It is not uncommon these days to find college students and young professionals turning to part-time and online jobs for making a quick buck. The worrisome part is that some of them get lured into traps laid by cybercriminals seeking to exploit this trend.
Fraudsters lure individuals into fraudulent schemes that misuse the victim’s bank and UPI accounts for illegal activities. They disguise themselves as job providers on social media, offering attractive commissions for simple tasks.
“Once victims share their banking and UPI details, their accounts are used to funnel illicit money. We call them mule accounts,” a police officer explains.
“Those who unknowingly participate not only risk losing their funds but may also face serious legal consequences.”
Cyber experts in Kochi warn that this is not just financial fraud — it can be part of a larger criminal network, and can lead to grave offences. “People have to be wary of offers or schemes that sound too good to be true,” says an officer.
How it works
Explaining the modus operandi of this new fraud, a top police officer says the fraudsters typically approach victims through social media ads or direct inquiries, offering lucrative part-time or online jobs with attractive pay/commissions.
However, they rarely provide clear details about the work. Sometimes, they weave convincing stories, such as needing staff for share trading or marketing transactions. Once they gain the victim’s trust, they demand personal bank and UPI account details.
“The scam involves transferring large sums of money into the victim’s account and instructing them to send it to designated accounts while deducting a commission. Tempted by seemingly easy income, many victims comply without questioning the legality of these transactions,” the officer notes.
“Young individuals often fall into these traps, sometimes unknowingly becoming part of fraudulent networks. Many might be unaware of the illegal activities they are aiding.”
All such cyber frauds share a common red flag — demands to transfer money into private accounts. “This is often the first sign of a scam,” says South Zone IG S Syamsundar.
“The scammers select their prey randomly, either by collecting details from various sources or by tricking victims into sharing their own information.”
Syamsundar tells TNIE that he himself received at least 10 such calls over the past couple of months.
He adds that many youths fall into such traps despite knowing the risks and the actual purpose behind these transactions. “Fraudsters often target individuals with lower incomes, who are more likely to fall for such schemes,” he says.
The ease of opening bank accounts has also contributed to this issue. Fraudsters exploit this by creating accounts using fake documents and operating them for a short period before abandoning them when KYC (Know Your Customer) verification becomes due.
“Some bank managers allegedly facilitate these frauds. We are closely monitoring their involvement,” says Syamsundar.
A social issue
Cyber security expert Nandakishore Harikumar believes such frauds should be viewed as a social issue. “Many young people jump into scams, driven by an attitude of making easy money without concern for legality,” he says.
“They justify their involvement as minor compared with other scams because of the relatively small amounts of money involved.”
He also points out the role of social media, through which several dubious schemes are promoted. “There have to be stricter regulations and monitoring,” he says. “Frauds will continue to pop up in various new, creative forms.”
Nandakishore says it’s worrisome to note that people are willing to share their bank account details or provide SIM cards to anonymous persons for cryptocurrency exchanges or small commissions.
“Engaging in fraudulent online activities that may not appear serious at the surface level could eventually lead to even non-bailable offences or charges under the National Security Act,” he notes.
“Our financial intelligence units are highly capable of flagging suspicious accounts and tracking transactions. Young people must be aware of these risks and avoid such schemes.”
Links to drug use
Law enforcement authorities also express concerns that the ‘easy money’ schemes could be fuelling drug use among the youth.
Most often, those involved in scams related to mule accounts initially receive a significant amount of money for handing over control of their bank accounts, says Assistant Commissioner (Cyber Crime) M K Murali.
As they continue, they get comparatively smaller amounts, ranging from Rs 2,000 to Rs 5,000, for further involvement.
“If this ‘easy money’ reaches school and college students, there is a high risk that it might be used for drug consumption or other illegal activities,” Murali notes.
“Scamsters not only tempt individuals with financial gains but also push them to recruit more people into the system, turning them into active participants in fraudulent networks.”
The final warning that officers as well as experts share: If an offer seems too good to be true, it probably is fake. Easy money doesn’t come that easy.
