00:00Welcome to our special explainer on the evolving landscape of cybercrime in India.
00:11With cybercriminals becoming more sophisticated, we have seen a rise in advanced scams targeting
00:18businesses and individuals alike.
00:21Today, we break down the most common techniques used and how they execute these scams.
00:29Stay with us as we explore their modest operandi.
00:38First on the list is Business Email Compromise or in short BEC.
00:43Here's how it works.
00:45Cybercriminals hack into legitimate business email accounts.
00:49Once inside, they observe communications, waiting for the perfect moment to impersonate
00:56key personnel.
00:57They then send fraudulent instructions, often redirecting huge payments to their own accounts.
01:04Now, let's talk about ATM cloning and skimming.
01:12These criminals attach devices to ATM machines that capture card details and PIN from unsuspecting
01:19victims.
01:21One high-profile case was the Cosmos Bank heist in Pune, where 94.42 crore was stolen
01:29using cloned cards over 28 countries in just two days.
01:35Next is the Sim Swap Fraud.
01:38This involves fraudsters obtaining your mobile number's SIM card and accessing your banking
01:45apps through OTPs, eventually draining your accounts.
01:53Phishing and phishing attacks have now become everyday cyber threats.
01:57In phishing, deceptive emails trick victims into revealing sensitive information.
02:04Phishing is voice phishing, where attackers impersonate the legitimate institution to
02:10get access to your personal data.
02:16More advanced attacks, like cryptojacking, involve secretly using your computer's processing
02:22power to mine cryptocurrencies.
02:25Then there is ransomware, where attackers encrypt your files and demand a ransom, usually
02:32in cryptocurrencies.
02:36Ponzi schemes are yet another common cyber fraud.
02:40Hackers lure victims by promising high returns on investments, but once enough money is collected,
02:47they disappear without a trace.
02:52And finally, one of the most prevalent today, social media impersonation and extortion.
02:59Hackers create fake profiles or hack into real accounts, often using them to extort
03:04money or sensitive information from contacts.
03:09As you can see, cybercriminals are using a variety of methods to target us, whether
03:14it is through email scams, ATM frauds, or social media impersonation.
03:20The sophistication of these attacks is alarming.
03:24But there is one defense we all have, and that is awareness.
03:30Simple actions like enabling two-factor authentication, being wary of unsolicited mails, and securing
03:38your accounts can go a long way in preventing these crimes.
03:43Both individuals and businesses must stay informed and practice good cyber hygiene.
03:49That's in today's explainer.
03:51Remember, awareness is your first and the strongest line of defense.
03:57Stay safe, stay informed, and protect your digital life.
04:00I'm Rhea, and this is OneIndia.
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