Rapid growth of financial technology and adoption of digital payments have made people vulnerable and increased the risk of online fraud, more people fall prey to fraudsters during online transactions.
What is more worrying is that not just suspicious websites, but studies have suggested that people are more vulnerable to online fraud through legitimate websites for example OLX, Craiglist, as well as social media platforms for example Facebook.
Also Read: How to ensure cyber security, identity verification, fraud prevention in 2023
“Technological advancement and availability of the internet across the country have made digital payments accessible and affordable for consumers. The exponential adoption of digital payments is also due to the convenience they offer for users. However, one wrong click can get users into trouble and cost them money. To avoid such situations and to continue availing the payment services, consumers need to be aware of online frauds such as phishing, spoofing, vishing and follow safety practices that can help them to stay digitally safe and secure,” said Amit Kumar, CTO, Easebuzz.
“To promote these safe payment practices among a larger audience, Easebuzz has launched an awareness campaign #SayNaah and created ad films for educating consumers to be aware and alert while making online transactions and also refrain from sharing sensitive personal information like CVV, OTP, Passwords or PIN with anyone,” he added.
However, scammers have become innovative and are using social engineering practices to engage with individuals either in commercial manner (fraudulent advertisements) or appearing to be someone who is known to her friends and family.
“Scammers are using SMS’es, Emails, messaging services, fake UPI handles, collect UPI request,install malwares or legitimate remote apps that remotely control one’s device and without individuals knowledge, money is transferred or transaction is authenticated online,” said Gopal Sharma- VP, Business Solutions Fraud and Risk Management and Digital On-boarding, Wibmo.
Also Read: Making digital transactions? Here’s how to keep fraudsters at bay
Sharma lists the following steps to protect yourself and avoid financial losses during online transaction:
- Be careful before clicking on SMS or email from unknown sources which look lucrative and offer’s free items or money (like you won a lottery without even playing or buying a ticket).
- Never respond to phone calls,messages asking you to share OTP (One time password) or CVV.
- Be attentive on social media,if you are selling an article, you do NOT need to enter UPI PIN, as you will receive money.
- Communication from your bank,assume it is fraudulent until you have established it is not
- Never install an app (having remote screen share) on your device in return to a phone call to update KYC.
- Never share personal information like Aadhaar number or account number over phone calls. In today’s regulated environment, central banks ask your financial service providers for example. Banks NBFC’s and Fintechs to comply with a holistic and layered risk-based approach and software that can detect fraudulent behaviours and deviations and alert the individuals.
“Be safe, stay safe and enjoy the power of digital payment,” said Sharma.