Every day there is a story of a digital payment scam. One fails to understand how even literate and well-aware people are conned. The fault is not with banks and digital payment platforms, which constantly try to educate consumers on the does and don’ts of digital- online payments.
One marvel at the agility and innovative schemes the scammers run to trap the gullible public. The fraudsters are fast learners, innovative and agile in redefining their work processes. The scammers have a new technique, a new trap and a new story every day to trap their victims. They know that ten can be potentially trapped for every cautious person they encounter.
On the other hand, the basic precautions while making a digital-online payment have not changed much. But, it seems that people learn only when they or people near and dear to them are targeted and scammed.
The banks keep on talking about wanting to create a secure financial network. Still, the onus should be on the users- who needs to be alert while using the platforms to make digital payment and purchases.
Collective Corroborative Effort Is Needed
Maybe, there is a need for collective, collaborative, synchronized efforts from all banks and payment gateways. Maybe, the different messaging strategy used by the banks and payment gateway is confusing. These messages need high frequency and cross media utilisation across Radio, Print, TV, Digital and even outdoor. And print and TV can work wonderfully well for the communication.
Do you agree that a collective simple communication drives like Pulse Polio, where every bank and payment gateway contributes, will lead to better communication effectiveness or should they individually address the problem.
ICICI BANK #BeatTheCheats
ICICI bank and ICICI Foundation have been doing some good work communicating these simple rules. They have treated the scammers as an organized set-up with training and showing how they trap the victim. Think the communication works.
UPI PIN is only needed for making the payment, not for receiving payment. Never share your UPI PIN with anyone.
Never scan unknown QR Codes. QR Code is scanned for making payment and not for receiving payment or refund. Beware of fraud lottery scams and messages that tell you – you have won and send you a link for payment. Remember, If it’s too good to be true, it probably is! Never trust calls/SMS claiming you won a lottery. Never click on unknown links. Do not share your PIN/OTP with anyone. Let’s #Beatthecheats.
RBI Bank And Digital Safety
RBI has been at the forefront of customer digital safety education and communication. They have used various media options and created simple communication series. And their shorts are directly shareable across social media platforms. Like every other bank, they have films pushing digital safety and not sharing banking financial information. And they have used day-to-day situations like a badminton court and a restaurant to further make the point. They even have a Rap Song to propagate the message. The bank has heavily invested on Digital interaction on the subject and used print to communicate the message.
OTHER BANKS
HDFC smart buy even shares tips on how to get the best out of online shopping and safe Digital Payment. They have a series of ads showing possible Scam schemes like Holiday and how the victim is trapped.
AXIS BANK plays the same or similar points in their communication on Phone pe Chori. RBL bank also shows the scamming process, including the KYC update scam, and how an alert customer can be safe.
THE DIGITAL PAYMENT SCAM STORIES.
There are many stories that scammers weave to trap their victims. For example- pre-payment advance for buying an item on sale by the victim, including a deal on platforms like OLX. Lottery win information and need for the preconditional registration fee. Hacking into customers’ WhatsApp or Facebook accounts and sending messages to the contacts, asking for money. Using Facebook hack of open account visuals and then using them as sextortion. Massage parlour booking sextortion case. Selling consumer durables or properties at a very attractive price. Multiple bookings at Airbnb or Homestays or even low-cost, out-of-the-world priced holidays and many more.
DIGITAL PAYMENT SCAM- HELPLINE 1930
As per the Ministry of Home Affairs (MHA), more than 1,40,000 UPI fraudulent activities were reported on the National Cybercrime Reporting Portal (NCRP) during Q1 and Q2 2022. RBI says that UPI transactions increased by 1200% in the fiscal year ending September 2022. This massive increase has also made UPI fraud account for a reasonably high number of cyber frauds in the country.
There is a definitive need to educate the public on Cyber Crime Helpline – 1930 and the site www.cybercrime.gov.in. They must be told – what to do when they fall for the scam. What information is needed to pursue the case, and what they should do.
NET NET
There is much more that banks and Digital payment platforms need to do regarding customer awareness and safety tips for financial transactions. And the onus for safety should also be on the customers. One has to be aware of and follow the safety tips that banks and payment platforms regularly share. Maybe, they should contribute funds. A collective communication drive could be better strategized and implemented for effectiveness and efficiency.
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How To Ensure Safe Digital Payment Transaction. ( Source SBI and ICICI Bank)
- ATM/Debit/Credit Card is the key to your bank. Do not hand over your card to anyone else for use.
- Never write the PIN anywhere.
- Never share your financial information when requested over the phone or by e-mail.
- Do not seek help from strangers in ATM/ Branch; instead, approach any bank official.
- While withdrawing cash from an ATM or entering it during any transaction, like shops and airport lounges- make sure nobody is standing behind you. Always cover the keypad with your fingers.
- No bank will use e-mail or call you to ask for your PIN, password or other confidential account information.
- Do not give your phone to strangers to send SMS or make calls. If they are in an emergency, send the SMS yourself or dial the number yourself.
- Try using unique and complex passwords and change passwords frequently. Enable Strong passwords/ Biometric permission on your phones/laptops/tablets.
- Try using biometric authentication wherever feasible.
- Do not download any unknown app suggested by strangers.
- Try keeping your Mobile PIN and UPI PIN different and random.
- Do not respond to any unknown UPI requests. Report suspicious requests
- Never disclose, store or write down your user ID, passwords or PIN
- Disable the ‘Auto Save’ or ‘Remember’ function in your device to avoid storing the user ID and passwords.
- PIN is needed only for transferring amounts, not for receiving.
- Instantly disable UPI service on your account if any transaction has happened without you doing it.
- On the internet- Always look for “https” in the address bar of the bank’s website.
- Avoid performing online banking transactions in public places using open Wi-Fi networks. Always log out and close the browser when you finish your work.
- Do not share your personal/financial information on any social media platform.
- Manage your debit card transactions through Online Banking.
- Set a limit for card transactions at e-commerce platforms, POS and ATM both for domestic and international transactions
- Always download apps through official stores. One should Monitor the permission one has given to the apps and remove unnecessary apps.
