Financial Frauds: Is Your Primary Number At Risk

3 mins

Financial fraud is happening at an alarming rate. India loses 100 cr to financial fraud every day. This includes credit card fraud, ATM withdrawals, and other banking-related frauds. Scammers are becoming more innovative with their techniques and methods for stealing money from people. They use phishing emails, robocalls, or even social media ads that trick users into handing over their personal information or downloading malware onto their devices.

This article will discuss how financial frauds are happening today and how you can protect yourself from these scams.

What Can Hackers & Frauds Do With Your Data?

Once hackers access your data, they use it to impersonate you and steal money from your bank accounts or credit cards. The problem with this kind of attack is that most people don't realize it until it's too late.

What makes you prone to these attacks?

The answer lies in sharing your phone number with others or accessing links from unauthorized sources on social media sites like Facebook or Twitter. Opening random popups and clicking on suspicious links are also dangerous.

How are Financial Phone Frauds Happening Today?

Scammers keep changing their modus operandi daily to fool more people into falling prey to their trap.

They can do this by using different methods like the following:

1. Phishing

The most common method of stealing financial data is phishing scams. Phishing is when a scammer pretends to be someone else (like your bank or credit card company) to get you to give up personal information such as:

  • Your password, credit card number, or social security number. This information can then be used for identity theft or other crimes.
  • Your bank credentials or OTP (one-time password) on the pretext of checking if you have received a refund.

They might also try:

  • Sending you messages through social media platforms like Facebook and WhatsApp. You can solve this problem by getting a virtual number free for WhatsApp.
  • Calling you directly through spoofed numbers.

2. Phone Porting

In these scams, thieves will call your cellphone provider and ask you to transfer a secondary phone number – one they set up – over to their SIM card. Once this happens, they can use your secondary phone number instead of yours when making purchases online or over the phone so that you don't receive any notifications about unauthorized charges being made to your account.

3. Online Transactions Scam

Fraudsters have also started targeting mobile numbers and numbers linked with e-wallets like Paytm. This is because most people use their primary mobile number while doing online transactions like booking movie tickets or paying bills online. They can then gain access to your personal Paytm/PhonePe wallet and drain funds from your account.

How Can Financial Mobile Fraud Be Prevented?

The best way to prevent yourself from falling prey to these scams is by using a  virtual phone number instead of your primary physical SIM number. A secondary number that blocks spam will protect users from financial phone fraud.

Since your primary phone number has already been shared with your workplace, banks, or other important institutions, your secondary virtual phone number can be shared at places like shopping malls, e-commerce, websites, etc. To ensure that the private number is never made available to any risky prospect, Doosra will immediately block unwanted scams or spam calls.

Thieves could use your primary line to make purchases or transfer money out of your account if your primary line gets hacked. A virtual phone number in India that blocks spam will protect users from these attacks.

How You Can Get A Secondary Virtual Phone Number

Doosra allows you to buy a virtual number online that offers some great features that make it easy for users to stay safe. What's more? Doosra allows you to access your Doosra number via the app from multiple devices!

Each SIM-free secondary number has its voicemail box, so users don't have to worry about missing important messages on their main line. You can also use Doosra for free robocall blocking, so you never have to worry about unwanted calls again!

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Doosra offers virtual eSIM, giving you a secondary virtual number, letting you share the number basically everywhere without the fear of your digital POC getting compromised, i.e., your primary number.

Doosra allows you to share your phone number with sellers and public kiosks without worrying about your primary number being compromised. Doosra can also provide you with OTPs if you want to share your phone number with Swiggy, Amazon, Coursera, or any other website.

Users would have to enter their code into their mobile devices before completing their purchase or transfer, making it more secure. Besides this, the Doosra number gives them added security against unauthorized transactions and phishing attempts on their accounts; however, having two-step verification enabled on your bank account is still recommended!