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How to avoid digital-payment related scams?

IamCheated.com Research Team | November 05, 2019  4:40:pm

How to avoid digital-payment related scams?

There are several scams in the digital-payment space. It would be wise to get an idea on them, before losing hard earned money. As cashless payments rise each day, fraudsters have come up with innovative ways to defraud gullible people. Let’s take a look at some of the innovative scams in the digital space and how to stay safe from them.

See Also: How Payment bank accounts help in reducing frauds and excess charges?

  • Remote access mobile application scam: Fraudsters had listed fake numbers online. This was done under an NGO’s name. They gained access to the debit card details of a Mumbai resident, just by asking her to download Anydesk app. RBI has warned people that scammers use Anydesk app to loot people.

Never take help from strangers to make payment transactions. Always download official apps.

  • Be careful when buying insurance: Fraudsters prey on people who are unable to stop the difference between a real and fake insurance regulator portal. There was a counterfeit portal running by the URL, www.irdaionline. org. A lot of fake insurance plans were sold to insurance seekers. IRDAI has issued an alert and the URL has been blocked.

IRDA the insurance regulator does not sell insurance plans.

  • Income tax refunds from phishing SMSes: Many people have received links, supposedly from the income tax department promising income tax refunds. A private sector employee from Mumbai received a link promising an income tax refund. When he clicked on this link he was directed to a mobile application which got downloaded on his mobile phone. Fraudsters accessed bank account details and siphoned money from his bank account.

The income tax department directly credits tax refunds to your bank account mentioned when filing ITR.

  • The KYC update fraud: An IAS officer from Udaipur lost Rs 6 Lakhs when she clicked on a fraudulent link seeking KYC update. She was prompted to give bank account details and also the OTP received. She then received messages from her bank saying Rs 6 Lakhs was debited.

Do not click on any link received via SMSes. Always rely on official websites or bank branches to complete the process.

Fake UPI-based payment links: You need a 4-digit PIN to authorize UPI transactions. Many fraudsters send bogus emails to access sensitive information. If you enter password or PIN details into this fraudulent site, hackers misuse the information.

A Pune-based trader was asked to transfer a nominal amount of just Rs 10 from his digital wallet. This was shown as a registration fee to start the process of buying a scooter online. He received payment links where he was to enter the UPI ID and OTP. This information was used to fleece him of Rs 1.53 Lakhs from his bank account.

Always use official BHIM or bank UPI apps. Check for authenticity of links.

Never make hacking an effortless job for fraudsters. Always set tough passwords which are difficult to hack. Never use passwords or PINs which are easy to decode. Always check for verified-by-twitter blue ticks when interacting with NPCI.

See Also: Beware of this UPI fraud, you could lose your hard-earned money

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