Guarding Your Finances: 7 Internet Scams to Beware of While Paying Your Health Insurance Premium Online

With the advent of the internet and the advancement of technology, the use of the internet is high. In today’s digital age, everyone has a mobile and is connected to the internet. However, with the rise in the use of mobile phones, the internet and online payments financial scams have increased multifold. Many fraudsters have made it impossible for the common man to understand the difference between real and fake. The deep fake and artificial intelligence apps on the mobile make it impossible to differentiate real from fake. Therefore, in such difficult times, all of us need to take care of our hard-earned money and personal information because if this vital information falls into the wrong hands then anyone with a malicious intention can scam you and take away your hard-earned money. Health insurance from Zurich Kotak General Insurance makes extra efforts to safeguard the interests of its customers. The following article gives knowledge about the 7 online scams that threaten your financial security.

Seven internet scams to guard your finances

Below are the seven internet scams to beware of while paying your health insurance premium online:

UPI refund scam:

The Unified Payment Interface is the digital money that is utilized for daily transactions. In the UPI refund scam, there is a financial security threat as the scammer poses as a banking official and promises a refund. The scammer asks for your UPI ID and pin and the moment you share the details they siphon off the money from your banking account. It is best to verify the details of the refund from authentic sources rather than giving the details to unknown entities.

OTP scam:

One one-time password scam is one of the recent and most dangerous scams as it has duped innocent people and siphoned off money from their bank accounts. Fake OTP messages from non-banking institutions are sent to trick the recipients into providing OTP which can then be used to do unauthorized transactions. Thus, for protecting finances from scams, it is best to never share OTPs or PINs with unknown entities.

Fake delivery scam:

Scammers i.e. fake e-commerce platforms while doing delivery of the product ask the customer to provide OTP to the delivery partner by clicking on a certain link. This link not only generates OTP but also clones your phone thereby giving access to the phone and sensitive data to the fraudster. Always confirm the legitimacy of the e-commerce platform and its delivery partners.

Electricity bill fraud:

In this type of scam, the electricity user is asked to pay the electricity bill at the earliest due to a certain fake reason. Innocent common people succumb to these fake reasons and pay bills immediately via online channels thereby giving them access to your sensitive data resulting in substantial losses. Be alert and always cross-check the details with official sources before making online payments.

Fake job scam:

With the rise in demand for jobs and availability of remote working options many scammers prey on job seekers. Anyone in search of a job or additional income falls prey to scammer's fabricated job postings. Therefore, before accepting an offer, it is best to thoroughly research the organisation and avoid paying an advance amount for a job.

Stock market scam:

Everyone needs extra money and in the pursuit of this many fall prey to Ponzi schemes that promise to pay double. Get-rich-quick schemes are dangerous therefore it is best to carefully vet the person to whom you give money for investments.

Insurance fraud:

The health insurance sector is witnessing fraud wherein bogus or phantom regulations are imposed and extra money is taken from the policyholder. Such health insurance policy scams are on the rise. Internet fraud prevention is possible by becoming vigilant about financial security.

The final note

In conclusion, being vigilant, conscious, and informed about online scams can help you in avoiding online financial scams. Do not fall prey and share personal information with unknown entities and check the authenticity of the message or call to safeguard yourself and your loved ones from internet scams.

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