In today's age of online transactions and money transfers, screenshots of payments have become a popular way for the merchant or third party to start delivery or fulfilment of the transaction. However, some scammers have been successful in tricking the system by creating phony screenshots and deceiving the merchant or third party. In fact, a quick Google search for "fake screenshot payments" returns thousands of articles discussing this type of fraud.
What's worse is that you'll run into websites and YouTube videos that promise to assist in creating phoney screenshots. People may send you a screenshot where they pretend to have transferred more than the asked amount and then ask for refunds.
How Pavithra Velpuri almost got scammed by an OLX buyer while trying to sell a stroller
Nowadays, when so many people conduct business online, Pavithra Velpuri, a native of Pune, provided a warning in a now-viral Facebook post. Ms. Velpuri describes in her piece, which was published on July 21, how she nearly fell victim to fraud while using OLX, a website where users can buy and sell used products. She believes that by sharing her experience, it would encourage others to exercise greater caution while transacting online.
Ms. Velpuri writes about submitting an ad for a stroller and getting a response from a potential buyer in her post, which includes a disclaimer that she is "NOT against OLX." After the purchase was finalized, Ms. Velpuri claims she sent the buyer her bank account information via WhatsApp. Even though the stroller cost only 3,500, she soon received an SMS "from one of these 5 digit numbers (like 59444)" stating that her account had been credited with 13,500. The buyer admitted that it was an error when she questioned him about the extra money right away. Then, claiming it was for his mother, he asked her to deposit the extra 10,000 rupees into her Paytm account.
Ms. Velpuri noticed a strange transaction and examined her account to find no money had been moved. She confronted the buyer when he kept calling and pleading for the money. After that, there was no more communication because he eventually hung up.
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 utilizing 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.
