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The internet has revolutionised our lives, offering convenience and connectivity at our fingertips. With the rapid adoption of digital payments in India, fraudsters have evolved their tactics, devising new scams to exploit the growing user base. Several <keyword id="20182215" type="General" weightage="20" keywordseo="online-scams" source="keywords">online scams</keyword> have been reported in India over the past few months, from the standard UPI refund scams to unbelievable scams such as the digital arrest scams. Here's a look at some prevalent online scams and how to protect yourself: <h2><keyword id="23629952" type="General" weightage="20" keywordseo="UPI-refund-scam" source="keywords">UPI refund scam</keyword></h2>UPI refund scam is one of the most common online scams these days. It involves a person sending the victim money and then claiming that it was accidentally sent. The scammer then asks the victim to refund the money, often using excuses such as emergency hospitalisations or other important expenses. If the victim refunds the money, the scammer then contacts their bank and reverses the initial transaction, resulting in the victim losing money. How to protect yourself from UPI refund scams: <ul><li>Do not resend the money if someone claims they have “accidentally” sent you money.</li><li>If you receive money from an unknown source, contact your bank immediately.</li><li>If someone says they have sent you money, ask them to contact their bank to get a refund.</li></ul><h2><keyword id="19939895" type="General" weightage="20" keywordseo="phishing-scams" source="keywords">Phishing scams</keyword></h2>Phishing scams have been around for a long time, but they have become more sophisticated in the digital age. Fraudsters often impersonate reputable companies, sending fake emails, messages, or even websites that look almost identical to the real ones. These messages typically contain a sense of urgency—such as a warning that your account is about to be blocked or that you've won a prize. Once you click on the link, you’re directed to a fake site that prompts you to enter your personal information, including login credentials and payment details. This data is then used to steal money or compromise your identity. How to protect yourself from phishing scams: <ul><li>Be sceptical of unexpected messages or emails, even if they seem to come from trusted sources.</li><li>Check the URLs of websites carefully. Scammers often use misspelt URLs that are designed to look legitimate.</li><li>Never share your personal or financial information without verifying the authenticity of the request.</li></ul><h2><keyword id="23629953" type="General" weightage="20" keywordseo="SIM-swap-scam" source="keywords">SIM Swap scam</keyword></h2>As the name suggests, a SIM swap scam basically involves the scammer getting access to your SIM, either with the help of someone at the mobile service provider or through other means. The scammer often convinces the network provider to activate a SIM card they possess, gaining control of the victim’s phone number. This allows the scammer to gain access to all calls and text messages that the victim may receive, which is important in this day and age where all accounts are linked to your phone number. Once the scammer gets access to the victim’s phone number, they use it to gain access to their bank account and steal money. How to protect yourself from SIM swap scam: <ul><li>If your SIM stops working, immediately inform the telecom operator.</li><li>Make use of a SIM lock, which prevents your SIM from being used on another smartphone without entering a password.</li><li>Avoid sharing personal information online, especially things which can make it easier to crack your passwords.</li><li>Keep track of your accounts and report any unauthorised transactions.</li></ul><h2><keyword id="20415709" type="General" weightage="20" keywordseo="online-shopping-scams" source="keywords">Online Shopping Scams</keyword></h2>Beware of fake online stores offering unbelievable deals. These websites might steal your payment information or deliver counterfeit or non-existent products. These websites often advertise unbelievable deals to lure in unsuspecting customers, either with the intention of stealing their data or selling substandard products. How to stay safe: <ul><li>Shop from reputable websites. Look for customer reviews and secure payment gateways.</li><li>Be cautious of prices that seem too good to be true.</li><li>Use a credit card for online purchases. It offers better fraud protection than a debit card.</li></ul><h2>The "Digital Arrest" scam</h2>In this chilling scam, fraudsters impersonate law enforcement officials. They may claim you're involved in illegal activities and threaten you with a "digital arrest" or legal action. To avoid this, they'll demand payment or personal information. Victims are often coerced into making payments via UPI or other digital means. The sense of urgency and fear of legal consequences often compels people to act without verifying the legitimacy of the claim. How to avoid: <ul><li>Know your rights: Law enforcement agencies will never demand payment or personal information over the phone or online. </li><li>Verify identities: If you receive such a call, hang up and directly contact the relevant authorities to verify the claim.</li></ul><h2><keyword id="23629954" type="General" weightage="20" keywordseo="KYC-scam" source="keywords">KYC scam</keyword></h2>With the increased demand for KYC (know your customer) updates across digital platforms, fraudsters are taking advantage by posing as bank or telecom representatives. They often claim that your account will be blocked if you don’t update your KYC details immediately. Victims are then asked to share their Aadhaar number, PAN, or other personal details via a fraudulent link or over a call. In some cases, they also ask users to complete the process through UPI apps, stealing money from their accounts during the process. How to avoid it: <ul><li>Banks and financial institutions never ask for personal details over a call, message, or link.</li><li>Always update KYC details through official channels, like the bank’s app or website.</li><li>If you receive a suspicious KYC request, report it to your bank’s customer service immediately.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-to-afcons-infrastructure-ipos-to-look-out-for-this-week/articleshow/114421377.cms">Waaree Energies to Afcons Infrastructure, IPOs to look out for this week</a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms">Best credit cards for online shopping this festive season</a> <a href="https://www.businessinsider.in/stock-market/news/bigger-they-are-harder-they-fall-a-look-at-how-the-countrys-biggest-ipos-have-fared/articleshow/114307997.cms">Bigger they are, harder they fall – A look at how the country’s biggest IPOs have fared</a>

