• Apply Now

Money in bank in 24 hours

Apply Now

4 Digital Payment Related Scams to Beware Of

  • Highlights

  • The surge in digital payments have amplified cyber thefts and the associated risks

  • Awareness and alertness are key to prevent being scammed and keeping your money safe

  • Insurance frauds, phishing, fake loan offers, and updating KYC, are some of the common digital scams

The dependence on cash in recent times has gone down drastically with the proliferation of online payment portals and apps. They can send and receive money, make bill payments, recharges, and instant payments. These digital modes can be used by people for resolving their financial matters within few seconds and just a few clicks on the screen using these digital modes.

However, it is important to note that the surge in digital payments have resulted in the amplification of cyber theft and the risks it involves. Being too involved or even a tiny bit of carelessness can lead to various types of digital payment frauds and cyber-attacks. The fraudsters have become equally tech-savvy and found new ways to steal your information. They pose as genuine representatives and ask for sensitive information that is used to steal your data and your money.


It is best to keep yourself aware of these to remain safe and avoid being scammed. Only when you remain alert and aware, can you protect your information and prevent such frauds from happening in the first place. Listed below are some of the common digital payment frauds in India.

Insurance Frauds: In these cases, the fraudsters entrap gullible buyers who are unable to spot the difference between the official and the fake portals of the insurance regulators. They present themselves as agents from reputed financial institutions and try to gain your trust by selling you attractive insurance offers. This is where your awareness comes into picture. You should always make sure that the website you’re working on is secure and starts with ‘HTTPS’ and not just ‘HTTP’. You should also run a check on the physical address, email ID (should be official), and phone numbers mentioned on the website.

Phishing: Phishing may come in the form of texts, emails, or portals of untrusted websites. You receive an email that would seem like it is from a genuine company with links to click on or attachments for you to download. This is a very common way of stealing your data as doing any of the two would give the fraudster access to your device and information.

Fake Loan Offers: In these cases, the fraudsters offer exceptional interest rates, do not bother about your credit history, and push you to opt for the loan as the offer is limited to a particular period. These are some typical red flags of a fake loan offer that you should be wary of. By using names of reputed banks and financial institutions, they try to establish a certain amount of trust among the victims and then get you to sign up for the offer. Email ids, fake domain names, and websites that seem similar or identical to reputed NBFCs such as Bajaj Finance have been found wherein the scammers have cheated the victims into buying loans, etc. 

Update KYC Scam: With KYC becoming essential for online wallets, fraudsters have found ways to steal money through this process as well. You might get a text message asking you to update your KYC with a link attached in the text. The link asks for your account details and OTP. But as soon as you enter the details, a certain amount gets deducted from your account. It is important to always rely on official notices from bank branches or websites rather than text messages. 

To avoid being cheated or scammed online, there are some very simple yet effective rules that you should follow. Verification of every detail, not sharing sensitive information over call, mail, text, or Whatsapp, running a background check on your agents, knowing the actual procedure for loan and insurance application, and approval are a few of the things to keep in mind. Only if you stay alert, will you be able to save yourself from these fraudsters and their vicious deeds.

Savdhaan Rahein. Safe Rahein.

How would you rate this article

 Please let us know why?

What did you dislike?

What did you dislike?

What did you like?

What did you like?

What did you like?