It seems absurd to think that someone who is selling their possessions on classified advertising websites like Quikr, Olx, and others could wind up breaking even. But this kind of fraud is actually taking place, and even intelligent, educated city dwellers are falling for the latest "Olx/Quikr scam." The general public's ignorance of UPI and new app-based payment services is enabling fraudsters to profit quickly. Before you consider selling anything on Quikr or Olx, read this to learn everything you need to know about this new scam.
When you place an advertisement on Quikr or Olx for the item (a bicycle, a guitar, furniture, etc.) you want to sell, a potential buyer will call you almost immediately at the mobile number you just listed.
Instead of transferring money, the fraudster will ask for money from you using the UPI app's "Request Money" option. This is where folks lose their money, so take note. They simply click on the UPI app's SMS without properly reading it, causing money to be taken out of your account.
When attempting to sell an outdated pair of shoes online, a 27-year-old airline worker lost 1.05 lakh to scammers. On July 22, Mallika Chouhan, a resident of Bagalur in Bengaluru, advertised on the online classifieds website OLX seeking to sell her used pair of shoes.
A man who has not been named called a short while later. He stated that he would use Google Pay to pay for the shoes when he agreed to buy them. Mallika obeyed his instructions after being told to do so by him. Later, she discovered that her account had been compromised and that $1.05 lakh had been taken.
She attempted to call the guy, but she could not get through to him. She made a report to the North East police's cybercrime unit. Another instance involved Lokesh Mahadevaiah, a 41-year-old employee at Bengaluru's KIA airport, who lost 82,000 while attempting to obtain a freebie in the form of cashback.
Lokesh reported a cashback offer, a scratch card on his mobile phone, and a message telling him to follow the instructions in his complaint to the North East cyber crime cell on July 24. Soon after Lokesh followed the directions, 18,400 was taken from his account. Lokesh attempted to make a complaint by calling the customer service number but was unsuccessful.
A short while later, Lokesh received a call from someone posing as a customer service representative who offered to assist with money recovery. A link with instructions was provided to him. Lokesh realized that another 63,891 was taken from his account after following the instructions.
How to identify if a buyer or seller is fake?
- When a buyer pretends to have transferred you money via Google-Pe, Phone-Pe, etc., but the money is really taken from your account.
- The buyer requests that you ship the item before they pay for it or offers phony payment documentation.
- The buyer will request the item without first checking it and will deceive by giving fake payment confirmations, messages, etc.
- Demand for non-cash payment methods: Usually, the buyer is adamant about using a cheque. Note that banks are not liable if cheques bounce.
- The buyer requests personal data such as your ID, bank account information, email address, and debit or credit card number.
How to avoid getting scammed?
1. Verify details of buyer/seller before proceeding to payment.
2. Any individual showing urgency or not waiting for a reasonable amount of time is likely to be a scammer.
3. You should never scan a QR code, share an OTP, or visit a link given by anyone on the internet.
4. Your One Time Password (OTP), UPI pin, and other secret information should not be shared on WhatsApp. Never provide banking information if anyone asks you to and always contact your bank. There is a possibility of fraud here.
5. It is recommended that digital escrow platforms be used for payment. When making an online payment with Escrow, you do not share your financial information with anyone. There is a platform for escrow called Vouch.
Digital Escrow Service In India.
Digital escrow services are offered by many companies in India. Among the most trusted is Vouch.
Vouch’s Digital Escrow service is a transparent way for buyers and sellers to build trust and secure a clean transfer of product and payment. Sellers can feel assured that they will be fairly compensated promptly, and buyers will feel confident that their order will be delivered as expected and on schedule. Vouch Digital Escrow keeps you updated and informed at every step of the transaction process till the end. Vouch’s professionals are always available to assist you with all queries that you may have during the entire transaction process.
There is no scope for deceit or fraud since the payments, shipping, delivery, and execution are carried out under the honest and watchful eyes of the Vouch’s professionals. With Vouch, any business transaction becomes transparent, uncomplicated, and hassle-free.
Check back here to learn more about Escrow and how to protect yourself from fraud.
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Safety is not just about protecting your credit, debit card number, and UPI accounts. It's about having control of your money till you've received the product or service you bought online!
As you're now aware of the importance of online safety, let's get your transactions secure on Vouch. It's just a click away.
