Digital payments have become an important part of today’s payment structure. From doing regular payments to transacting money on a hefty amount, online payments are used by all. But did you know that online payments can be prone to scams.
According to some reports, digital payments can result in scams and fraudulent activities. To be specific, QR code scams are the one you need to be afraid of. Here’s how the scam works and how you can stay safe.
Decoding QR/UPI scams
As Unified payments interfaces (UPI) are gaining popularity, scammers are also targeting such payments for executing scams. But how do these scams work? During a QR code scam, the target/victim is given a fake and malicious QR code. Most of these are found in local shops, delivery services and social media platforms. Branded companies usually don’t get targeted.
The scammer generates a QR code which appears to be linked to a legitimate transaction. This is fake but you eventually fall into transferring the money to the scammer’s account. You then scan the code, thinking that you are paying for a product or service. However, you unknowingly authorize transfer of funds to the scammer.
In addition to this, the QR code could also include a fake APK link for initiating such scams. These links can ask you to download a harmful app/software to gain access to your bank details and other sensitive data.
The safety roads
So how do you stay safe from such scams? Here’s how to stay safe from such scams:
- Try to transfer money directly to the recipient’s verified UPI ID or mobile number. Avoid using QR codes.
- You should be cautious of scanning QR codes in unknown businesses and unfamiliar locations that look suspicious. Fraudsters can easily place fake QR codes in public places such as local markets or restaurants.
- To stay safe you can create a separate bank account. These accounts are only for linking solely to your UPI platforms such as PhonePe or Google Pay. Keep less amount in these accounts.
- Lastly, in case you receive any suspicious payment requests/link, avoid them.
Follow FE Tech Bytes on Twitter, Instagram, LinkedIn, Facebook