How to avoid financial fraud this festive season: 5 simple tips to keep your money safe

The festive season in India is a time of shopping, generous gifting, and celebration. Alongside the joy and excitement, there is also a surge in online transactions, from e-commerce shopping sprees to UPI transfers and credit card use. But with this increase in spending comes a sharp rise in financial fraud.

"Unfortunately, fraudsters take advantage of consumer excitement, high spending, and the rush of online deals during this time," says Tarun Wig, Co-founder & CEO of Innefu Labs. "Phishing links disguised as festive discounts, fake shopping websites, fraudulent loan offers, and OTP-based scams are some of the most common threats."

What makes these scams even more dangerous today is their level of sophistication. Scammers are no longer sending poorly written emails with obvious red flags. Instead, many now use 'AI-generated content' and complex 'social engineering tactics' to make their scams appear legitimate. All it takes is 'one careless click, ' and you could risk losing money.

According to Tarun Wig, staying secure doesn’t require complicated tech know-how, just a few simple, smart habits. Here are 5 easy steps every consumer should follow:

5 tips to protect yourself from financial fraud this festive season

1)Enable transaction alerts and two-factor authentication for all accounts

• Get real-time updates on any activity in your bank account or wallet. Two-factor authentication adds an extra layer of security

2)Always verify the authenticity of shopping sites and payment links.

• Before making a purchase, check that the site is genuine. It's always better to stick to trusted platforms.

3)Avoid clicking on links sent via SMS, WhatsApp, or unsolicited emails.

• Don’t trust links sent via SMS, WhatsApp, or unsolicited emails

4)Never share sensitive information like OTPs or CVV numbers, even if the request appears to come from a bank or service provider.

• No legitimate bank or service provider will ever ask for this information over a call or message. If someone does, it’s a scam

5)Regularly monitor bank statements and report suspicious transactions immediately.

• Keep an eye on your account activity. If you spot something unusual, report it to your bank immediately.

 As digital adoption continues to grow across India, so must digital awareness. So this festive season, while you shop, gift, and celebrate, take a moment to **stay alert, stay informed, and stay safe.