UPI refund to digital arrest scam, here are some online scams you need to be aware of

<ul><li>The <keyword id="1985091" type="PERSON" weightage="20" keywordseo="dogecoin">Dogecoin</keyword> team has warned against promises of crypto giveaways or schemes that promise multiplication of wealth.</li><li>Many users fell for the trick as rumours suggested <keyword id="6355315" type="COMPANY" weightage="20" keywordseo="elon-musk">Elon Musk</keyword> could promote the <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> in a big way.</li><li>It’s suggested that users don’t fall for these claims and transact only with people they know.</li></ul>Dogecoin had a very turbulent ride in the last few days as Tesla’s founder Elon Musk went live on American television show Saturday Night Live. The reaction to his “hustle” garnered a mixed response, something which was easily visible on the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">cryptocurrency’s</a> charts. While enthusiasts were glued to the screen, trying to make sense of the chaos, many with sinister intentions had wreaked havoc on social media sites. <a href="https://twitter.com/dogecoin/status/1391346601029996546?s=20" data-type="tilCustomLink">The Dogecoin team has warned </a>against promises of crypto giveaways or schemes that promise multiplication of wealth. These are essentially scams that are trying to take advantage of users amid a volatile period. Social media platforms like Twitter, YouTube, and Facebook are the most vulnerable platforms since it’s easier to use bots and create a short-lived hype. Illegitimate accounts constantly flood the forums with claims of a scheme that it will multiply one’s Dogecoin holdings. The unsuspecting user is then asked to send some money to an anonymous address and they expect a multiplied sum to be returned soon. While this may sound too naive, many users fell for the trick as rumours suggested Elon Musk could promote the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">cryptocurrency</a> in a big way. Nobody knew how he’d do it, allowing scam artists to play ‘Elon Musk’ and get richer. <div type="image" title="Bitcoin Scam Cryptocurrency" msid="82550058" hostid="261"></div> More sophisticated methods were also deployed by criminals to capture the attention of users on YouTube. During the Saturday Night Live broadcast, live videos that unofficially streamed the show were targeted with ads saying, “Elon Musk has devoted 500,000,000 Doge to be distributed to all Doge holders. Anybody can get some, just visit the website.” When the user completed the transfer, the Dogecoins were credited into the scammer’s wallet. Once the transfer is done, there’s no way money can be recovered without law enforcement or direct access to the ledger. This is actually a feature that offers privacy but takes away the ability to investigate. TRM Labs, a blockchain intelligence provider, stated that the affiliated wallets received almost 10 million Dogecoins. Many of these coins have been purposely transferred by the scammer itself to show that a large volume isn’t suspicious for the account. It’s suggested that users don’t fall for these claims and transact only with people they know. These “get rich, quick” schemes should always raise a red alarm. The modus operandi isn’t exclusive to just Dogecoin and is used for <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>, Ethereum, and more. Last week, Realme India’s Twitter account was compromised and its name was changed to “Tesla”. It pretended to be an official account and asked users to transfer <keyword id="6395759" type="PERSON" weightage="20" keywordseo="bitcoins">Bitcoins</keyword> to an obscure address. It was a high-level scam that was quickly brought under control by the brand. SEE ALSO: <a href="https://www.businessinsider.in/business/news/this-ev-startup-mobycy-went-from-solving-last-mile-commute-to-delivery/articleshow/82513392.cms">It took one pivot and five years for this EV startup founder to hit the sweet spot for business in India</a> <a href="https://www.businessinsider.in/tech/apps/news/clubhouse-android-download-release-date-beta-version/articleshow/82515109.cms">Clubhouse for Android finally launched as downloads and hype take a plunge</a> <a href="https://www.businessinsider.in/finance/banks/news/bandhan-bank-share-price-falls-after-reporting-an-80-fall-in-its-net-profit/articleshow/82516642.cms">Bandhan Bank falls 4% after reporting an 80% fall in its net profit – positive market trends help it bounce back into the green</a>

