AEPS Scams on Rise- Your Money at Risk Without Sharing OTPs or Account Details
- Your Money is Not Safe Even Without Sharing OTPs or Account Details: The Silent Threat of AEPS Scams
In today’s digitally driven world, where convenience and connectivity dominate our lives, financial transactions have become more seamless than ever before. However, this ease of access has also opened up new avenues for cybercriminals to exploit unsuspecting individuals. One such growing threat is the AEPS scam, which targets users’ hard-earned money without requiring them to share any OTPs, account details, or even click on malicious links.
What is AEPS?
Aadhaar Enabled Payment System (AEPS) is an Indian payment service that utilizes the Aadhaar biometric authentication system to facilitate financial transactions. It allows users to perform basic banking tasks like balance inquiries, cash withdrawals, and remittances through authorized agents.
How Does the AEPS Scam Work?
The AEPS scam exploits the vulnerability of fingerprint-based authentication. Cybercriminals obtain individuals’ fingerprints, either through stolen data breaches or by manipulating unsuspecting individuals into providing their fingerprints for various purposes. Once the criminals have the fingerprints, they can use them to initiate AEPS transactions, siphoning off funds from the victim’s linked bank account without requiring any further verification.
What the Belagavi CEN Police Says
CEN police officer Sanjeev Kamble from Belagavi, India, has warned individuals about the rising prevalence of AEPS scams. He advised that these scams are happening across the country, and he has recently received several complaints regarding AEPS fraud.
Kamble explained that the criminals clone the fingerprints of their victims, often obtained unknowingly when providing fingerprints for SIM card acquisition or other purposes. With these cloned fingerprints, the criminals can easily access the victim’s Aadhaar-linked bank accounts and carry out unauthorized transactions.
Kamble strongly urged individuals to visit the Aadhaar portal and lock their biometric data. This simple step can significantly hinder the criminals’ ability to exploit fingerprints for fraudulent purposes. He also emphasized the importance of exercising caution when sharing biometric data and immediately reporting any unauthorized transactions to the bank and relevant authorities.
Protecting Yourself from AEPS Scams
To safeguard yourself from falling prey to AEPS scams, follow these essential precautions:
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Enable Biometric Locking: Visit the Aadhaar portal and lock your biometric data. This feature prevents unauthorized fingerprint-based transactions, even if the criminals have access to your fingerprints.
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Exercise Caution with Biometric Authentication: Avoid providing your fingerprints for unnecessary purposes. Be mindful of where and with whom you share your biometric data.
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Regularly Monitor Account Transactions: Regularly review your bank account statements and notify your bank immediately if you notice any unauthorized transactions.
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Stay Informed: Keep yourself updated on the latest cybercrime trends and modus operandi to stay ahead of evolving threats.
Additional Tips for Enhanced Financial Security
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Create Strong Passwords and Multi-Factor Authentication: Use strong, unique passwords for all your online accounts and enable multi-factor authentication wherever possible.
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Avoid Clicking on Suspicious Links: Refrain from clicking on links or opening attachments from unknown senders. Hover over links to check their authenticity before clicking.
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Beware of Phishing Attempts: Be wary of emails or messages that attempt to lure you into revealing personal information or clicking on malicious links. Always verify the sender’s authenticity before engaging.
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Install Reputable Security Software: Install and maintain updated antivirus and anti-malware software to protect your device from potential cyberattacks.
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Report Suspicious Activity: If you encounter any suspicious activity or suspect you have been a victim of a scam, report it immediately to the relevant authorities and your bank.
By following these best practices and staying vigilant, you can significantly reduce your risk of falling victim to AEPS scams and safeguard your hard-earned money in the digital realm.
