SMS fraud, or "smishing", is on the rise in many countries, fuelled by the increasing use of smartphones. An average of between 300,000 to 400,000 SMS attacks take place every day, according to cybersecurity firm Proofpoint, and that figure is expected to rise.
Online fraud through advertisements is an easy way to lure over 400 million people with access to the internet and social media accounts in the country.
Indians receive an average of 12 fake messages per day and spend 1.8 hours per week identifying them. Shockingly, 82% of Indians have fallen victim to these scams. The most common types of scams reported are fake job notifications/offers and bank alert messages. Scammers are utilizing AI to make these messages more believable and harder to recognize.
To protect yourself from insurance-related SMS fraud, verify the sender of text messages, avoid clicking unsolicited links or sharing personal information, and contact your insurer to confirm message authenticity.