Amid Dogecoin rally, users need to be careful not to fall prey to cryptocurrency giveaway scams

<ul><li>The State Bank of India overstated its profits by as much as ₹9,500 crore for three years in between 2012-13 to 2014-15, according<a href="https://www.moneylife.in/article/exclusive-rbi-inspection-reports-on-sbi-reveal-evergreening-window-dressing-cover-ups-and-worse/57631.html"> </a>an expose by Moneylife.</li><li>The revelations came out of a Right To Information (RTI) application.</li><li>The country’s largest bank has suppressed employee fraud, covered bad loans, flouted anti-money laundering rules, covered up bad loans by a mechanism referred to as ‘window dressing’.</li><li>In many cases, the bank has not enforced securities provided on a loan, and loans were disbursed even before a charge was created on the collateral.</li></ul> A fourth of the country’s bank deposits are making their way to State Bank of India (SBI). But, how safe is it there? According<a href="https://www.moneylife.in/article/exclusive-rbi-inspection-reports-on-sbi-reveal-evergreening-window-dressing-cover-ups-and-worse/57631.html"> to an expose by Moneylife</a>, the bank has overstated its profits by as much as ₹9,500 crore for three years in between 2012-13 to 2014-15. What makes it worse is that all this information is available with the banking regulator, Reserve Bank of India (RBI), and the dated details came out after a petition was filed under the Right to Information (RTI) Act, by an activist Girish Mittal. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Year </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Overstated profit </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2012-13 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹1,220 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2013-14 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹5,038 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2014-15 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹3,252 crore </td></tr></tbody></table> Source: Money Life There were two chairpersons running the bank during the period-- Pratip Chaudhuri was the chairman from 2011 to 2013 as Arundhati Bhattacharya too charge to stay on till 2017. SBI’s box of troubles The annual inspection of banks’ accounts by RBI has opened a Pandora’s Box where many evils came out—where the country’s largest bank has suppressed employee fraud, covered bad loans, flouted anti-money laundering rules, covered up bad loans by a mechanism referred to as ‘window dressing’, according to the report. An e-mail sent to SBI seeking answers on the revelations, did not elicit any response. Most Indian banks were found guilty of trying to hide the rising problem of bad loans. They would either give fresh loans to pay old ones or book the losses in a different year to soften the blow on the company’s financials. In SBI’s case, the RTI response reportedly revealed that these factors were seen in the loans given out to diamond trading and power sector. Loans to diamond traders have brought down banks, especially Punjab National Bank scam where diamantaire Nirav Modi made away with unpaid loans of ₹2 billion and is now in the UK. Yet, SBI is not in as much trouble, not from RBI who is aware of the situation, not from its 435 million customers --- that’s over 30% of India’s population! Like Goldman Sachs, it is everywhere and, probably, too big to fail. Flouting Norms The report says that the bank also flouted norms laid down by the Reserve Bank of India (RBI) itself with regards to Know Your Customer (KYC), lending limits set on sectors and individuals. The bank, as per the report, was also lax with its loans. In many cases, the bank has not enforced securities provided on a loan, wherein assets of defaulters are taken over. In some cases loans were disbursed even before a charge was created on the collateral. And, the suppression of data has happened at every level since most of the credit problems were never taken to the board as well. Scrubbing it clean In all, the bank performed a clean-up exercise every time a new chairman took over. The first year a new chairman comes in, huge amounts are written off the books, and has become a common practice with the bank. This leaves the chairman of the bank concentrating on ‘managing profits’. The owner of the bank however is the government. And it seems to be doing its part too. As non-performing assets as a result of bad loans increased and credit growth slowed down, the government is looking to recharge public sector banks (PSBs) with fresh funds. In the latest Budget 2019, the Finance Minister Nirmala Sitharaman said that they would be giving out as much as ₹75,000 crore to re-capitalise government banks, so that they can kickoff growth in the country, with renewed interest. The mistakes of the past have been conveniently forgotten. SEE ALSO 
 <div type="NEWSINCONTEXT" target="false" refhostid="261" refmsid="69557477" refmstype="2" refmssubtype="0"><cdata><![CDATA[An Indian bank is still making the same mistake of hiding the worst and hoping for the best]]></cdata></div>


