Types of digital wallet frauds
Digital Wallets unawareness and greed have created an enabling environment for fraud, the explosion of smartphones with internet and multiple modes of payment through apps. While there is enough protection built into UPI and card payments, fraudsters use various tricks to get users to part with critical information. Methods used by tricksters range from payment requests made on the Unified Payments Interface (UPI) to sharing of QR codes on WhatsApp. Here are some common ones doing the rounds. 1. Pre approved link fraud Fraudsters misuse the request feature on UPI by sending fake payment requests with messages like ‘Enter your UPI PIN to receive money, “Payment successful receive Rs. xxx” etc. You need to enter PIN only for sending money. Do not: 'Pay' or enter your UPI pin to receive money. 2. QR Code Fraud Fraudsters share a QR code over WhatsApp asking for the code to be scanned to receive money in their account. This QR code, a feature in some UPI apps, is in...