These are some of the frauds NPCI wants you to be wary of

Mumbai: The National Payments Corporation has warned the public about a rise in online fraud, with scammers deploying confidence tricks and deception to dupe victims into transferring money unwittingly.

Fraudsters build trust by impersonating financial experts, fabricating endorsements from reputable organisations, or using fake videos of social media influencers. They promise extraordinary returns, exclusive investment opportunities, or limited-time deals, pressuring individuals to invest without due diligence. Once the investment is made, the fraudsters either disappear or continue extracting funds until the victim realises the deception. As scams evolve with technology, awareness remains the best defense.

Fake Trading Platforms and Apps: Scammers use fake trading platforms and apps that mimic legitimate brokers, fund houses, or exchanges. They initially display virtual profits on fake dashboards to entice users into depositing money. Once substantial funds are invested, withdrawal requests are blocked.

Stocks at discounted price: Another method involves offering stocks at steep discounts, typically in low-volume shares, under the guise of early access for select clients. Fraudsters direct investors to transfer money to personal accounts instead of exchanges or broking houses, collecting large sums before vanishing.

Fake job scam: Fake job scams trick victims into writing assignments and submitting documents while demanding a small fee to establish credibility. They then extract further payments under various pretexts until the scam is discovered.

Ponzi and Pyramid Scheme: Ponzi and pyramid schemes lure investors with promises of high returns, paying earlier investors using funds from new ones rather than actual profits. These collapse when fresh investments stop.

To avoid such frauds, NPCI advises investors to verify firms on SEBI and RBI websites, be cautious of schemes promising high returns, and avoid pressure tactics. Genuine investment opportunities do not require urgent decisions. Checking website authenticity and never sharing personal or banking details can also help prevent financial fraud.

Suspicious activities should be reported to the national cybercrime helpline at 1930 or through the telecom department’s portal. Users are encouraged to save messages, take screenshots, and document interactions.

NPCI oversees retail payments and settlements in India and works to enhance digital payment infrastructure. It was set up by RBI and the Indian Banks’ Association to improve efficiency in retail payments through technology.


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