RBI shares information about phishing links; all you need to know

The RBI issued a document to improve public awareness about fraudsters' activities and to give some recommendations on protections to take when completing financial transactions.

The usage of digital payment methods has increased dramatically in recent years. Recently, the RBI released a document to raise public awareness about the activities of fraudsters and to provide some advice on safeguards to take when performing financial transactions. Fraudsters have used a number of techniques to steal the hard-earned money of regular and gullible individuals, particularly new entrants inexperienced with the techno-financial eco-system.

The modus operandi states that fraudsters establish a third-party website that appears to be a real website, such as a bank's website, an e-commerce website, a search engine, and so on.
These URLs are typically sent by fraudsters by SMS, social media, email, and Instant Messenger, among other methods. Most of the time, clients input secure credentials simply glancing at the link and clicking on it without reading the complete URL.

The URLs are disguised as legitimate-looking domain names, but the consumer is led to a phishing website. Customers' secure credentials are recorded and utilised by fraudsters when they input them on these websites.

To avoid the same, one should ensure unknown links should not be clicked, and the SMS/email should be deleted promptly to avoid accessing them in the future. It's important to double-check the website's information, especially if it asks for financial information.

This brochure highlights the need of safeguarding one's personal information, being wary of unfamiliar calls/emails, exercising caution while doing financial transactions, and updating secure credentials/passwords on a regular basis. As a result, the title BE(A)WARE - Be Aware and Beware!