Common online bill payment frauds

Online transactions have become the go-to option for most people as it’s a fast and convenient method of payment. But given the rising number of cases of online payment frauds, are online transactions really safe? Let’s take a look at the common bill payment frauds and what you can do to protect yourself.

Online transaction frauds in India

Cybercriminals are coming up with newer ways to target people, some of the common ones are:

1. Phishing

Fraudsters send an unauthorised payment link through text. Such fake URLs look a lot like authentic website links making it easier for people to fall prey to such traps. Clicking on the link is dangerous because it allows them to debit money from the e-wallet instantly.

2. Bank imposters

These scammers also pretend to be officials from the bank and rip-off customers using apps that provide them remote access to the mobile phone screen of the target.

It starts with the excuse of updating the customer’s KYC or their Debit Card being blocked. Eventually, they ask the customer to download an app. This app provides them complete control over the mobile phone through which they can easily hack your digital banking details.

3. Frauds involving UPI PIN or OTP

UPI PIN or OTP can also act as an easy way for fraudsters to dupe customers. In this case, fraudsters may pose as online merchants and convince you to share your OTP or UPI PIN with them over the phone or through chat. They use it to validate online transactions and steal money from the wallet that is linked to your bank account.

It is worth mentioning that ICICI Bank will never call you to ask for your PIN or OTP or inform you over the phone that your Card has been blocked. Stay alert and don’t fall for such scams because no legitimate bank ever calls to get such information.

How does one protect yourself from online payment fraud?

Follow these guidelines to prevent fraud while paying online with ease:

• Do not engage with strangers:

Never deal with strangers online through phone, text or e-mail. Such scammers might pretend to be working with reputed banks and put on the pretext of selling loans or Credit Cards. If you accidentally pick up such a call, don’t disclose any information over the phone and insist on visiting the bank.

• Do not share your OTP

Banks and other financial institutions use OTPs to authenticate online transactions faster. Unfortunately, OTPs have become the chief entry-point for online frauds. Keep in mind that you should never share your OTP with anyone. Similarly, never click on unknown links sent over the phone or e-mail.

Cross verify your online payments:

You can cross-verify the online payment with the payment receipts that you may receive via SMS or e-mail. Check for the details provided during the transaction. Cross-verification of payments will help you flag-off any potentially fraudulent activity beforehand.

Scammers should not stop you from carrying out online transactionsor payments altogether. You just need to be more cautious and aware about online payments. Compared against other NBFCs, you can trust ICICI Bank that offers a dedicated Customer Care. So when in doubt call our Customer Care on 1860 120 7777.