Money Transfer Fraud

Money Transfer Fraud

What is money transfer fraud?

Have you ever received a strange email asking you to send money to someone in need? Or you’ve received a phone call regarding a monetary prize that you’ve won, but you need to provide some banking information first so the money can be credited to your account?

In a money transfer fraud, the fraudster will approach you via email, call, WhatsApp or SMS and will lure you to access malicious links for making payments.

These fake bank URLs will look almost identical to the original URL which makes it difficult to identify in first glance if you are not careful. Once you click on the link, it will be re-directed to a fraudulent webpage where it will ask you to put your debit/credit card or net banking details to complete the transaction. Once they have your bank details, they will steal all your hard earned money.

One of the channels seeing a rise in frauds is the Unified Payment Interface (UPI), a digital payment platform that facilitates cashless, real-time transactions via mobile phones.

Fraudsters claiming to be Samco executives will share a tampered link with you, which will direct you to the UPI payment app installed on your phone. It will then ask you to select any of the apps for auto-debit. Once you give the permission, the amount will get debited from your UPI app instantly and credited to the fraudster’s account.

What is the purpose of money transfer fraud?

The motive of money transfer fraud is to trick you and get access to your bank account by sending you a link which directs you to the UPI payment apps like PhonePe, Google Pay, Paytm etc. Once you select the application and enter the code, amount will automatically be debited from your account. Usually fraudsters manage to target your bank account or extract money from your debit cards/credit cards.

How money transfer fraud is done by fraudsters?

There are multiple ways in which they may try to get hold of your sensitive information such as UPI frauds, KYC fraud, AnyDesk application fraud and others.

In UPI fraud, the fraudsters ask customers to share their debit card details, forward text messages, share UPI registration one-time password (OTP) etc. over the phone.

In KYC fraud, the fraudster might ask you to complete your KYC for Samco Securities by providing you with a link and asking you to fill in sensitive information.

In AnyDesk fraud, the application gives a third party access to your desktop/ laptop where the fraudsters may ask you to download AnyDesk App and share a 9-digit code which gets them access to your account to steal money.

How to safeguard yourself from money transfer frauds?

• Do not transfer funds to any random accounts or personal accounts of any person claiming to be a Samco executive. Always check the email, SMS, call or WhatsApp sources thoroughly and verify whether the communication is officially from Samco.
• Do not install any application or share any pin with any person claiming to be Samco executive. If necessary you can call us on our support numbers.

• Never click on random UPI links shared by random Whatsapp numbers, telegram, SMSes or emails. Samco will never share a payment transfer link from such mediums. Our executives will simply assist you but you yourself have to transfer the funds from secure sources listed by Samco.
• No executive can transfer funds on your behalf. Do not share your bank details, card details or UPI details with anyone in any case.
• At Samco we have set processes and sources from where you can transfer funds in your account. Always transfer funds into your trading account using the fund transfer process listed on Samco Knowledge Center or using official StockNote App or StockNote Web platforms.

If you come across any such unauthorized links or communication please directly report it immediately and help us to create a more secure environment for you to trade and invest.