There is an onset of an alarming new trend of frauds involving fake payment apps that merchants should be aware of. Fake payment apps are counterfeits of legitimate payment applications. They closely resemble the UI, color schemes, and overall appearance of popular payment apps, often replicating the entire payment process – making them hard to distinguish at a glance. Some of these fraudulent apps further enhance the illusion by imitating the sound of a payment notification to falsely suggest that a payment has been received. Also, they can produce convincing payment information to show a successful transaction, which is challenging to distinguish at a quick glance.
PhonePe’s cyber safety experts share some crucial tips for merchants to protect themselves from the fake payment app scams.
To safeguard their businesses, merchants should be vigilant and verify transaction details carefully through their payment app or bank account, scrutinize details for inconsistencies, be cautious of pressure tactics used by customers in a rush, and avoid using unfamiliar payment apps. Merchants must ensure to educate their staff about fake payment app scams and know how to spot fraudulent transactions. They can implement a standard process for verifying payments before goods or services are provided. This might include checking the transaction ID or waiting for confirmation from your payment processor. If you suspect fraudulent activities involving a fake payment app, report it to the relevant authorities and your payment processor immediately.
PhonePe is actively combating fraudulent apps and channels impersonating its brand. The company has taken proactive action by approaching Hon’ble Madras High Court seeking ‘John Doe’ injunction order to prevent infringements of its trademarks. Following the said lawsuit, the court has ordered social media platformto swiftly address and take down any fake payments apps posts, on receipt of any complaints from PhonePe.
In case you have been duped by a fraudster via PhonePe, you can immediately report such scams on the PhonePe app or by calling the customer care number 080–68727374 / 022–68727374, or on PhonePe’s official social media handles. Lastly, you can report fraud complaints at the nearest Cyber Crime cell or register a complaint online at https://www.cybercrime.gov.in/ or contact the Cyber Crime Cell helpline on 1930.
Disclaimer: No Business Standard Journalist was involved in creation of this content