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Be truly safe with our AI-powered security against online frauds

India’s only Online Fraud Protection app

Be truly safe with our AI-powered security against online frauds

How prevalent are online frauds?

6 minutes

Every 6 minutes a cyber crime is reported in India.

*RBI data Dec 2019

18,000 Websites

Phishing sites launched every day.

*Q2/Q3 2020 Bolster Phishing and Online Fraud Report

98,000 Apps

No. of malicious apps detected on Google Play Store that have infected 43 million android devices.

*2019 Upstream Mobile Ad Fraud

100 Million

No. of phishing emails that Google blocks everyday.

*Google

Protect yourself in 5 easy steps

Download & Sign Up

1

Download FinLock from Google Play Store and sign up in a few minutes.

Detect & Alert

2

We are constantly looking out for you 24/7 to send you the alerts through mobile app notifications and email.

Monitor Transactions

3

We offer a summarized view of your finances and enable you to quickly identify any suspicious transactions.

Report Fraud

4

We provide easy-to-follow workflows so you can report any fraud to your bank and cyber cell in a timely manner.

Easy Recovery

5

We provide dedicated support and stolen funds reimbursement of up to ₹1 lakh1 in the event of an online fraud.

1

Download & Sign Up

Download FinLock from Google Play Store and sign up in a few minutes.

2

Detect & Alert

We are constantly looking out for you 24/7 to send you the alerts through mobile app notifications and email.

3

Monitor Transactions

We offer a summarized view of your finances and enable you to quickly identify any suspicious transactions.

4

Report Fraud

We provide easy-to-follow workflows so you can report any fraud to your bank and cyber cell in a timely manner.

5

Easy Recovery

We provide dedicated support and stolen funds reimbursement of up to ₹1 lakh1 in the event of an online fraud.

1 Stolen Funds Reimbursement with a limit of up to ₹1 lakh is available for Premium members only. Refer Terms & Conditions

Best-In-Class Cyber Security in a Single App

Risk
Score

Real-Time
Alerts

Transaction
Summary

Fraud
Reporting

24/7 Live
Support

Choose a plan that works for you

Free

0

 
  • SIM Swap Alert
  • Privacy Scan (Apps)
  • Transaction Monitoring
  • UPI Fraud Alert
  • Risk Score
  • Includes 30-day trial of Premium*
Recommended

Premium

8316/mo

₹ 499 billed half-yearly
  • SIM Swap Alert
  • Privacy Scan (Apps)
  • Transaction Monitoring
  • UPI Fraud Alert
  • Risk Score
  • SMS Fraud Detection (AI-powered)
  • Phishing Protection
  • Cyber Insurance cover up to
    ₹1 lakh**
  • 24/7 Customer Support

Free

0

  • SIM Swap Alert
  • Privacy Scan (Apps)
  • Transaction Monitoring
  • UPI Fraud Alert
  • Risk Score
  • Includes 30-day trial of Premium*
Recommended

Premium

99/mo

  • SIM Swap Alert
  • Privacy Scan (Apps)
  • Transaction Monitoring
  • UPI Fraud Alert
  • Risk Score
  • SMS Fraud Detection (AI-powered)
  • Phishing Protection
  • Cyber Insurance cover up to
    ₹1 lakh**
  • 24/7 Customer Support

Our Blogs

Stay up-to-date on current cyberthreats and get expert security

Cyber Insurance in India – The New Western Fad or Less?
Jul 7, 2021

You know this already that Virtual is the new life. Be it News, Entertainment, and Oh, Shopping, everything has shifted online. It has become almost impossible to not get our personal information like email, name, mobile number exposed to online world.

Every e-commerce company, these days, have your card details. Wonder the effects once the databases are compromised? Well, let’s not forget the recent data breaches that constantly take place in e-commerce companies.

Cyber Insurance in India

Cyber-attacks and its impact on business are so much in the limelight right now and data breaches, have been around for quite some time now. There is a lot that goes out to the reach of the fraudsters such as your email, card details, mobile number, and addresses.

Let’s look at some of the very massive and huge data breaches that took place.

Definitely the fraudster is not going to wait now that they have the information they need to move ahead.