<h1 style="line-height:1.44;margin-top:0pt;margin-bottom:8pt;border-bottom:solid #eeeeee 0.75pt;background-color:#ffffff;padding:0pt 0pt 15pt 0pt;"> </h1>

India’s largest bank was caught lying about its profits for 3 years but no one got punished, according to an expose

In the wake of alleged Rs 6,100 crore foreign remittance scam through Bank of Baroda (<keyword id="92547" type="CITY" weightage="80" keywordseo="BoB">BoB</keyword>), the Central Vigilance Commission (<keyword id="47883" type="ORGANIZATION" weightage="60" keywordseo="CVC">CVC</keyword>) has asked the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>) and Indian Banks' Association (IBA) to red flag multiple transactions of smaller amounts from a single account, ensuring compliance of KYC norms to check fraudulent forex transactions. 

	Vigilance Commissioner T M Bhasin has sent a letter to the central bank that if smaller forex transactions of less than one lakh dollars are being made than it should come to its notice.
 Similar communication has also been sent to IBA chief, saying there may be "attempts to camouflage generation of alerts by sending small amount of money through multiple transactions of <keyword id="6368276" type="COMPANY" weightage="60" keywordseo="Foreign-exchange">foreign exchange</keyword> abroad.” 

	At present, an alert is generated only when foreign exchange (forex) remittance is over one lakh dollars. 
 

	IBA has also been asked to inform all member banks that they follow Know Your Customer (KYC) and Anti-Money laundering (AML) guidelines so as to check re-occurence of incidents such as Bank of Baroda case. 
 The Enforcement Directorate (<keyword id="12163" type="COMPANY" weightage="60" keywordseo="Ed">ED</keyword>) has been asked to handle the case of about Rs 6,100 crore foreign remittance scam and if these were not genuine transactions then they should work on repatriation of the money. As soon as the BoB incident was reported to the CVC, requests for probe was made to the <keyword id="6354572" type="ORGANIZATION" weightage="100" keywordseo="CBI">CBI</keyword> and ED. 

	The transactions were made in about a period of about 14 months and 90% of them were through Real-Time Gross Settlement (RTGS) system, in which transactions are settled on real-time. 
 

	Both the Central Bureau of Investigation (CBI) and ED are probing transactions of Rs 6,100 crore to Hong Kong from a Bank of Baroda's Ashok Vihar branch here. 
 The huge transaction is believed to be trade-based <keyword id="6355008" type="UNKNOWN" weightage="100" keywordseo="money-laundering">money laundering</keyword> as the amount was transferred in the garb of payments for imports, that never took place. 

	As per CBI probe so far, Rs 6,100 crore were transferred through nearly 8,000 transactions done between July, 2014 and July, this year. 

	 
	 
	(Image: Indiatimes)

