Cyber frauds and digital scams have reached a new level of sophistication. According to government data, people lost a combined Rs. 1.77 billion to fraud in FY 2024. This April Fool’s Day, Visa shares simple tips to spot, stop and dodge digital payment scams.
1. SIM Swap: Scammers can trick mobile carriers into porting your number to their own SIM, gaining access to OTPs and accounts, also called simjacking. If you face sudden network loss, SIM change alerts and unusual activity like login attempts and SMS alerts. Enable multi-factor authentication (MFA) that does not rely on SMS alone, like biometrics, to secure your account.
2. Digital Arrest: Scammers, impersonating law enforcement, claim your involvement in a crime and demand immediate, urgent payments to avoid arrest. Remember, legitimate authorities never ask for payments over a call. Use the Indian Government’s I4C online database hosted on the National Cyber Crime Reporting Portal to verify the caller’s legitimacy.
3. Skimming Scams: Hackers can compromise POS or ATM machines by using skimmers, or use malicious code on websites, to steal card details or redirect shoppers to fake checkout pages. Check for skimmars at ATMs and use contactless payments to tap your Visa card at stores. Save your cards on trusted apps and just pay with a tap!
4. Voice Cloning AI Scams: Fraudsters use AI to mimic voices of known people and could pressure you into sending money to unknown numbers and people. Be skeptical of phone calls that portray urgency and if they seem to be a friend, ask key or personal questions to confirm their identity.
Digital scams should always be reported to the Cybercrime Helpline (dial 1930), on their portal or the NCRP. This April Fool’s Day, be vigilant and do not let scammers have the last laugh!
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
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