Let’s talk of the after effects.

If a business undergoes a cyberattack, there are two risks that comes in parallel: the cost of handling it and the reputational.

Going back to a study done by Accenture and the Ponemon Institute in 2018, the average cost of a malware attack on a company is over $2.5 million and it takes more than 50 days to recover from the attack.

Speaking of recovery, it is pretty normal for businesses to proceed with cyber insurance that will endure their losses and help them recover. Rising cases of cyber threats explains the need for cyber insurance companies in India.

Not just businesses, do you think an individual is safe? Are you safe?

Now that every tiny personal detail is out in the air, it is very obvious before a fraud trade places with you.

Wondering to do/ How to protect yourself from being exposed to financial losses due to cyber crimes? As we said, we have answers and i.e. – Cyber Insurance.

Just like businesses, individuals can also opt for cyber insurance plans. Most of the insurance companies in India offer retail cyber insurance plans.

This is a new concept in India and you might be wondering, is there a need for Cyber Insurance? Or is it just a western fad trying to make its way to blend in?

We have answers and we don’t want to keep all the knowledge to us, therefore, we are going to discuss everything about Cyber Insurance. So, you know what to do, right?

Keep Reading!

Cyber Insurance in India – What is it?

Retail Cyber Insurance, as the name says is an insurance policy that has been designed to ensure financial safety of individuals from digital frauds carries out through phishing, malware or sim-jacking.

Annual premium varies depending on the protection cover you are taking. Premium is not subject to the age of policy holder as it is in the case of life or health insurance.

Some plans not only cover monetary losses but also provide cover against legal defence cost. They also cover third party loss as cyber data breach of an individual may lead to monetary loss of others too.

Wondering how will a Cyber Insurance help?

For starters, if you have the policy, it will help in providing potential coverage to the attack and will help to recover from it, in ways big or small.

However, one thing that you must know about Cyber Insurance is its objectives and the protection it will offer. The best practice is to understand the coverage before signing up for the scheme.

Recently, Global cyber insurance industry was valued at $7.8 billion in 2020 and is making a swift growth at 21% CAGR extending its reach to $13.9 billion in 2023 and $20.4 billion in 2025.

You can clearly see the growth rate of this industry compared to other insurance products/options.

Let’s address the elephant in the room as well when we are mentioning ‘’cyber threats’’ and ‘’cyber attacks’’. It is significant that people understand and have the required knowledge of how cyber insurance is a boon to both i.e., their business and to them.

Cyber Insurance – Why Do You Need It Though?

Before you get any ideas, ladies and gentleman, Cyber Insurance isn’t some silver bullet that aims to take care of your cybersecurity issues. No No.

But having an insurance plan than not having it is a good idea especially when your hard-earned money is at stake. It is like having a safety net which aims to safeguard you in case you go through a loss via cyber threats.

There’s More

The Pandemic has certainly taken a toll on online payments. With more and more individuals moving to the digital means for processing payments, cyber threats have made their way.

With an increase in individuals paving on social media to maintain their timely entertainment, there is also an adverse increase of incidents like cyber-attacks, spyware, phishing emails, and so on.

According to a survey of Indian consumers by FIS in April 2021, 34% of participants reported financial fraud over past 12 months. This figure rises to 41% for those in the age group of 25-29 years.

You probably could be the next victim of a cyber threat. You never know, do you? Better safe than sorry!

This is where cyber insurance comes in.

Regular Cyber Insurance Plans in India Vs FinLock

While you can buy a regular cyber insurance from insurers such as ICICI Lombard or HDFC Ergo, FinLock also offers cyber insurance along with other features.

Let’s look at the comparison for both the options.

Cyber Insurance in India

The above comparison pretty much gives you an insight on a regular cyber insurance vs Finlock.

Regular cyber insurance is a great way to recover your losses when you have been struck by a fraud. Finlock has so much to offer in addition to its comprehensive protection.

FinLock detects various types of fraudulent attempts on your smartphone and alerts you in real-time, thus preventing frauds from happening.

In case fraud does happen, complete post fraud support is provided. Post fraud moments are very traumatic for a victim as they need support and guidance on what to do next. FinLock has been designed for the best customer experience.

