Among the most prevalent scams were UPI frauds, digital arrest threats, and fake service suspension warnings.

Also Read: Bengaluru engineer loses ₹11.8 crore in digital arrest scam

UPI Scams: A Web of Deception

Unified Payments Interface (UPI) scams took center stage in 2024, employing various tactics. Fraudsters sent fake images of successful money transfers to request refunds or used misleading SMS notifications to dupe victims. Other methods included fake QR codes and deceptive UPI handles, tricking individuals into sharing sensitive information like OTPs and PINs.

Digital Arrest Scams: Fear as a Tool

Digital arrest scams became a preferred tactic for conmen, impersonating law enforcement to intimidate victims. Using platforms like WhatsApp and Skype, scammers threatened fabricated legal action to extract money or personal data. Victims, fearing repercussions, often succumbed to these fraudulent demands.

Fake Service Suspension Warnings

Another rising scam involved fraudulent messages claiming suspension of essential services like telecom or electricity due to suspicious activity. Victims were coerced into paying fines to avoid disruptions, often involving fake "cybercrime" representatives.

Money Mules and Investment Scams

Money mule frauds, involving unsuspecting individuals recruited to facilitate illegal transactions, escalated. Additionally, fake investment schemes, including unauthorized stock tips and guaranteed returns, continued to deceive investors.

Authorities, including the RBI and NSE, have implemented measures like MuleHunter.AI to counter these threats. However, experts stress the importance of public awareness and vigilance to combat evolving scams.