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The new modus operandi adopted to siphon-off your money

The new modus operandi adopted to siphon-off your money

Abhishek Srivastava
Advocate
Supreme Court of India | Allahabad High Court (Lucknow Bench)

The age of information technology is turning into a two edged sword. Though there are umpteen numbers of advantages, the ill effects cannot be ignored completely. Every now and then we see there are new methods being adopted by the conmen or the hackers where they able to dupe victims for financial gains.

A few of the new trends which have been brought to notice through various cases being reported in the pandemic are:
1. Self account/Fixed deposit transfer method
2. Text message redirection
The self account fixed deposit method:
The hackers are always looking into new ways to gain access of account details of victims. One of the latest modus operandi which came to light after cases being reported over various parts of our nation is self account/fixed deposit transfer method.
The modus operandi adopted is:
• The internet login credentials of the victim are accessed using the phishing, vishing etc
• Even when the internet banking credentials are accessed, the conmen cannot transfer the money to their accounts.
• To gain access to transfer the money they require OTP. This is where the whole exercise is carried out.
• The conmen then transfers the whole amount of the account into a self account facility or fixed deposit facility provided by the banks and this process does not require any OTP.
• Once the account money is transferred to the account, the conmen or the perpetrator then calls the victim posing as bank employee and offer to help the victim to get the money back from the fraudulent transfer and tries to gain access to the OTP
• Once the OTP goes to the perpetrator the victim money is siphoned from the bank account.
Precautions:
The only way to stop such conmen to gain access to our accounts is through caution.
Always remember the basics; never share the OTP’s, CVV or any other card details.
In case of any doubt always verify before reacting.
The text message redirection method:
Another method which has come to light is the text message redirection. The earlier version of this modus operandi was that of SIM-swapping. The problem with the earlier method was when the SIM was swapped the victim can know that his or her phone has been hacked because of the non-availability of network in the phone.

The text message redirection modus is adopted by the perpetrators to redirect the text messages which give them access to all the social media and banking accounts even by-passing the two factor authentication.

The biggest advantage of using this technique is that the victim cannot immediately come to know that his or her messages are being redirected.
Precautions:

The only way to ascertain that your text messages are compromised is to be vigilant if one does not receive OTP’s or reset links immediately. This is the only way by which such compromise can be ascertained.

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