Touchpoint

Cyber Insurance, as mentioned earlier is a safety net and having a safety net always adds to sense of relief, doesn’t it?

Alternatively, to prevent yourself from cyber-attacks, you can easily top it off with the layer of preventive measures and keep yourself safe anyway.

All of it sounds good, no? Why not start inculcating it in real lives too?

What is SIM Swap fraud and how to prevent it?
May 14, 2021

One of the most transformative changes in the world of global finance is the emergence of digital banking on smartphones in recent years. This has truly revolutionised the way people utilise their banking services, with almost every major financial service now being hosted on a dedicated mobile application or platform.

But these ease-of-access changes that are slowly taking over the financial world don't come without their vulnerabilities. Multiple cyber frauds utilise the minuscule cracks in the newly formed online banking systems to steal personal and financial resources from innocent victims. Banks have tried to curb these online frauds by introducing safety measures like two-factor authentications and One-Time Passwords (OTPs) to ensure safety in making online transactions. But what would happen if these same safety features provide a backdoor for fraudsters to gain access to the victim’s bank accounts?

SIM swap scams are one of the newer forms of online frauds that are taking over the world of online banking, with a number of high-profile hacks being done to gain access to the personal data of well-known individuals through an elaborate scam. It came into focus after the infamous hacking of Twitter CEO Jack Dorsey's Twitter account in 2019 through SIM Swap. Several major cases have followed, ranging from accessing online social accounts to losing millions of dollars through a SIM swap fraud in recent years. India has also seen an exponential rise in these scams, with people losing millions of rupees through these scams.

How does SIM swap attack work?

A SIM swap or simjacking is a fraud that basically involves a scammer gathering personal information about you often through social engineering or phishing and then getting in touch with your mobile carrier to report your SIM card as stolen.

In another technique, scammer may call you posing as a telecom representative and offer you to upgrade your 3G SIM to 4G or to upgrade your SIM to an eSIM. This would require you to send an SMS request to telecom operator. You will be deceived into initiating this SIM change request from your phone.

These techniques allow the scammer to obtain a new SIM card with your telephone number using the personal data that they stole from you previously. With your phone number in their hands, they can now gain access to all your financial data, including OTPs and password resets, and can also easily transfer funds from your bank into their own account. The worst part about this is that they can carry out every step of the SIM swap scam without even sounding any alarms. On activation of the new SIM, your phone will stop working and you will not be aware of any transactions made by the scammers in your bank accounts.

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Signs that you might be a victim of an SIM swap fraud

  1. Unable to place calls or send texts: - If you are suddenly expressing difficulty in placing calls or sending texts, chances are that fraudsters might have deactivated your SIM and currently have access to your phone number.
  2. Service provider warning: - If your telecom provider notifies you that your SIM card or phone number is active in another device or that they have received a request to replace/upgrade SIM, there is a chance that you have fallen victim to a SIM swap attack.
  3. Unable to access accounts: - If log-in credentials on your bank or other online accounts have suddenly stopped working, fraudsters may have changed your passwords and gained access to your accounts through a SIM swap attack.

What to do in case of an SIM Swap fraud?

  1. Contact Telecom operator: - Immediately contact your telecom operator and block your SIM to prevent fraudster from making any new transactions.
  2. Inform your bank: - Inform your bank about your SIM swap attack and check recent transactions. Report if those transactions are not made by you. You can also block your cards, accounts to prevent any transactions.
  3. Complaint to Cyber cell: - Within 2 hours of discovery of fraud, you can call helpline 155260. After 2 hours, you can file the complaint on National Cyber Crime Reporting Portal. You can also report to your local cyber cell.

How can you prevent SIM Swap attack?

There are multiple ways through which you can protect yourself from falling victim to a SIM swap fraud.

