Online payment fraud: Beware of these five most common scams in India that everyone should know to protect their money | Mint
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Business News/ Money / Personal Finance/  Online payment fraud: Beware of these five most common scams in India that everyone should know to protect their money
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Online payment fraud: Beware of these five most common scams in India that everyone should know to protect their money

Let us decode the five most common online payment scams in India that you must know

There are several ways wherein online scams are being carried out (iStock)Premium
There are several ways wherein online scams are being carried out (iStock)

Online payments have made financial transactions more convenient for millions of people worldwide. However, this convenience comes with the risk of fraud, and scams that people need to be aware of. Cybercriminals are constantly on the lookout to rob people of their hard-earned money. Let us decode the five most common online payment scams in India that you must know.

1)Phishing attacks

If you receive any suspicious links or messages related to loans or financial transactions, report them to the appropriate authorities, such as the cybercrime department.

“Cybercriminals employ deceptive emails or websites to trick users into revealing sensitive information, such as login credentials and financial details," said Amit Kumar, Chief Technology Officer, Easebuzz.

2) Identity Theft

 Scammers misuse personal information to impersonate individuals, gaining unauthorized access to their accounts and making fraudulent transactions.

3)Fake delivery OTP scam

With the rise in cybercrimes, businesses have become more aware and cautious about customer data. To provide more secure delivery to customers, e-commerce platforms started the One Time Password (OTP). However, frauds and scammers have managed to break this security and steal money from customers’ bank accounts.

“Operating with cunning tactics, these scammers request the OTP under the guise of needing it for the delivery process. Once they receive the OTP, scammers use illicit techniques, such as phone cloning or hacking, to gain access to sensitive information," said Easebuzz CTO

4) Fake QR codes

QR code scams are one of the latest methods that fraudsters are using to steal money from people.

According to Amit Kumar, fake websites mimic online stores and lure users with fake QR codes, who end up making payments for products that don't exist.

5) UPI Fraud

UPI and digital transaction methods have made it easier than ever to make payments online. However, this convenience has also made it easier for fraudsters to target unsuspecting victims.

Scammers manipulate individuals into making unauthorized UPI transactions or trick them into sharing UPI PINs.

There are several ways wherein online scams are being carried out wherein innocent victims are fleeced of their hard-earned money.

Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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ABOUT THE AUTHOR
Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 05 Dec 2023, 11:18 AM IST
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