E – wallet frauds and mobile wallets scam are strikingly on a rise. There are uncountable ways fraudsters can dupe you out of your money if you’re not careful. As easy as it is, the risk involved is only greater. There are several agencies and centres running everywhere, who hire unemployed people and use them to make fake calls and forward links to the customers using e-wallets. These people are not only using and defrauding people, but also using corporate offices and corporate stores to empty wallets of their victims asking them to go to these stores and send them money as well.
The number of cyber security threats are growing in line with the development of digital businesses and cashless payments. Europol in its recent report (IOCTA 2019, Internet Organised Crime Threat Assessment) states that “data remains a key target, commodity and enabler for cybercrime”. These cyber crimes don’t stop here, but go further like hacking into your computers, your personal information, ransom hacking and much more.
The offers through cash backs and discounts also catalyzed the price conscious consumers to use these wallets; to purchase goods and services and P2P transfers. Though the exposure for consumers transacting online increased, so did opportunities for fraudsters. You can buy a credit card in only $10.00 if you want to buy $100.00 items in black market and these card numbers are stolen from online hacking processes.
The modus operandi changes every few months, either the platform of sending links changes, via using different mobile apps such as WhatsApp, facebook, text messages or emails. Usually the fraudsters make a call, or randomly send a link to the targeted customer ( triggered by fake E-wallet platform App system) and as soon as the customer clicks on the link they are swiped off their entire balance existing in their accounts.
In an interview with our bureau chief, a customer using e-wallet reported an entire incident. “The fraudster called me and told me to verify my e-wallet account details by clicking on the link received on my phone, as soon as I clicked on that link all of my money was gone”.
“I filed a complaint and it has been few weeks now but I haven’t received any resolution of my complaint”, he added.
Usually the e- wallet platforms take these complaints but fail to assist because either the fraudsters are not tracked, or the person who has been duped unknowingly share their OTPs to the fraud calls, which, according to the policy of e-wallets is counted as the mistake of the customers.
Incidents of e-wallet frauds have become fairly common, but few know how they can seek recourse if they are defrauded on an e-wallet platform. We tell you what the rules are and how you can protect yourself.
Ensuring consumers’ data is safe and secure is a top priority for many American-based and many other international online merchants. No merchant wants to fall victim of these frauds, but how can they be sure transactions are secure? Many US-based online merchants are only looking to sell domestically by offering traditional payment methods because of the lack of trust on global e-commerce and other local payment methods using e-wallets or gateway payment platforms.
Prevention is better then cure, and in this case, much easier than the cure. In order to avoid being defrauded of your money and having to seek recourse, you can take a few measures to ensure that your online transactions are secure.
There are times when the user might overlook security and reach for ease by saving their card details in the wallet. This might be safe according to wallet providers but it’s always better to be safe than sorry. Not saving your cards on the wallet might make the process of refilling a bit uneasy as you might have to take the card out every time for details. But it’s an advisable precautionary step. In addition, the user can also use internet banking to replenish wallet, which might be easier than pulling out a debit/credit card every time you do a transaction.
If you are hiring strip services or dancing girls, don’t pay them online or via paytm or ewallet, just pay them by check, cash or credit cards, because you can fall victim of efrauds. It is better to pay them via these methods, because anyway your spouse can find out the transactions if you are paying via paytm, online, or ewallet, but either way if your spouse finds it that is alright instead of falling into cyber crime, because in these circumstances you will not even go the police to file a complaint, said a victim named B. Singh Rai to our bureau chief Jagtar.
It’s nearly impossible to predict what the next modus operandi is going to be. To safeguard your money, stick to a few cardinal rules like using only secure payment gateways and never sharing your PIN with anyone, and always be careful. Avoid using public wifi as they are was mostly used to hack the users’ phone on it.
Furthermore in cyber crimes another chapter is added and these crooks can get your information without touching you or your pocket or your wallet just getting close to you and they can have all of your information hacked from your wallet that is in your pocket carrying chip credit cards in it. So, now you need to watch that who is around you.
