Welcome, visitor! Register

How scammers have a field day in India

MLM News November 22, 2014

How scammers have a field day in India
Rate this post

With 41 rings and 1,610 active members, the fifth highest in the world, losses due to #financial frauds have shot up from $32 mn in 2006 to $870 mn in 2013.

It was in the ’90s that first fell prey to #email scammers. The method involved luring people with a commission of a few million dollars for transferring billions of dollars to the account of a . The scam came to be popularly known as the 419 scam, after the section of the Nigerian Criminal Code which outlaws the practice. In 2014, the story of the Nigerian prince may be outdated, but the scammers are still around. According to the #federal bureau of investigation, “ have turned at-home internet users into unsuspecting accomplices. Investigators are calling it purchase order fraud, and the perpetrators are extremely skillful.”

One of the newest methods of the scammers involves duping companies, particularly in the export and import business, by hacking their emails, and obtaining information about their buyers. What follows are fake orders from the customers with 30-day credit. By the time the business house realises that the order was a prank to dupe it, it is invariably too late. About two months back, when an exporter from Rajasthan received a promotional email, he never thought clicking it would cost him nearly $1,000. The spam mail not only compromised his password but also corrupted his inbox. An unidentified malware, which worked in stealth, created filters that kept the exporter in the dark about the emails being sent out of his account. Sitting miles away, the scammers successfully diverted a payment of $1,000, which the exporter was to receive, to their bank account in the United Kingdom.

A widespread problem
“Reports of payment diversion are coming from almost all states. More than 100 complaints could have been registered so far,” says Rakshit Tandon, advisor, cybercrime redress cell of the Uttar Pradesh Police. Online financial frauds come in varied forms like auction, credit-debit card , check and lottery frauds, which are together known as 419 (advance-fee fraud) crimes. In India, there are 49 AFF scam rings with 1,610 active members, the fifth highest in the world, according to a report by Ultrascan Advanced Global Investigations released in July. In 2005, there were only three AFF rings with 79 active resident members. Active resident members stay in one country to dupe residents in another country – the basic modus- operandi for most fraudsters -so as to work in different geographies and jurisdictions, the report says. This apart, there are also a number of local rings that recruit poor people to perform tasks like opening a bank account or registering a company in the area of operations. India suffered financial losses of nearly $870 million on account of AFF frauds in 2013, the fourth highest in the world, up from $32 million in 2006.

Source: http://goo.gl/OFiJOP

 

top-5-australian-business-directories-free-listing

No Tags

762 total views, 1 today

  

Sponsored Links

Leave a Reply

  • PACL - आज आ सकता है निवेशकों के दो करोड़ रुपए का फैसला

    by on March 11, 2015 - 59 Comments

    PACL – आज आ सकता है निवेशकों के दो करोड़ रुपए का फैसला5 (100%) 2 votes मध्य प्रदेश/रतलाम। PACL में फंसे निवेशकों की राशि पर फैसला बुधवार को आने की संभावना है। सेट यदि कंपनी को रुपए लौटाने का आदेश देता है तो एक साल बाद निवेशकों को पैसा मिलेगा। कंपनी आरडी, एफडी सहित अन्य […]

  • KWIL कंपनी ने उगाहे झारखंड से 300 करोड़

    by on February 17, 2015 - 13 Comments

    KWIL कंपनी ने उगाहे झारखंड से 300 करोड़Rate this post कोलकाता: Kolkata Weir Industries Limited नाम की चिटफंड कंपनी पर पांच वर्षो में झारखंड से 300 करोड़ रुपये की उगाही कर गायब होने का आरोप है.  इस चिटफंड कंपनी के एजेंट तमाल कुमार जाना ने बताया : झारखंड में कंपनी ने 2009 में अपना व्यवसाय शुरू किया […]

  • The Direct Selling Association – No Backbone When You Are Under Sieg

    by on September 3, 2015 - 0 Comments

    The Direct Selling Association – No Backbone When You Are Under SiegRate this post The Direct Selling Association – No Backbone When You Are Under Sieg   According to the Direct Selling Organisation (DSA) website: “DSA’s services to members are designed to meet the needs of one person critical to the industry’s growth and future […]

  • VISHWAMITRA INDIA और SAI PRASAD पर हुई छापेमारी, 24 गिरफ्तार

    by on May 1, 2015 - 0 Comments

    VISHWAMITRA INDIA और SAI PRASAD पर हुई छापेमारी, 24 गिरफ्तारRate this post झारखंड /जमशेदपुर – चिटफंड कंपनियों पर नकेल कसने के लिए झारखंड उच्च न्यायालय की फटकार के बाद सरकारी मशीनरी हरकत में आ गई है. रांची जिला प्रशासन ने गुरुवार को दो चिटफंड कंपनियों के विरुद्ध अभियान चलाया.  पुलिस ने गुरुवार को राजधानी में […]

  • Talk Fusion Anticipates Record-Breaking Dream Getaway

    by on September 30, 2015 - 0 Comments

    Talk Fusion Anticipates Record-Breaking Dream GetawayRate this post Talk Fusion Anticipates Record-Breaking Dream Getaway   With only 6 weeks left in the qualification period, Talk Fusion is already expecting attendance to break all previous records for their 6th Dream Getaway vacation incentive from December 3-7, 2015. Talk Fusion rewards qualified Associates from across the globe […]

Subscribe to News via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 24 other subscribers