The threat of cybercrime is growing in this modern digitally enabled society. Cybercrime incidents have increased significantly after Covid. Using a variety of cybercrime strategies, fraudsters steal from their victims and pocket huge sums of money. This article will be based on Fraudsters in the Pretext of Recovery Agents.  

Beware of fake Recovery Bank Agents

When someone loses their job or money, fraud of this kind occurs. These folks are the primary targets of fraud. Let's use Raju as an example. Raju lost his job after borrowing money from an XYZ bank to purchase a motorcycle. In this instance, a fraudster calls and threatens to confiscate his vehicle until he pays a specified sum of money. Not being aware of the fraudster technique, Raju consented to pay the sum. 

https://cms.rbi.org.in/

An authorized bank recovery agent later, after a few days, approaches Raju at home and informs him that the bank would soon confiscate his property because he missed the last three EMIs. Raju came to the realization that the fraudster who was posing as a recovery agent had defrauded him at that point. 

How to avoid this scam?

• Be sure to verify the Recovery Agent's identity before making any payments.
• Verify that the agent is carrying a copy of the recovery notice, the authorised letter from the bank, and the identity card that the bank issued to him.
• Cross verify with your home branch over phone. 
• Never make any cash payments to bank/ recovery agents without proper acknowledgement of receipt. 
• Report the occurrence to the local cybercrime police station and the National Cybercrime Reporting http://cybercrime.gov.in/ 

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