  1. Awareness: - Be aware about sharing personal information with other parties and avoid making your personal phone number public in online communities.
  2. Online behaviour: - Be wary of phishing emails and fraudulent text messages or calls as they can source personal data about you by posing as a member of a prominent organisation.
  3. Bank and carrier alerts: -Keep track of alerts sent by your bank or mobile carrier as they can help you identify if your phone number and/or bank account has been compromised by a scam.
  4. Mobile network: - Losing mobile signal on your device is one of the first warning signs of a possible SIM swap attack. Pay attention to the carrier signal and other text alerts by your service provider that can alert you about a recent SIM swap on your phone number.
  5. Diversifying security options: - Avoid keeping your phone number as the sole recovery option for your online accounts and try using a separate email account that is not linked to your phone number to make it harder for a scammer to gain access to all your online accounts through a single SIM card swap.
  6. Authentication apps: - Try using dedicated authentication apps by Google or Microsoft that provide you with two-factor authentication without forcing you to rely on your phone number and OTPs to gain access to your accounts.
  7. Security apps: - Experts agree that one of the best ways to protect yourself from online frauds like SIM card swaps is by utilising an advanced security app like FinLock that can help you protect your personal and financial information and secure you against falling victim to multiple online scams and frauds. It also alerts you in case a request has been made from your phone to upgrade or change your SIM.

Conclusion

Rising number of online frauds like SIM card swaps has been affecting the lives of thousands of innocent people on a regular basis. The best way to protect yourself while enjoying the growing digitisation of banking services in countries like India is to be aware and take all the preventive steps to safeguard your online identity.

UPI Payment Frauds – Everything You Need to Know!
May 14, 2021

Unified Payments Interface or UPI has become a very common way to make money transfers and is the new hotshot of the digital payments’ world. Well, amidst all these exists the patent tricks to carry out scams underneath UPI.

Let’s know more about UPI Frauds, types of these frauds and ways to keep yourself safe from such shark moves.

UPI Payment Frauds – The Walkthrough!

In the present time, we all rely on digital transactions. Now that the world is struggling with covid-19, a cashless economy is on the go. Additionally, staying hawk-eyed to the kinds of loopholes is extremely crucial.

The speed and scale of UPI that carries today is beyond imagination. As per National Payments Corporation of India (NPCI) – the government body that introduced UPI system in April 2016, 220 banks in India were actively using the UPI platform in April 2021. And there were over 2.7 billion transactions amounting to more than Rs. 5 lakh crores in March 2021.

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UPI is the stepping stone of the current economy and speaking of security, it needs to be airtight. UPI transactions have hit high and not too much to our surprise, it is has become one of the most preferred methods to conduct payments. This has brought unwarranted attention of fraudsters too.

We all have seen the trail when it comes to online banking fraud, and it was very recent when HDFC Bank issued a warning for all its users. The alert made a noise, a loud one, mentioning fraudsters stealing money from the bank account of other users via UPI.

The exact number of UPI fraud cases in India is not available. The scale of the problem can be known from the disclosure by risk and fraud management division of Paytm in a national daily that it receives around 1300 payment related complaints daily – that’s half a million complaints annually from Paytm alone.

To understand the ways to protect ourselves from UPI frauds, it is important to be aware of the possible ways in which UPI Frauds are conducted.

Types of UPI Frauds in India

Staying vigilant is extremely crucial and you need to be aware of different kinds of UPI frauds in India that are happening around you. Some of the prominent ones linked to UPI Scamming are mentioned below: -

1. Phishing UPI Scams

This is one of the most common occurring UPI payment frauds in India. Fraudsters do a pretty good job by sending unauthorized links for payments through text messages, emails, etc. You are very likely to be mistaken when these fake bank URLs twin with the original ones.

Now, once these links are clicked, you will end up on a fake website. If you enter your UPI id and PIN to make the payment, these can be misused by fraudsters to steal money from your account using your UPI details.

In some cases, these fraud URLs may also induce malwares/ spyware on your phone to get your financial information.

2. Deceptive UPI handles

Scammers take advantage of the popular UPI handles that are in public domain and people are using to transfer money. They make similar looking UPI ids and circulate them widely on social media. Users may fall into this trap and end up transferring money into these fake UPI accounts.

Recent example of such malpractice is from 2020 Covid-19 induced lockdown in India. During this time, lot of people wanted to donate money to PM Care – a Government of India initiative, but there were many fake UPI ids doing rounds on social media. Several people lost their money. SBI bank also issued advisory on social media to warn public of such fake UPI handles.

