Scammers use many methods to harm the general public. Now let us talk about the payment app itself. Scammers are creating fake payment apps by copying the original payment apps exactly, whose user interface (UI), color scheme and overall look are such that everyone gets deceived. The payment transaction process of the app seems genuine, which is difficult to recognize at first glance.
In some fraud apps, the sound of payment like beep or chime is also copied, so that it can be told that the payment has been made to the vendor or merchant. They also show the bill of successful transaction, so that the shopkeeper can be confident. In this way it becomes more difficult to identify fake payment apps.
How to avoid fake payment apps
Scammers target gullible merchants through fake payment apps. They use fake apps that only mimic the payment transaction flow. Purpose: To show that payment has been made for the product or service. But the victim later finds out that the payment was fake.
Here are some tips that will help you stay alert and safe from fake payment apps:
Check transaction history: Always verify transactions with your payment app or bank account. Do not rely solely on screenshots or notifications shown.
Is the transaction information wrong: Understand the difference between real and fake transaction details that are being shown to you. Small mistakes or differences will be visible in fake apps, which will let you know about the scam.
Pressure tactics: Beware of people who rush to complete transactions without taking time for proper verification.
Unknown Apps: Know the real payment apps commonly used in your region. If someone makes a payment through an unknown app, proceed with caution and verify the payment.
What precautions should shopkeepers take
Shopkeepers may suffer losses due to fake payment apps. Scammers can take advantage of the chaos in a crowded shop or the shopkeeper's inattention and cheat them by making transactions through fake payment apps. Here are some tips for merchants that will help prevent fraud from fake payment apps: Inform store staff: Make sure all employees are aware of such scams and are able to recognize fraudulent transactions.
Follow a standard process for verification: Create a standard process for payment verification before delivering the product or service. This includes hearing a payment authentication voice from the PhonePe smart speaker (fake apps cannot trigger these alert messages), checking the transaction ID, or waiting for confirmation from your payment processor. Report suspicious activity: If you spot a suspicious fake payment app, immediately report it to the relevant authorities and your payment processor.
What does PhonePe do to secure payments
PhonePe is known for its strong security infrastructure, intelligent product interventions, active ecosystem partnerships and layered fraud reporting mechanisms, providing a secure experience to its users. Some of the trust and safety components of PhonePe are:
Verification of users: PhonePe verifies users to avoid scams. For this he takes the help of KYC (Know Your Customer) process, biometric verification and secure document authentication.
Real-time fraud detection: PhonePe's detection engine reports fraudulent transactions based on various signals such as customer demographics, behavioral variables and past transaction patterns.
Intervening with urgency – Intervening with strong identity verification and intelligent data-driven insights becomes essential. Once a potential threat is identified, immediate and precise action is taken. For more details click here.
Enhanced account and transaction security: To keep the platform safe and secure, PhonePe verifies the validity of all account transactions at different stages of the account life cycle.
Partnership with Law Enforcement: PhonePe regularly associates and works closely with cyber crime cells of different law enforcement agencies (LEAs) across the country. He conducts detailed sessions with different law enforcement agencies where information is exchanged and latest fraud patterns are explained. Apart from this, we work with LEAs to find ways that will help in reducing fraud across the country.
Customer Awareness: PhonePe's own Trust & Safety blog provides information on new fraud trends and scams, which explains how to spot scams and available resources.
PhonePe has been continuously taking action against fraudulent apps and channels imitating its brand. The company has approached the Hon'ble Madras High Court seeking a 'John Doe' injection order to stop the infringement of its trademark. Following this suit, the court has ordered a social media platform to immediately remove any fake payment apps post if it receives any complaint from PhonePe.
If you have been cheated by a fraudster through PhonePe, you can immediately report such scam on the PhonePe app or by calling the customer care number 080–68727374 / 022–68727374, or on the official social media handles of PhonePe. You can report fraud to the nearest Cyber Crime Cell or file an online complaint at https://www.cybercrime.gov.in/ or contact the Cyber Crime Cell helpline 1930.
Stay safe, stay alert and protect your business.
Note: This article is written by Brand Desk.
Disclaimer:- The views expressed in this article are those of the author and do not reflect the views of Jagran New Media Company. The content provided herein is for informational purposes only and should not be construed as financial advice. Readers are advised to consult a qualified financial advisor before taking any decisions. Jagran New Media Company does not guarantee the accuracy of the information and is not responsible for any financial consequences. All investments are subject to market risks.
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