Indians need to survive 2 types of Moratorium Fraud in COVID2019 Difficult Times

In India, buying a home has become a Social Status for many. They don’t estimate their affordability in most of the cases which I had known. This makes them incompatible to pay their dues when a hardship situation arises. We would have funnily seen the memes which say “If you don’t love your job, take a Home Loan, you will love your job!”. Some people only for the reason of showing off, get the fancy loans and end up in crisis. And these types of people are highly found in India. After getting a Credit Card, followed by a Personal Loan, followed by a Car Loan, followed by a Marriage, followed by a Home Loan, followed by having 2 kids are considered as a Settled Person in India.

OK. Now coming to our topic of discussion. In this Coronovirus which is sweetly addressed as COVID2019 by scientists, the Reserve Bank of India has offered Moratorium for all the Loan Payers of India to help this situation. Very Good initiative initially alike other options provided by the Government of India in this series. It is worth mentioning the Rs. 20000000000000 towards the economic revamping of India where I saw the announcements for Sale of Airports and other Indian assets. Actually, this situation of COVID2019 is very well used by 2 peoples and will see the modus operandi of the schema.

1. Scammers

A variety of phishing campaigns are taking advantage of the heightened focus on COVID-19 to distribute malware, steal credentials, and scam users out of money. The attacks use common phishing tactics that are seen regularly, however, a growing number of campaigns are using the Coronavirus as a lure to try to trick distracted users capitalise on the fear and uncertainty of their intended victims.

Researchers have seen three main types of phishing attacks using Coronavirus COVID-19 themes — scamming, brand impersonation, and business email compromise. Of the Coronavirus-related attacks detected by Barracuda Sentinel through March 23, 54 per cent were scams, 34 per cent were brand impersonation attacks, 11 per cent were blackmail, and 1 per cent are business email compromise.

“People receive calls from call centres asking them to share their bank account details to avail moratorium on their home loan EMI. The point to remember here is that no bank will ever call you upfront asking for your bank details like OTP, CVV, password or PIN, for providing a moratorium on the EMI,” said Rajesh Kumar, Director Cybersecurity.

Stay Safe from Scammers!!!

Kokula Krishna Hari K an Indian born in Pondicherry, South India in the 1980's is a pure veteran with acquired knowledge in Business Administration, Computer Research and Entrepreneurship.

Kae Kae or KK or Kokula Krishna Hari is a strong Public Policy and Strategic Expert. All the contents and views expressed in this Blog are personal and nowhere represents his official comments or associated with his Professional Associations.

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