Fraud Story #62 - 96k online transaction fraud

The future - cashless India!

In the world today, online payments are by far the most popular form of transaction. In the study, it was found that over 90% of consumers use online payments to purchase goods and services in India. However, the increase in online payments is accompanied by an increase in transaction fraud.

The fraud story

In Mumbai, a 31-year-old man was trying to pay his electricity bill. He encountered some errors in his transaction while paying his bill via Google Pay. He decided to call customer service, not knowing what to do. Because he did not have their phone number, he searched on Google for it. Instead of making sure that he found the right number, he simply dialed the first number that came up on Google. Unfortunately, it was a fraudster who posted it as the customer care number for Google Pay. The fraudster introduced himself as a customer service representative of Google Pay and asked the victim to click on the link that was sent him. In a few moments, Rs.96000/- was deducted from his bank account after he clicked the link.

Here are a few tips for staying safe online.

Make sure you place your order over a secure connection.
Verify the person's presence and reputation.
Avoid offers that seem too good to be true.
Please do not deal with people who ask for personal information, money in advance, or bank details.
Fraudsters use fake identification to gain trust. Keep a check on such attempts.
Using digital escrow platforms as a payment method is preferred. When you pay through an Escrow payment system over the internet, you are not sharing your information with strangers. One such platform for escrow is Vouch.

What is digital escrow?

Digital Escrow is the use of a third party account, during a transaction, which holds the money deposited by the buyer until the seller fulfills the terms of the agreement. The transacting parties are supervised by the escrow company.

How does Digital Escrow save you from online frauds in India?

Vouch’s Digital Escrow service is transparent for buyers and sellers to build trust and secure a clean transfer of product and payment. Buyers 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. 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 say no and ask him/her to proceed with the transaction through Vouch.

Vouch Digital Escrow uses a non-interest-bearing escrow account for all transactions in India and 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.

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This is Fraud Story #62. Check back here for more fraud stories and scams that you can protect yourself from.

Safety is not just about protecting your credit or debit card number. It's about having control of your money till you've received the product or service you bought online!