Detect and prevent Fraud on Digital Payment Apps

Gone are those days when you split the payments and paid the beneficiary in cash or visited a physical bank, filled the deposit form, and then transferred money to him. Nowadays, nearly 90% of smartphone users are using digital payment apps to make an instant money transfer to users in different corners of the world. These payment apps are easy to use and can be owned and operated by anyone who has a smartphone with him.

For using them, you simply need to fill in the registration form and then link your bank account with it for making payments. And, this is where the actual problem takes birth.

While signing for an account over these platforms, you need to provide all your personal details including the details of your Social Security Number, Individual Tax Identification Number, your Credit or Debit Card details, and so on. If all these details go into the wrong hands, the situation can go from bad to worse.

Beware! Your information is at risk

Have you ever thought of the consequences if these details are leaked? You will not only have to face minor financial losses. In fact, you can become completely bankrupt. It doesn’t matter that you have shared your app login details with anyone or you are the only one who has access to the apps. You can still be a part of the major scam.

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Nowadays, scammers have started to target digital payment app users to steal their credentials through several tactics. You may not even know when your account has been scammed. Just a single wrong click and you will land in an ocean of troubles.

But, the good news is that you can avoid falling prey to digital payment apps scams by following some easy tips and techniques. Owing to the current situation and a rise in mobile payment apps users, I have listed some tips that could be your lifesaver and will definitely help you in the long run.

Some tips to ensure safety

You may feel that some of the tips listed below are very common and may not help you to avoid any scams. But, taking the following tips into practice, you may save yourself from the ongoing scams:

  • Speculate the lottery messages you receive

Have you ever received a message saying that you have won a certain amount as a prize or lottery? And the winning amount is so huge that you may get lured by the prize. In such messages, you are asked to click on a link to claim your prize. These messages are completely false and may land you in serious trouble. As soon as you click on the link, the important data available in your device may get stolen. Thus, you are advised not to click on any such link.

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  • Set up strong authentication for unlocking the app

Most payment apps unlock with the same password as our phone’s password because we have not set up two-factor authentication over them. Therefore, if someone gets to know the password of our mobile phone, he may easily access our payment apps as well. Thus, it is a better practice to use multi-factor or two-factor authentication over these apps so that nobody could gain access to our crucial applications.

  • Review the payment before tapping “Pay”

In case you are paying a huge amount via a digital payment application, make sure to review the receiver’s details carefully because in these apps there is no way through which you can cancel the payment once you process it.

  • Use only a trusted payment app

Not all digital payment apps are secure. Thus, check the credibility of an app before you download it on your device. Make sure to check the app’s review before downloading it on your device. App ratings and reviews are another way to know about the popularity of an app.

  • Start by making small transactions

If you are not sure whether you are making a payment to the correct person or not, then either you can have them send you a payment request or pay them a small amount first and know if they received the payment or not.

These were a few things that you can put into practice if you are going to use a payment app for the first time

Educate elders and kids too

Many elderly people and kids may not be aware of the scams that are taking place around us and the way they are carried out. Thus, make sure you educate every individual in your house about it and ask them to practice these precautionary measures. Tell them about the possible risks and how they can avoid them.

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Conclusion:

In my opinion, the best thing to do in this scenario is to use a security solution such as McAfee Mobile Security which notifies you of a fraudulent message or the harmful link present in it. This software actively protects your mobile device and serves as a shield to protect you from ransomware or malware attacks. Since you may get scammed via email as well, thus it is important to cautiously respond to emails and not click on links given in them. Last but not the least, no matter which payment app you are using, do not forget to install its updates from the Apps Store or Play Store.

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