You might have heard or read that in just the first 6 months of 2024, India lost ₹11,000 crores in cyber frauds.
Now the question is how these frauds intiaite.
Well, the common platform is social media, messaging apps like WhatsApp or Telegram. But among these platforms, if we talk about fake emails, it has led to significant losses too.
In the first half of 2024, there were 135,173 financial phishing attacks, marking a 175% increase compared to the same period in the previous year.
Cybercriminals use deceptive emails to steal sensitive data, financial information, and even identities.
Understanding email frauds and knowing how to prevent them is crucial to safeguarding yourself and your organization.
Common Types of Email Frauds in India
Email frauds come in various forms, often appearing as genuine emails from trusted organizations, making it difficult for victims to differentiate between real and fake.
Below are some of the most common types of frauds initiated through email in India, along with how they operate and their impact.
1. Phishing Attacks
Phishing is one of the most widespread forms of email fraud, where cybercriminals impersonate well-known organizations such as banks, e-commerce platforms, or government agencies.
They send emails that look legitimate, urging recipients to click on links that consist of malware.
Sometimes, these links redirect to the page where victims are asked to enter sensitive information like passwords, card details, or Aadhaar numbers.
Once the victim provides these details, scammers steal their identity or gain unauthorized access to their financial accounts.
Common signs of phishing emails:
- Requests for confidential information
- Urgent language such as “Your account will be blocked!”
- Suspicious links leading to fabricated websites
- Poor grammar and formatting errors
2. Business Email Compromise (BEC)
BEC scams are highly targeted frauds where hackers enter into a company’s email system via phishing or malware. They then use email system to manipulate employees or clients.
Scammers often impersonate high-ranking executives and instruct employees to process fake payments or share confidential company data.
Victims unknowingly send money to the scammer’s account, leading to huge financial losses
3. Lottery Scams
These scams involve emails claiming that the recipient has won a large sum of money, a luxury car, or an international trip. To look genuine, senders generally take the names of well-known brands.
They even share legal documents and seals to make it look official.
However, if someone remains alert, they can easily identify the red flag.
Such emails generally ask the victim to make a payment or taxes before receiving the prize.
Common red flags to watch out for:
- Generic greetings like “Dear Winner” instead of your name
- Winning a contest you never participated in
- Requests for upfront payments to claim prizes
4. Fake Job Offers
Scammers prey on job seekers by sending emails offering high-paying jobs with reputed companies.
However, these fraudulent job offers require applicants to pay a registration fee, security deposit, or visa processing fee. Once the money is paid, the scammer disappears, leaving the applicant with no job and financial loss.
Signs to spot a fake job offer:
- Offers that seem too good to be true
- Emails from free email services (e.g., Gmail, Yahoo) instead of official company domains
- Requests for upfront payments for job placement
5. Tech Support Scams
Tech support scams target individuals by sending emails that pretend to be from Microsoft, Apple, or well-known antivirus companies.
The email warns that the recipient’s device has been infected with a virus and instructs them to call a helpline or click on a link for assistance.
How to identify the scam:
- Urgency to make payment to buy software.
- Pressure to grant remote access to their devices
6. ITR Refund Scam
Scammers impersonate themselves as officials of the income tax department and send emails with messages like: Your income tax return of ₹xxxxxx has been approved and will be transferred directly to your bank account xxxx5678.
To verify the same, click on the link below.
Now, such links redirect to fabricated websites asking for personal details, which eventually leads tothe stealing of your data.
You can catch this scam:
- By checking email address
- Verifying it with your tax preparer.
- Validating the URL of the webpage.
How to Identify Email Frauds?
Every scam leaves a hint that helps you identify suspicious things. Hence, it is important to be a little alert when opening such emails.
Here are some of the signs that help you spot fake emails:
- Check the Sender’s Email Address: Scammers often use email addresses that resemble legitimate ones but contain slight misspellings.
- Look for Urgency & Threats: Emails that demand immediate action or threaten consequences if you don’t respond are usually fraudulent.
- Watch for Poor Grammar & Spelling: Many scam emails have noticeable grammatical mistakes and awkward phrasing.
- Avoid Clicking Suspicious Links: Hover over links to check the actual URL before clicking. Fake websites often look similar to legitimate ones but have different domains.
- Verify Requests for Personal Information: No genuine organization will ask for sensitive information via email.
How to Report Online Frauds in India?
Under Indian law, there are various ways to report email frauds in India:
- Report to Bank: Victims of banking fraud should report to their bank within three days. This blocks all transactions from the bank account, preventing further loss.
- National Cyber Crime Reporting Portal: One can file a complaint in Cyber Crime to freeze a suspected person’s account. This helps a victim in getting recovery of lost amount.
Conclusion
Email frauds in India are evolving, making it essential to stay vigilant and proactive.
Recognizing scams, implementing security measures, and knowing your legal rights can help protect against these threats.
If you fall victim to email fraud, report it immediately to cybercrime authorities and your bank.