“

3. Screen Monitoring Tools

Well, Work from home is the new mandate now. Screen Monitoring Tools such as AnyDesk, TeamViewer are nowadays a compulsory requirement which can easily be connected to your working device through internet.

Fraudsters are exploiting this moment. They call users and deceive them by posing as representatives from banks or other service providers. If users don’t have screen monitoring tools, they are asked to download these apps on their phones on pretext of resolving some issues or customer verification/ KYC. Once installed on your phone, these apps can grant fraudsters full access to your phone. They can read all your passwords, OTP messages and use them to make unauthorized transactions.

4. UPI Payment Requests

UPI users know that to pay using an UPI app, user has to enter UPI PIN and to receive money they are not required to enter any PIN. But fraudsters promising to pay user share 'send money' request in disguise of a 'collect money' request and fool users into entering their UPI PIN which deducts money from their accounts.

This UPI fraud has been common on e-commerce websites such as OLX where people list their products to sell. Fraudsters contact users posing as a buyer and accept to buy the products unconditionally by paying through UPI. Users are deceived into entering UPI PIN to receive money but they end up losing money. Make sure you also read the advisory by OLX to spot a fraud buyer.

How to file UPI Fraud complaint in India?

As soon as you have become a victim of an unauthorized UPI payment fraud, here is what you need to do.

  1. Directly file a complaint with your bank
    • Inform your bank about the fraudulent transaction by calling the customer care. Make sure to note the complaint number.
    • If calling doesn’t work, you can send an email or written letter to your bank branch manager.
  2. Reach out to your UPI payment platform
    • Register a complaint with your payment platforms such as Google Pay, PhonePe, Paytm, etc. by calling their customer care.
  3. Complaint to cyber crime police
    • Call on National Cyber Crime Helpline 155260 within 2 hours of the UPI payment fraud.
    • After more than 2 hours of the fraud, log a complaint on National Cyber Crime Reporting Portal. Enter all the details about the fraud. Investigating agency will look into this matter and try to recover your money. For more information read How to Report Cyber Crime online in India
    • You can also file an FIR directly at the nearest cyber police station.

How to prevent UPI Frauds?

Some of the common ways to protect yourself from UPI Frauds are: -

  • Keep distance from fraudsters – Don’t engage yourself with fraudsters. Banks and service providers will never call you to ask for your sensitive information. It’s a red flag in case you receive a call from the bank asking you for personal details/ OTP/ PIN or getting you to download some app.
  • Remember when to use PIN – Always remember that you need to enter UPI PIN only to send money. To receive money, you don’t have to enter any PIN.
  • Spam warnings on UPI App – Google Pay and PhonePe give spam warnings to users when they detect a suspicious account. Keeping an eye out for such accounts and do not entertain any payment requests or messages from them.
  • Big ‘NO’ to unsecured public Wi-Fi – Using unsecured public Wi-Fi is never a good idea. Hackers look for a chance to steal the necessary details out of your device when you are connected to the Wi-Fi. To know more about this menace, read How Public Wi-Fi is endangering your private life
  • Unauthentic e-mails are not welcome –The most common way to trick users to download Malware and obtain information is done via E-mails. Therefore, it is a good idea to always scan your e-mails for any sort of viruses.
  • Using tools to detect fraudulent attempts – Cybersecurity tools for your phone such as FinLock is a great option for protection against UPI Frauds. FinLock detects ‘collect’ UPI Payment requests that you receive through QR Codes and alerts you so that you don’t fall into the trap of scammers who will tell you that you will receive money from this transaction.

Final Words

UPI-related frauds have become very eminent in the digital world where we have to rely on a fast mode of financial transaction. Beware, be conscious and most importantly, be ‘alert’ because these frauds are silent. They just attack you and keeping yourself safe by following the right guidelines is the only way that secures you and your credibility.

* Premium trial does not include ₹1 lakh cyber insurance cover.

** Benefits under cyber insurance policy are issued and covered by our insurance partner. Policy terms, conditions and exclusions at: Terms & Conditions.

No one can prevent all online frauds or monitor all transactions effectively.