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Digital payment frauds and tips to avoid them

IamCheated.com Research Team | December 19, 2019  5:46:pm

Digital payment frauds and tips to avoid them

With the number of people using digital payments increasing, digital payment frauds are also on the rise. Fraudsters have become very intelligent and have come up with new tricks each day.  If you are not careful while making online transactions, fraudsters can wipe out your bank account.

In India, a lot of people have fallen prey to digital payment frauds and lost lakhs of rupees. When any new technology comes up, fraudsters come up with innovative tricks to cheat people of their hard-earned money. In this blog, we will discuss various digital payment frauds and tricks to avoid them.

See Also: Reasons Why Many People Still Don't Use Digital Payments

1. QR code fraud

A quick response code which is popularly known as QR code is a payment system used to make contactless payments. Under this, payments can be made just by scanning the QR code.

Now, fraudsters have started misusing this technology to cheat people. Fraudsters send QR code to users and ask them to scan it to receive money in their bank account. When you scan the QR code, money gets deducted from your bank account.

One thing you must keep in mind is you need to scan QR code only to make payments and not to receive payments.

2. Request money fraud

In UPI, there is an option called request money, which allows you to request money. The person to whom you have sent a request can make the payment by accepting it and entering a PIN. Fraudsters are misusing this feature by sending fake requests with the message ‘Enter your UPI PIN to receive money'. You should enter UPI PIN only while sending money not while receiving money.

3. Remote access app fraud

Under this, you will be asked to install the remote access apps like Anydesk and Teamviewer. Fraudsters ask you to install this app with the intention of getting access to your phone. Once you download this app and give certain permissions, fraudsters get access to all your personal information including OTP. This information will be used to carry out fraudulent transactions. So, don't download these apps on your phone and give permission to unknown people. 

4. Social media fraud

As a lot of people use social media these days, social media frauds are on the rise. Many customers share their complaints against companies on social media. Fraudsters reply to those posts by impersonating companies and share fake contact details. When customers call up that number, fraudsters will ask them to share their personal banking information. So, you must never rely on the customer care number which pops up on Google or social media sites. Instead, you must visit the official website of the company and collect the customer care number.

See Also: 10 Common types of internet fraud

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