Beware! Digital Payment Fraud Cases On The Rise

Someone could gain access to your email account, retrieves your Aadhaar details to steal details of your identity and clear your bank account. You might not even realize about the fraud until you are alarmed with clearance of all funds!

Since people are making digital payments fraud cases are on the rise. Most consumers prefer UPI, cards and close to half of the Indians are concerned about digital payments fraud as the coronavirus has hindered regular banking. With victims on the rise digital payment fraud are lurking among as our immediate family or friends have been reporting.

There are risks to digital transactions, but in comparison to other modes of payment such as cash it is safer. If cash is lost, it is almost impossible to recover it, on the other hand with digital payments there’s always a chance to get your funds back. Since people are making digital payments fraud cases are on the rise. Most consumers prefer UPI, cards and close to half of the Indians are concerned about digital payments fraud as the coronavirus has hindered regular banking. With victims on the rise digital payment fraud are lurking among as our immediate family or friends have been reporting.

How to be alert and avoid fraudsters while using UPI/wallet payment apps?

While you need to be vigilant and there are no failproof steps to keep yourself safe while making online payments. You can certainly pay attention to making any online transaction.

-DO NOT scan any QR code sent by an unknown person via payment apps or social media. As and when you are asked to input your UPI PIN, avoid going ahead. A QR code scan will immediately transfer the funds and is an acknowledgment of the other person requesting it.

As the seller, you must avoid accepting any payment request. You should send your UPI registered phone number, or UPI ID.

-Online marketplaces such as OLX encourages the buyer and seller to meet up and work towards making a deal. Scams happen and hard earned money is lost. Get all relevant details about the other party before you decide to finally move ahead with the payment. Beware of unidentified OLX buyer or seller while striking deals, you need to be cautious as cheaters are waiting to prey on users in a variety of ways. While you make any deal on OLX make sure you, collect all details about the other party before you make any payment.

-Frauds happen when there is someone pushing on getting the deal done. If you feel that you are being pushed to deal and forced to accept their request, shut off the payment app and report.

According to a study by a UK-based market research firm YouGov and NASDAQ-listed ACI Worldwide. Nearly one-third of the consumers (31%) have been a recent victim of a card or digital payment fraud or know someone among their immediate family or friends who has. Among them, 17 per cent of those frauds have been within the last month, the report stated.

Kaushik Roy, vice president & country leader – South Asia, ACI Worldwide says the disruption caused by the COVID-19 pandemic provides another opportunity for fraudsters to dupe unsuspecting consumers. Although, with awareness, consumers are using digital payment and avoiding fraud.

Here at ePaisa, we provide all assistance to make stress-free transaction and take steps to join the digital way to the new world. You can take common guidelines to protect your identity, minimize the risk of using and accepting digital payments, and maximize your efficiency. Get things working for your with easy transaction and fewer trips to the bank!

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