According to a new study performed by YouGov and ACI Worldwide, there is a concern among consumers in India about digital payment scams.
The pandemic has been a major catalyst for the adoption and growth of digital payments in India,” said Kaushik Roy, ACI Worldwide’s Vice President.
Since the start of the pandemic, there has been an increase in the use of online/digital payments. This increase in digital payment is accompanied by rising in digital payment frauds. Many people, particularly first-time users and the elderly have been targeted by scammers.
In the ACI Worldwide study about digital payments fraud via UPI or wallets, consumers cited the following as concerns:
- Fake UPI payment links that ask for money transfers via text or email (49%)
- Fake apps/fake websites which look authentic in design (47%)
- KYC update – where they receive fraudulent SMS or calls asking to update bank KYC (46%)
- Password fraud – where their password would be easy for a hacker to guess (42%)
- Phishing and vishing – where they get a call/text from a person pretending to be a bank or card representative to disclose personal details and/or card number (42%)
- Malware/spyware – where they download infected software or viruses (32%)
To have safe and secure online payments:
- Use a strong and unique password
- Do not share your password or pin number with anyone Always double-check the link provided for payments
- Do not provide banking/credit card details to the unknown or suspicious sender
- Always download and update apps from official stores
- Use Multi-factor authentication and
- Remember Bank personnel never asks for your account details on the telephone.