Many fake payment apps have come in the market at this time. These fake apps are copies of apps like GPay, PhonePe, Paytm, through which payments are never actually made. This only sends notification of payment, money does not come into the account.
Fake Payment App: Scammers constantly adopt new tricks to cheat people. Now they have their eyes on your UPI payments as well. Many fake payment apps have arrived in the market at this time. These fake apps are copies of apps like GPay, PhonePe, Paytm, whose user interface (UI), color scheme and overall look is similar to your popular payment app, but payments made through them never actually happen.
Notification will come but no money!
Some of these fake payment apps active in the market are so advanced that their app payment notifications like a beep or chime seem completely real. This makes it seem that the payment has been completed but despite this, the payment never happens and neither does the money come into the account.
How to avoid fake payment apps
Scammers use fake payment apps to trick naïve victims into believing that a transaction has been completed. In reality, they use a fake app that just mimics the payment transaction flow, and the victim later finds out that the transaction has not actually taken place. For this, we are giving you some tips, using which you can avoid being cheated.
Check transaction history: Always verify the transaction from your payment app or bank account. Do not rely only on screenshots or notifications.
Discrepancies in information: Try to find discrepancies in the transaction details. Fake apps have some subtle mistakes or discrepancies that can alert you to fraud.
Pressure tactics: Be wary of people who pressure you to hurry up to complete a transaction and do not give you time for proper verification.
Unknown apps: Be aware of legitimate payment apps commonly used in your area. Be cautious if someone asks you to make a payment through an unknown app.
What additional precautions should merchants take?
Merchants are increasingly being targeted by fake payment apps. Fraudsters take advantage of chaos in a busy store or a merchant being distracted to defraud customers with these fake payment apps. Fraud can result in merchants providing goods and services at a loss.
Educate your employees: Make sure all employees are aware of this fraud and know how to identify fraudulent transactions.
Implement a verification process: Develop a standard process for verifying payments before goods or services are provided. This may include waiting for payment authentication from your PhonePe smart speaker (fake apps may not trigger these alert messages), checking the transaction ID, or waiting for confirmation from your payment processor.
Report suspicious activity: If you encounter a suspicious fake payment app, immediately report it to the relevant authorities and your payment processor.
