As digital payments become a cornerstone of everyday transactions in India, ensuring the safety and security of these payments is more crucial than ever. With the rise in online transactions, the instances of payment fraud have been increasing. Zoho Payments is committed to raising public awareness about digital payment fraud and promoting safe practices.

Enhancing public awareness to combat digital payment fraud

Understanding common forms of digital payment fraud

Fraudsters use various techniques to deceive users and gain access to their financial information. Here are the most common forms of payment fraud.

• Phishing attacks: Fraudsters pose as trusted entities to trick users into sharing sensitive information like OTPs, PINs, passwords, or card details.

• SIM card swapping: Criminals gain control of a victim's phone number by fraudulently swapping SIM cards, allowing them to intercept SMS alerts or OTPs.

• Clicking malicious links: Scammers send fraudulent emails or SMS messages containing malicious links that, when clicked, compromise a user's sensitive information.

• Fake apps: Users may inadvertently download inauthentic apps that collect personal and financial data.

Key safety practices to prevent fraud

To protect yourself from falling victim to payment frauds, it is important to follow these best practices.

• Do not share OTPs, PINs, or passwords: Never disclose your one-time passwords (OTPs) or other sensitive information, even to individuals who claim to represent your bank or payment provider.

• Verify the message sender: Always double-check emails or SMS messages asking for your personal information. Fraudulent messages often mimic official communication.

• Avoid clicking on suspicious links: Be wary of links sent through emails or SMS. Always verify the authenticity of the sender before clicking on any link.

• Install only trusted apps: Download payment-related apps only from official sources like the Google Play Store or Apple’s App Store. Avoid third-party websites or unofficial apps.

Taking ownership of your digital security

Operators and operating units facilitate the movement of funds and payment collection in electronic transactions. While operators and regulators are working hard to ensure a safer digital environment, you, as a user, play a critical role in protecting your own financial data. The simplest rule is to remain skeptical of unsolicited communication asking for sensitive information and always use secure and verified platforms for digital payments.

Be proactive; stay informed

Taking proactive steps to stay informed about common fraud tactics and regularly updating your security knowledge is key to staying safe in the digital space. As the landscape of digital transactions evolves, so too must your vigilance.

For more information on digital payment safety, follow our social media channels and stay updated with the latest tips and advisories. Let’s work together to build a safer, fraud-free online environment.