BoB scam: CVC tells RBI to red flag multiple forex transactions

<ul class="summary-list"><li><keyword id="11895315" type="UNKNOWN" weightage="60" keywordseo="coinbase" source="Orion">Coinbase</keyword> recently announced that 6,000 users had been affected by a hack earlier this year.</li><li>Coinbase is still relatively secure, and users that use strong credentials should have little to worry about.</li><li>Coinbase isn't insured by the SIPC, but it does carry crime insurance that protects some digital assets from theft and cybersecurity breaches.</li></ul>Few crypto-trading platforms are as popular as Coinbase. But like all other trading and investing platforms, it has its risks. Case in point: At least 6,000 Coinbase users <a href="https://markets.businessinsider.com/news/currencies/coinbase-data-breach-crypto-customers-funds-stolen-accounts-phishing-attack-2021-10" target="_blank" rel="noopener">were hacked</a> and had funds stolen from their accounts earlier this year, the platform <a href="https://oag.ca.gov/system/files/09-24-2021%20Customer%20Notification.pdf" target="_blank" rel="noopener">disclosed to customers</a> in early October. Instances like this serve to shake users' confidence in platforms like Coinbase, which leads to an obvious question for many: Is Coinbase safe? For most users, the answer is "yes." But as always, there are some things users should know in order to gauge the risk for themselves. <h2>Is Coinbase safe? </h2>In a general sense, Coinbase is safe to use - or, at least as safe as any other crypto-trading platform, says Roman Faithfull, a photon cyber threat intelligence analyst with <a href="https://www.digitalshadows.com/" target="_blank" rel="noopener">Digital Shadows</a>, a company specializing in digital risk protection. "It [entails] the same risk as investing," he says.Related Article Module: Coinbase review: Crypto investing for individuals and institutionsTo <a href="https://help.coinbase.com/en/coinbase/getting-started/getting-started-with-coinbase/create-a-coinbase-account" target="_blank" rel="noopener">create an account on Coinbase</a>, users need to supply some basic information, much as they would if they were opening a brokerage or bank account. For prospective users, that includes your full legal name, an email address, a password, a phone number, and a valid government-issued photo ID, which includes your date of birth, address, and the last four digits of your Social Security number, too.Again, fairly standard stuff for opening an account of almost any type.As for the rules and regulations that Coinbase abides by, it depends on the jurisdiction, <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.coinbase.com%2Flegal%2Ffaq" target="_blank" rel="noopener">according to the company</a>. But in the US, Coinbase complies with the Bank Secrecy Act, the USA Patriot Act, and local state laws and regulations. "Aside from security protocols, cryptocurrency exchanges in the US and the UK must abide by anti-money laundering (AML) and know your customer (KYC) policies," says Faithfull. This requires financial service providers to try and verify the identity of users. Coinbase is not insured by the <a href="https://www.sipc.org/for-investors/what-sipc-protects" target="_blank" rel="noopener">Securities Investor Protection Corporation</a> (SIPC), like other cryptocurrency brokerages. <a href="https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured" target="_blank" rel="noopener">It does carry insurance,</a> but users who lose their holdings as a result of a third-party accessing their account as a result of a breach or losing their credentials are not covered.Quick tip: Phishing scams are incredibly common, and are growing in frequency. In fact, it was the most common type of cybercrime in 2020 <a href="https://www.ic3.gov/Media/PDF/AnnualReport/2020_IC3Report.pdf" target="_blank" rel="noopener">according to the FBI</a> - an eleven-fold increase from 2016.<h2>The risks of using Coinbase to buy, sell, and trade crypto </h2>As with any trading platform, there are risks associated with using Coinbase. Here are a handful of them:<ul><li>Cybersecurity threats: From losing your credentials in a phishing scam to a cyber security breach, there's always a chance that users could end up having their information, or holdings, exposed to an unauthorized third-party.</li><li>Questions abound regarding regulation: In the US, regulation regarding cryptocurrency is still up in the air. But at some point, new rules are likely to land, and depending on what shape and form those rules take, it could have big implications for crypto investors.</li><li>Getting in over your head: While Coinbase does provide <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.coinbase.com%2Flearn" target="_blank" rel="noopener">educational materials</a> to users, it can be easy to get in over your head with little or no experience. For new users, or crypto newbies, take the time to learn the lay of the land, or consult a professional before making an investment.</li><li>There are risks associated with cryptocurrencies: Crypto is inherently risky, <a href="https://www.businessinsider.com/what-is-speculation" target="_blank" rel="noopener">speculative</a>, and volatile. There's a chance that your purchase today <a href="https://markets.businessinsider.com/news/currencies/altcoins-safemoon-dogecoin-cryptocurrencies-speculative-risky-analysts-2021-4" target="_blank" rel="noopener">could plunge in value</a> tomorrow. That's an important thing to remember, especially for budding crypto investors.</li></ul><h2>Can you get scammed on Coinbase? </h2>Yes, you can get scammed on Coinbase - and almost any other platform, too. That's something to keep in mind: You're almost always assuming some level of risk when using an investing platform, whether it's concerning cryptocurrencies or stocks. But aside from that, experts say there aren't necessarily special risks associated with using Coinbase."There's no inherent risk" to using the platform, Faithfull says, adding that much of the risk users do assume mostly "depends on the credentials you use." This is what happened with the 6,000 users that saw their holdings and funds stolen earlier this year. Hackers used a tried-and-true method to do it, too: <a href="https://www.businessinsider.com/what-is-phishing" target="_blank" rel="noopener">phishing</a>. This allowed the hackers to <a href="https://markets.businessinsider.com/news/stocks/hackers-exploit-mfa-flaw-to-steal-from-6-000-coinbase-customers-%E2%80%94-report-10586724" target="_blank" rel="noopener">exploit Coinbase's two-factor authentication process</a> and gain access to users' accounts. A phishing scam involves tricking unsuspecting users into supplying their usernames and passwords to a hacker, often using an email or text message that appears to be from a platform on which they have an account. While often not very sophisticated, it's a common scam, and with a user's username and password, a third-party can, in many cases, defeat the two-factor authentication system and access a user's account.From there, a hacker can change the account's credentials or transfer the account's holdings. And phishing is, of course, just one possible course for scammers. Faithfull says that using an authenticator app, along with two-factor authentication, could "significantly increase users' security." But even that wouldn't be invulnerable, he adds. The best and perhaps easiest thing to do to keep your account safe, Faithfull says, is to create a new email address - one that you don't use for anything else - and a password you've never used before, anywhere. Also, he says don't broadcast that you have crypto holdings. "It's similar to bragging about having cash in your wallet," he says, and could attract unwanted attention.If you do find that you're being targeted as a part of a phishing scam (or other type of scam), you can <a href="https://help.coinbase.com/en/coinbase/privacy-and-security/avoiding-phishing-and-scams/reporting-phishing-sites" target="_blank" rel="noopener">report it to Coinbase directly</a>.Quick tip: When <a href="https://www.businessinsider.com/how-to-create-a-strong-password" target="_blank" rel="noopener">creating a new password</a> for an account, the more complex, the better. Make it long, use a combination of letters (upper- and lower-case), symbols, and numbers. You should also consider using a password manager.<h2>The financial takeaway</h2>Coinbase is one of the biggest and most popular crypto-trading platforms out there, and in terms of safety, using it puts users at no more risk than using most, if not any other platforms. Users can take security into their own hands, too, by creating hard-to-crack passwords and using novel email addresses.And while there's always risks associated with investing (especially when investing in cryptocurrency), Coinbase users and prospective users would do well to research what they're getting into before opening an account.<a data-type="600ad776dc0b8e1a3837e3ad">A brokerage account is the first step to becoming an investor, allowing you to buy stocks, bonds, and other securities</a><a data-type="613fc21a37043a76c60803d3">Ready to invest in Bitcoin? Here are 4 steps to get started</a><a data-type="611446ec37043a480114bb24">What to know about non-fungible tokens (NFTs) - unique digital assets built on blockchain technology</a><a data-type="60ad76c4e5224e47165fbabb">Is Robinhood safe? Experts weigh in on using the commission-free investing app</a>

