Many things can now be done online with just a click of a button thanks to technology. Buying and selling items online has increased significantly in recent years. Despite modern technology's many benefits, it also has many drawbacks. 

OLX is essentially an online market for buying and selling services and goods like furniture, electronics, bikes, and cars. An ad on the website needs to be posted by the seller before the sale can take place. In spite of the fact that this platform has benefited many sellers and buyers, fraudsters have been using it to cheat people and make quick money.

The following blog details how users of these buying/selling websites get scammed by fraudsters.

Online fraud leads to loss of Rs 2.9 lakh for an Aurangabad woman

An Aurangabad-based woman trying to sell a wooden table online was scammed out of Rs 2.9 lakh on Olx.

An unidentified person has been charged with cheating along with sections of the Information Technology Act based on her complaint at the Pundaliknagar police station.

On December 6, a 32-year-old woman of the Bharatnagar area was duped. She then reached out to the cyber police station, but the application was later forwarded to the Pundaliknagar police station.

According to the complaint, an individual claiming to be Madan Sharma contacted her on the number she gave on the website. Having negotiated the price of the table for a few thousand rupees, the suspect, on the pretext of verifying the bank account number to which the payment would be sent, executed a transaction of Rs 10 for the table.

The suspect obtained the woman's bank account details during the transaction, and before she could suspect anything, he made multiple transactions from her account, transferring Rs 2.95 lakh from her account.

Inspector Ghanshaym Sonawne said, “This is one of the latest methods racketeers are using to defraud people by posing as customers who are interested in purchasing items posted on websites.”

You can also check: Fraud Story #205- Mumbai Crime: Man duped of 8 lakh by Facebook friend

How to avoid this kind of fraud?

1. 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.

2. Payments should never be made in advance. While purchasing products from these platforms, be extremely cautious. In cases where a stranger ask you to pay the money in advance, you should decline the offer.

3. You should never scan a QR code, share an OTP, or visit a link given by anyone on the internet.

4. 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.

How does digital escrow work?

In digital escrow, a third-party account holds the money deposited by the buyer until the seller fulfills the terms of the contract. The escrow company supervises the transacting parties.

What is the role of Digital Escrow in preventing online fraud 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. If you ever come across a fraudster asking for OTP, asking you to scan a QR code, or asking you to click on phishing links, you can simply refuse and ask him/her to proceed with the transaction through Vouch.

This is Fraud Story #214. Check back here for more fraud stories and scams that you can protect yourself from.

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!

Note: This is a good-faith initiative to educate the world about avoiding frauds like these and how to act when you're becoming a victim of such a situation. 

Do you have a fraud you would like to report? Please write to us at