As fraudsters exploit vulnerabilities through AI, fake alerts, and data misuse, companies like Visa and IDfy urge individuals to take measures to safeguard their money and personal information.
By Anshul August 8, 2025, 5: 37: 11 PM IST (Updated)
Indians have lost more than ₹22,811 crore to cyber fraud in 2024 alone, according to data from the Indian Cyber Crime Coordination Centre (I4C). With digital payment adoption rising, so has the scale and complexity of financial scams.
As fraudsters exploit vulnerabilities through AI, fake alerts, and data misuse, companies like Visa and IDfy urge individuals to take measures to safeguard their money and personal information.
Visa has highlighted several fraud trends currently impacting users across the country.
Among the most common are fake emergency scams, where fraudsters impersonate family members, bank representatives, or government officials to pressure users into making urgent transfers. SIM swap fraud is another growing threat—criminals gain control of a victim’s phone number by deceiving telecom providers, enabling them to intercept OTPs and access bank accounts.
Visa advises users to stay cautious by verifying unexpected requests, using app-based authentication, and setting transaction limits on cards.
Other scams include AI-generated impersonation where fraudsters mimic voices or generate fake alerts, and QR code frauds where legitimate codes are replaced with malicious ones to steal payment information. Fake e-commerce platforms promising steep discounts are also being used to dupe unsuspecting buyers.
Visa recommends avoiding impulse purchases and sticking to verified websites with secure payment gateways.
While fraud prevention is one part of the equation, protecting personal data is equally important.
Malcolm Gomes, Chief Operating Officer at IDfy, points out that personal data—once casually shared—is now being recognised as an extension of one’s identity, demanding care and accountability.
“Our data reflects who we are—our preferences, identity, and decisions. It deserves protection, much like our health or reputation,” he said.
Citing the shift brought by the Digital Personal Data Protection (DPDP) Act, Gomes emphasised that individuals are no longer passive participants in the digital ecosystem. The law grants users the right to understand how their data is collected, tailor their consent, withdraw it at a