As digital payments rise amid COVID-19, experts urge users to take precautions
The Hindu
There has been a significant surge in financial frauds
The COVID-19 pandemic has accelerated the adoption of digital payments in India and at the same time there has been a significant surge in financial frauds. Experts have urged users to take precautionary measures to ensure safety of their financial transactions. Recent surveys released by independent research firms have also pointed to the trend of increase in the number of financial frauds in digital payments. The financial frauds were mostly through phishing, followed by QR code/ UPI scams but consumers were also victims of card scams and skimming, according to a report by financial technology firm FIS. V. Rajendran, chairman of Digital Security Association of India and a cyber advocate, said that the customers should not keep large balances in online payment apps and also should not have higher limits for credit card and net banking transactions. He also said customers should avoid having unnecessary apps on their mobile phones and must not blindly agree to the terms and conditions stated by the apps.
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