Is Coinbase safe? How to use the popular crypto-trading platform safely and securely

<ul><li>It has been two weeks since Rashi Rap took over the internet by storm.</li><li>What followed the rap was a hilarious meme fest and the song becoming a part of everyday conversation.</li><li>And now, to leverage the rising popularity, a brand has approached Kokila Ben for an advertisement. </li></ul>After a snippet from Star Plus’ Saath Nibhana Saathiya serial converted to a catchy song took the internet by storm, <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> has roped in the protagonist, Kokilaben, to use her fandom and spread awareness about phishing scams. The serial’s popularity soared after music producer Yashraj Mukhate created a song around a scene from the show. It was followed by a hilarious meme fest and the song became a part of everyday conversations. Brands like Dunzo, Netflix, Tinder, Nearbuy were also quick to jump on the brandwagon. According to Star Plus, 36 million viewers watched Saath Nibhana Saathiya in that week. Despite its rerun after a decade, it became the 7th most-watched show in the category. So, Paytm decided to jump onto the ‘Kaun Tha’ trend by giving it a new twist. Its advertisement aims to inform consumers about imposters. Kokilaben gets a call from someone claiming to be a Paytm executive, calling to inform Kokilaben that her Paytm wallet has expired and to complete the KYC procedure, she would have to download another app. Before buying into the caller’s made-up scheme, Kokilaben asks herself, “Is it an executive or imposter?” She soon smells that there is something fishy and says, “Phone par jalsa tha.” (there was a fraudster on the phone). She urges consumers to beware of fraud calls, SMS on KYC Account Block or Contests. She also clarifies that Paytm can never be done by any other app. <div type="twitter" handle="Paytm" handlename="Paytm" image="http://pbs.twimg.com/profile_images/1300834212912803840/-V1Rz461_normal.jpg" favoritecount="5409" retweetcount="731" status="Agent tha? Executive tha? KAUN THA?! 🤔 https://t.co/mqqDExsPdJ" createdat="1600015036000" id="1305183777942056961"></div> Does this mean we will see more of Kokilaben in ads now? Only time will tell. But here is an example of leveraging a popular meme fest and using Moment Marketing right.

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