6 DECEMBER 2023
By: JASMINE ANAND
As digital transactions surge in India, the rise of online payment fraud is evident. Despite growing digital adoption, security concerns persist due to insufficient awareness and knowledge about online payments. Here, we will discuss the top 5 online payment frauds making rounds these days.
OTP fraud is on the rise, a cybercrime where fraudsters deceive users into disclosing one-time passwords, critical for two-factor authentication. Various methods include posing as authorities, sending malware links & obtaining duplicate SIM cards.
KYC fraud involves when scammers pose as bank officials, coercing customers to divulge personal details under the guise of KYC updates, using tactics like unsolicited calls, phishing, and identity theft.
This scam involves creating fake websites resembling reputable financial institutions, enticing victims with attractive offers. It's crucial to stay vigilant and differentiate by checking for secure domains starting with 'HTTPS.'
Elderly and inexperienced online banking users often fall prey to scams involving fraudsters posing as bank employees. Manipulating concerns, scammers coerce victims into installing remote access apps, compromising sensitive information.
In electricity bill scams, fraudsters send deceptive messages claiming unpaid bills and imminent disconnection. Impersonating officials, they induce panic, urging victims to click links or take action, facilitating bank theft.