UPI payments gained popularity in recent times due to several reasons. One of the main reasons is the cashback and discounts you get when opting for QR code payments. Additionally, it is a contactless mode of payment that can help avoid viral spread. In addition, countless other perks make online payment through UPI ID an ideal option. But with increasing use and demand, it also caught the eye of intruders and fraudsters. Seeing the inclination of people towards it, the companies intending to fool people offer hefty discounts to people who use their QR to pay. When consumers scan the malicious code, it instantly wipes off all the money from their account. Many such frauds happen around the QR payment. Hence, it is significant for every consumer to stay vigilant and choose the right platform for scan and pay transactions. Moreover, they also need to stay informed about the possible frauds and ways to deal with them if they fall prey to them.
Various risks and frauds around QR payment
Here is a list of risks involved with this payment mode and how you can come through them.
Code Fraud
You can get malicious codes on WhatsApp or through multimedia text where people ask you to scan them and win lakhs of rupees. Anybody who doesn’t know that they need to scan code only to pay and not to receive will scan that malicious code and become a victim of fraud. It is the most common risk that can be dealt with by increasing consumer awareness. They must process QR code payments from trusted apps.
Access app
In some scams, people would ask you to give remote access to your device by downloading apps like screen share. Once you share the screen, they track everything happening on your phone! For example, they can access your bank apps and wipe off all the money within seconds. This way, they can also access the confidential data on your phone.
Impersonation Frauds
Another kind of fraud is when people try to impersonate an organisation. You believe them because they claim to come from an organisation that would never do anything like a scam. That is where you go wrong and fall prey to their fraudulent activities.
Code Phishing
It happens when the code can take you to a fraud website. It is common these days that when you scan the QR code, you get redirected to some short link bit.ly or no website at all. If you see such things happening, know that something is going wrong and immediately stop the transaction.
Different fraud types can happen to a consumer when he chooses to pay through the UPI ID by scanning a QR code. Once the user is aware of the possible risks, he can save himself and his money from getting washed off. Understand that the basic reason behind this is the wrong selection of the payment platform. A little effort in selecting a safe, reliable, and reputed payment app will zero the chances of any fraud.
Tips for choosing a reliable payment app
Several service providers launched their payment apps into the market as people gravitated towards UPI cashback apps or QR payment methods. Some are highly advantageous and make the payment process smooth and seamless for the user. But, unfortunately, many others have the sole intention of doing fraud! Here are some tips for choosing a reliable payment app:
- Check the ratings on different platforms to see how other people like this app.
- Read user reviews and try to understand the highs and lows of the app. If you see multiple negative feedback, move on and find another option.
- Take a virtual tour to see if the app has a user-friendly interface and caters to your requirements.
- See the app’s credibility and use it to decide which one you want to choose.
Use these tips to eventually select the scan and pay app which you feel will stand tall on your expectations. Do all the transactions through it, and enjoy a plethora of discounts and offers. Cashback apps have made shopping enjoyable, but you need to use it wisely to make the most of it!
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