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Online frauds persuade the recipient to advance sums of money in the hope of realizing a significantly larger gain. This scam usually begins with a letter, e-mail or SMS sent supposedly to a selected recipient but actually sent to many, making an offer that would result in a large payoff to the recipient; and requires the recipient to part with some money in advance so as to receive the payoff.

These  e-mailers or SMSes may offer you: 

• Prize money won in a lottery through e-mail draws for which you had not bought a ticket.

• Employment opportunities in developed countries that sound too good to be true.

• Commission in millions from the fraudster who claims to have inherited a fortune and wants you to help him invest in India.
• Loans at a nominal rate of interest, by your paying a large sum as processing fees.

How does an online fraud work?

Step 1: Fraudsters send you an e-mail announcing an irresistible offer/opportunity of easy access to a large sum of money.
Step 2: They may ask you to send them scanned copies of personal documents, like your passport, proof of address, proof of ID, etc. so that it seems a genuine scheme.
Step 3: Soon, they ask you to deposit an advance fee (supposedly for customs, bank fees, transfer fees, etc.) in a certain bank account. They may sometimes ask you to even scan and mail them the receipt of the money deposited in their account.
Step 4: Once you deposit the funds, they pocket the money and stop further communication, leaving you with nothing in return.

Always Remember

1. Do not deposit funds in the form of cash/cheque in accounts of unknown people in response to dubious offers or representations.
2. Exercise caution and never share your banking details or lend your bank accounts to anyone – they could be fraudsters using your account for illicit activities for which you will be held liable.
3. Remember, nobody will part with his share of money for free.
4. In case of any doubt, please enquire before depositing into any bank account.
5. It’s your hard earned money – ensure that you spend it in the right way!

Thanks to : ICICI Bank