In continuation to our earlier blog “Analogy of Digital Wallet”, here is another account on the usage of Digital Wallets.
Are you aware of the recent incident which happened with a student in Hyderabad? He paid Rs. 115 for his meal at a restaurant with the help of his e-wallet. Almost Rs. 10,000 were siphoned off instantly in few transactions after the restaurant staff stole the details. The victim alleged that as soon as he left the restaurant, the money in his account were illegally transferred to an online rummy site. By the time the victim got in touch with the bank’s customer care department, he lost his money to the online bully. On further investigation, it was found that the victim handed over his smartphone to the staff for few seconds to do the payment. (which should not be done under any circumstances, we mentioned as precautionary measures in the previous blog)
As we see, the spurt in fraudulent online transactions in the country with numerous cases being registered regularly after the popularity of e-Wallets struck the citizens. Scammers are exploiting the idea of e-wallets by calling the victims and pretending to be bank representatives. They ask for their credit/debit card details as if they are “upgrading” them for easier cash flow during cash crunch.
The cyber gangs are using various e-wallets to store their stolen cash before transferring to some other account or spending on goodies. The victims are mainly new users who in-spite of being educated fall prey. The method of operation is old, but the excuse of demonetization is a new strategy taken by the scammers to misuse the e-wallet. They convince their target to disclose information like name; card number and even OTP (One Time Password) get the access of the account unlawfully. The scammer deliberately uses the word ‘confirmation code’ and even though the SMS states that the OTP is confidential, yet the victims remain casual in going through the entire message and ends up losing their money.
Ensure security while paying through digital platforms:
Users should ensure that they shouldn’t hand over their devices or cards to unknown people to swipe or conduct any transaction. Phone calls asking for card-details to be avoided. Phishing emails are to be recognized properly.
Ways to secure your cashless transaction:
According to eScan, there are several ways to keep your transactions safe while paying through digital wallets. They are –
• Ensure simple registration process.
• Ensure user or device verification before doing any transaction.
• Ensure proper security of your Mobile Wallet since it protects your money and even the features that save your cards.
• Implement Multi-factor authorization.
