Identity Theft, SIM Swap: How To Stay Safe From Payment Frauds?

Fraudsters try to obtain confidential details like User ID, login/transaction password, OTP (One Time Password), debit/credit card details like PIN, CVV, expiry date and other personal information.

Some of the typical modus operandi being used by fraudsters are as follows –

Wishing – Making phone calls to bank / non-bank e-wallet providers / telecom service providers on the pretext of sharing confidential details of customers on the pretext of KYC-update, unblocking account / SIM-card, crediting debited amount etc. doing drama. ,

phishing – The fake email or SMS is designed to trick customers into thinking that the communication has originated from their bank / e-wallet provider and contains links to extract confidential details. Scammers send fraudulent emails, messages or calls to obtain personal and financial information, such as passwords, PINs and bank account details, that can be used to steal money.

remote access – By luring customers to download an application on their mobile phone/computer which is capable of accessing all the customer data on that customer device.

Misuse The ‘Collect Request’ feature of UPI by sending fake payment requests with messages like ‘Enter your UPI PIN’ to receive money.

Fake Number of banks/e-wallet providers displayed on webpages/social media and by search engines etc.

stolen identity: Criminals steal someone’s identity and use it to create fake accounts, make purchases, and apply for loans.

sim swap fraud The fraudsters contact the victim’s telecom provider, pretending to be the victim, and block the SIM card or transfer it to another device. They then use the victim’s phone number to gain access to their bank account and conduct transactions.

online shopping fraudFraudulent sellers on e-commerce platforms often lure customers into buying counterfeit products or products that are not delivered, leading to financial losses.

payment gateway fraud: Fraudsters create fake payment gateway pages or duplicate the original page to obtain customer financial information during the transaction process.

To protect yourself from online payment frauds, follow security tips and be cautious while transacting online. Always verify the authenticity of a website or service provider before entering any personal or financial information. If you become a victim of online payment fraud, report it immediately to the relevant authorities (your bank, police, etc.).

As per the guidelines on safe digital banking practices of Reserve Bank of India, to keep your money safe from frauds, you can do the following;

• Do not share your account details like Account Number, Login ID, Password, PIN, UPI-PIN, OTP, ATM/Debit Card/Credit Card details with anyone, even
  With bank officials, even if they seem genuine.
• Any phone call/email threatening to block your account on the pretext of not updating KYC and suggesting you to click on a link to update it is a common modus operandi of fraudsters. Do not respond to offers to get KYC updated / expedited. Always refer to the official website of your bank/NBFC/e-wallet provider or contact the branch.
• Do not download any unknown app in your phone/device. The app can secretly access your confidential data.
• Cash receipt transactions do not require scanning barcode/QR code or entering MPIN. Thus, exercise caution if asked to do so.
• Always refer to the official website of the bank/NBFC/e-wallet provider for contact details. Contact numbers on Internet search engines can be bogus.
• Please check the URL and domain name received in the email/SMS for spelling errors. Use only verified, secure and trusted websites/apps for online banking i.e. websites starting with “https”. In case of doubt, inform the local police/cyber crime branch immediately.
• In case you receive an OTP to debit your account for a transaction not initiated by you, inform your bank/e-wallet provider immediately. If you receive debit SMS for non-transaction, inform your bank/e-wallet provider immediately and block all debit modes including UPI. If you suspect any fraudulent activity in your account, check for any additions to the Enable Beneficiary List for Internet/Mobile Banking.
• Do not share the password of your email linked to your bank/e-wallet account. Do not have common passwords for e-commerce/social media sites and your bank account/email linked to your bank account. Avoid banking through public, open or free networks.
• Do not set your email password as the word “password” while registering in any website/application with your email as User-ID. The password used to access your email, especially if linked to your account, must be unique and used only for email access and not for accessing any other website/application.
• Do not be confused by advice advising you to deposit funds on your behalf with the Reserve Bank of India for overseas remittances, receipt of commission, or lottery winnings.
• Check your email and phone messages regularly for alerts from your financial service provider. Immediately report any unauthorized transaction noticed to your Bank/NBFC/Service Provider to block the Card/Account/Wallet, so as to prevent any further loss.
• Secure your cards and set daily limits for transactions. You can also set limits and enable/disable for domestic/international use. This can limit the damage caused by fraud.

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