Common Digital Payment Frauds You Need to Know

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Never forward any SMS on being asked by an unknown person posing as your bank or government official. (Representative image)

Never forward any SMS on being asked by an unknown person posing as your bank or government official. (Representative image)

In the fast-growing digital world, fraudsters use social engineering techniques to victimise gullible users.

As more and more people switch to digital payments for their day-to-day transactions, it’s important to be aware of the various types of frauds that can occur in the digital payment space.

To protect themselves from these types of frauds, users should always use strong, unique passwords for their digital payment accounts, enable two-factor authentication, and avoid sharing their personal and financial information with anyone they don’t trust. Additionally, users should regularly monitor their account activity and report any suspicious activity to their financial institution or payment service provider.

Digital payment fraud is a growing concern due to the increasing adoption of digital payment methods.

To prevent digital payment fraud, it is important to take several precautions. Firstly, always ensure that your device and payment apps are up-to-date with the latest security features. Secondly, use payment apps that are trustworthy and have a good track record of security. You should also use strong, unique passwords for your payment apps and enable two-factor authentication to provide an extra layer of security.

Be cautious of phishing scams, which are designed to trick you into giving away your information. Carefully review transaction details before approving any payment and make sure that the payment amount and recipient details are correct.

If you use public Wi-Fi networks to make digital payments, use a virtual private network (VPN) to encrypt your internet traffic and protect your data from hackers. By following these tips, you can help prevent digital payment fraud and keep your money safe.

The National Payments Corporation of India (NPCI) has also highlighted some fraud trends against which users should be vigilant.

In the fast-growing digital world, fraudsters use social engineering techniques to victimise gullible users. While a considerable amount of awareness is being created to safeguard users, those falling prey are mostly on account of greed, fear or ignorance.

Mentioned below are some of the key points that users should be mindful while carrying out digital payments.

Don’ts

  • Never forward any SMS on being asked by an unknown person posing as your bank or government official
  • Never share debit card credentials and UPI Pin with a third party
  • Remote access / Screen sharing apps can be used by fraudsters to gain access or view your screen so avoid using such Apps while doing financial transactions
  • Never post transactional details about your grievances on social media
  • Avoid carrying out transactions while speaking with a third party on call

Do’s

  • Updated mobile number is registered in bank records
  • UPI pin is to be entered only for payments and not for receipts
  • Always checks for in-app notifications from UPI Apps while doing a transaction
  • Find contact details of bank from website only
  • In case of complaints, user should report it only to bank or police authorities

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