According to RBI data, Indian lenders reported a total of 4,071 fraud instances between April and September 2021, with a total value of Rs 36,342 crore involved. So the RBI is taking all the measures to create awareness among the customers.
One of the latest ways fraudsters dupe customers is through online sales platforms. Let us see how it works and precautions to be taken when dealing with online buying and selling.
On online sales platforms, fraudsters pose as purchasers and express an interest in the seller’s product(s). Also, to acquire trust, several fraudsters pose as defence personnel stationed in remote regions.
These fraudsters instead of paying the seller, use the Unified Payments Interface (UPI) app’s “request money” option and demand that the seller authorise the request by entering the UPI PIN. Money is transferred to the fraudster’s account once the seller inputs the PIN.
According to the RBI booklet, these are the precautions to be taken.
Always be careful when you are buying or selling products using online sales platforms.
Always remember that there is no need to enter PIN / password anywhere to receive money.
If UPI or any other app requires you to enter PIN to complete a transaction, it means you will be sending money instead of receiving it.
It is important to maintain the confidentiality of one’s personal information at all times, being wary of unknown calls, emails, or texts, and outlining the due diligence procedures to be followed when doing financial transactions.