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5 Digital Payment Frauds | Cybersecurity

DIGITAL PAYMENT FRAUDS




Frauds are the unwanted byproducts of digital payments which we must minimize and eliminate completely as soon as possible. Especially with the COVID-19 era where we all are dependent on digital payments, the space of digital payments must be made safe for both customers and merchants.

1. Request Money Fraud :

Fraudsters misuse the request feature on UPI by sending fake payments requests with message like "Enter your UPI PIN  to receive your money, "Payment successful receive Rs.xxx "etc. Remember, You need to enter PIN only for sending Money.


REQUEST MONEY FRAUD

    Prevention :

  • Do not pay or enter your UPI pin to receive money.
  • Don't be greedy!!



2. QR code Fraud :

Fraudsters  share a QR code over WhatsApp or over any other Social media asking for the code to be scanned to receive money in their  account.  This QR code, a feature in some UPI apps, is in fact a collect request and scanning and entering your pin is acceding to their request.  


   

Prevention:

Do not share Card number, Expiry date, Pin, Otp and etc with anyone

3. Remote Access Api :

Fraudsters ask users to install screen sharing apps such as screen share, AnyDesk, Teamviewer and use them to get access to bank credentials. These apps are not malware, but they do grant access of your mobile data to the third party. 



 Prevention:

  • Do not download any third-party apps such as screen share, Any desk , Teamviewer to enable/receive payments.

4. Social Media Fraud :

Fraudsters track complaints in social media and  share fake contacts or impersonate bankers or RBI officials in response to a post and ask for confidential information which no banker is supposed to ask for. 

fraud alert
Social Media Fraud

    Prevention :

  • Do not Search for helpline numbers on Google or Facebook instead search on the official Website  

5. Sim Swap Fraud :

Fraudsters manage to get a duplicate SIM which provides them access to One Time Passwords (OTP). They do this by pretending to be from a mobile comapany and asking you to forward an SMS containing the SIM CARD NUMBER to activate the duplicate SIM.

Sim Swap Fraud

Prevention: 

  • Do not respond to texts and mails from unknown addresses to click on links.

   AUTHOR:- SANDEEP


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