 "cyber fraud security bank")
A 70-year-old woman in Mumbai was cheated of Rs 1.15 crore by cyber fraudsters who over six years posed as Income Tax (I-T) officials and exploited her trust by promising tax refunds to her late husband.
The woman filed a police complaint after she told her relatives about the money transfers she had made, PTI reported about a case that shows how cybercriminals operate.
According to PTI, the fraud began in May 2019 when the woman received a phone call from someone claiming to be an I-T official. The caller said the tax department wanted to refund money owed to her deceased husband but first required her to clear ‘pending taxes’ and penalties.
Believing the narrative, the woman began transferring money in instalments. Over six years, she made 50 transactions totalling Rs 1.15 crore into accounts provided by the fraudsters. She never received any refund.
The deception was uncovered only when she confided in her relatives, who advised her to approach the police. A case has now been registered, and investigations are underway.
Also Read
 "RBI, Reserve Bank of India")
 "Almost half of all organisations in India say they have experienced cyber fraud during and after the pandemic. Technology, media and communication, financial services, and manufacturing are the most affected sectors, according to the ‘Financial and C")
 "cyber fraud")
 "TCS, Tata Consultancy Services")
 "CBI, Central Bureau of Investigation")
How these cyber scams work
This is a textbook case of what is known as a refund scam. Here are common features:
-Scammers pose as officials from government agencies.
-Emotional manipulation: They exploit grief, fear, or urgency to coerce victims.
-Repeated payments: Victims are asked to pay multiple charges, taxes, processing fees, and legal dues to unlock funds that never arrive.
How to stay safe
To avoid falling prey to such scams, follow these personal finance safety tips:
Know the protocol: The Income Tax Department does not ask for payments or personal details via phone or WhatsApp.
Verify independently: Check claims with official websites or helplines.
Talk before you act: Discuss suspicious calls with a trusted family member or financial advisor.
Report scams: Call the national cybercrime helpline at 1930 or visit cybercrime.gov.in.
 "health insurance plans")
 "Pension")
 "The July Budget made two changes in the treatment of gold that affect investment portfolios. The reduction in import duties to 6 per cent from 15 per cent in the latest Budget lowers input costs for jewellers and compresses margins for smugglers. The")
 "Railways")
 "Punjab National Bank PNB")
