What to do in case of Financial Fraud?

What to do in case of Financial Fraud?

Online payments have made life so much easier. It enables people to securely pay to each other anytime anywhere with great amount of convenience and ease. There has been a dramatic rise in the volume of digital transactions over the past couple of years.

However unfortunately, some miscreants try to dupe people by offering a lucky draw prize or a job. Most of the times people are able to get away without harm but seldom these fraudsters are successful. Banks, regulator and payment processors have built multiple security features, resulting into the fact that only a very small percentage of the fraud attempts end up being successful.

Fraud landscape is always changing, which requires people at guard to be vigilant and agile to adapt and respond to the latest threats. We at Paytm, have built dedicated teams and systems to respond to these frauds and protect our customers 24×7.

While we fight fraud through state-of-the art fraud prevention systems, we recognise the importance of customer awareness and education to avoid being a victim of fraud. We take every opportunity available to communicate and educate our users, about latest fraud trends along with the tips to keep them safe.

Whenever a fraud happens, it is imperative that it is reported immediately. As soon as we receive a complaint, we take steps to protect the account or wallet from any further loss. The complaint is then validated with the help of details received in the complaint. Immediately, we follow the money trail and track down where the money has travelled in the system.

If the stolen money, is still available in somebody’s wallet or account, chances of recovery are higher. Whenever we are made aware of such a fraud, we try to restrict the movement of the disputed funds immediately.

If the money is spent at a merchant or withdrawn from bank account, the chances of recovery decrease. Recovery in such instances might require involvement of Police. Therefore, once fraud has been reported to the associated bank or merchant website, it is usually suggested that a police complaint is filed. Police complaint can be filed in any of the local police stations or the 22 cyber cells in the country.

To know more, read the blog: Financial Fraud: What to do if you’re a Victim.

This complaint is often required by many banks and merchants to issue refund or cancel the order.

In case, the stolen money has been spent to purchase goods which have not been delivered, early reporting might help in cancelling the delivery of the goods and eventual recovery of the funds. However, these often requires coordination and support from merchant and logistics partner. To summarise, the earlier a fraud is reported, higher the chances of recovery.

Fraud is an unfortunate and disheartening truth. However we believe, a vigilant and aware customer is always secure and would be able to prevent almost all frauds. If one adopts some simple tips and habits, he/she can reap the benefits of convenience and comfort of online payments without any fear or risk of fraud:

  • Never share any confidential information, including OTP, PIN, password, Debit Card details with anyone, even if he/she claims to be from your bank.
  • Use a difficult to predict, unique password to secure your financial accounts/apps. Reset your password immediately in case you observe any suspicious login activity.
  • Always verify the beneficiary account holder’s details like name, bank account number or phone number before transferring the money and do not pay to unverified people/UPI id you meet online or on social media.
  • Do not pay in advance to any unverified seller on social media and websites like OLX, Quikr, and Telegram etc.
  • Use App Lock to keep your device safe and secure and do not let other people operate your device without your supervision.
  • Download only verified and trusted apps from App Store and Play store
  • Keep yourself informed about latest fraud trends by following customer awareness SMS, emails, blogs and our twitter handle @PaytmCyberCell

Your safety is our priority. BE VIGILANT! BE SAFE! BE SECURE!

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