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How to prevent online payment frauds | online payment fraud

Online payment frauds 

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If you want to avoid online payment fraud, then it is important to keep you alert. 

In India, the millennial generation is most affected by online fraud. 

According to a study by the Fidelity National Information Service (FIS), the number of online fraud in the country has doubled and this number has increased from 18% to 37% last year. Those who are victims of this fraud are mainly of millennial generation i.e. 27 years to 37 years of age. FIS`s Fifth annual PACE report states that more than 96% of those who were victims of online fraud had increased the use of mobile apps for payments in the past years. According to this report, online payment frauds have registered an increase of 6 times since 2016. In this, more than 46% of frauds have been executed in banking, 21% through mobile phones, 18% from email id hacking and 12% through IVR calls. 



  • Why the most victim of age 27 to 37? 

An interest in mobile payments is increasing among millennials because this method gives them more user-friendly experience. They now have a digital audience in addition to being the biggest audiences in terms of online payment. But, in this enthusiasm, they unknowingly open an unsecured website during online browsing, which can steal their sensitive information.



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  • Most common frauds.

India has the highest number of online frauds through phishing and pagejacking.

Phishing.

Phishing is a fraudulent attempt to obtain sensitive information such as usernames, passwords, and credit card details by disguising oneself as a  trustworthy entity in an electronic communication. Typically carried out by email spoofing or instant messaging, it often directs users to enter personal information at a fake website that matches the look and feel of the legitimate site.


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Pagejacking

Pagejacking is a process of illegally copying legitimate website content (usually, in the form of source code) to another website designed to replicate the original website. To accomplish pagejacking, a fraudulent page jacker copies a favourite Web page from a reputable site, including its actual HTML code.



some steps to prevent online frauds :

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1.    Do not share password and pins:

Everyone knows that password should not be shared, but many times we keep writing on a piece of paper to remember them or share it among many people with a trusted person. Do not do this. You can use password savers on secure browsers or devices to remember the password. 

2.   Keep Track of your transaction:

It is not easy to keep track of them when they make online payments frequently. But do you know that the merchants in the UPI get thy facility of sending a collect request to the customers? If you see any such request for which you have not bought anything or the sender is not familiar, then cancel it.

3.   See customer care number is correct:

If you have to contact the customer care for any issues related to your digital payment, please be very careful to keep in mind that the number you are calling is taken from your payment app`s official social media channel or website. The number taken from elsewhere may be frozen. 

4.  Do not pay on public Wi-Fi :

Compared to private networks, there are fewer security measures on public Wi-Fi, due to which hackers make use of those users as their target. keep in mind that you do internet banking through your mobile phone network only. If you have to do online transactions by public Wi-Fi, then change the password immediately after that.

5.   Latest security software.

Now malware, spamware or spyware can come online every day on the internet. If you do not have a firewall or antivirus app on your PC or phone, then buy and install the latest version of them. Put antivirus on update. Using ad-blocking software and spyware detection programs can also prevent online fraud.

6.  Log out after payment.

To avoid being the victim of payment fraud during online transactions, keep in mind that after the payment process is complete, always log out of your bank, credit-debit card and your merchant's sites. And do not save any kind of financial password on your computer.





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