Fake payment apps are exact imitations of genuine payment applications. Their user interface (UI), color scheme and overall appearance are popular payment Similar to apps. These apps simulate the entire payment transaction process – making it difficult to spot a fake at first glance. Some of these fraudulent apps have the facility to emit a sound, such as a ‘beep’ or a specific sound, to indicate that the payment has been received. Also, these apps can also generate reliable information about successful transactions, making it more challenging to identify fake payment apps.
How to stay safe from fake payment apps?
Fraudsters use fake payment apps to convince innocent victims that transactions have been completed. In reality, they use a fake app that simply simulates a payment transaction. It is only too late that the victim realizes that the transaction is fraudulent.
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Here are some tips to stay safe
Check Transaction History: Always verify the transaction through your own payment app or bank account. Don’t just rely on screenshots or notifications.
Inconsistent information: Check if there is any discrepancy in transaction details. Fake apps may have subtle errors or inconsistencies that can alert you to a scam.
Techniques of haste: Beware of people who rush to complete a transaction without giving you time for proper verification.
Unknown Apps: Keep track of official payment apps commonly used in your area. If someone is paying through an unknown app, proceed with caution.
What additional precautions should traders take?
Merchants have increasingly become targets for fake payment apps. Fraudsters take advantage of the chaos of a crowded store or a distracted target of a merchant to cheat them. Due to this fraud, the trader has to bear the loss of his own goods or services.
1. Educate your employees: Make sure all employees are aware of the scam and know how to spot fake transactions.
2. Apply the verification process: Create a standard procedure for verifying payment before goods or services are delivered. This can include waiting for an alert from your PhonePay smart speaker (fake apps can’t trigger these messages), checking the transaction ID, or waiting for confirmation from your payment processor.
3. Report suspicious activity: If you suspect a fake payment app, immediately report it to the relevant authorities and your payment processor.
What does PhonePay do to secure payments?
PhonePay has strong security infrastructure, intelligent product interventions, active ecosystem partnerships and layered fraud reporting mechanisms that work together to provide users with a secure experience. Here are some of the elements of PhonePe’s ‘Trust and Safety’.
1. Identity Verification : PhonePay ensures that the person using the app is genuine. Various methods are used for this including KYC process, biometric verification (eg fingerprint or face lock) and secure verification of documents.
2. Real-Time Fraud Detection : PhonePay has an advanced ‘detection engine’. This engine continuously monitors customer information, transaction patterns and past transaction history. If a transaction looks suspicious, this engine immediately notices it.
3. Preventive and Immediate Measures : Mere identification is not enough, but prompt action on suspicious activity is also important. Once a potential threat is detected, PhonePe takes swift and accurate action on it, so that you can avoid losses. See here for more information.
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4. Strict Security of Account and Transactions : To keep the platform safe, PhonePay periodically checks each account and the transactions it carries out. This verification is done at all stages from account creation to usage.
5. Partnership with Law Enforcement Agencies : Phonepay is in constant touch with the Cyber Crime Cell and other Investigation Agencies (LEAs) across the country. They share information with the police to prevent new forms of fraud and also organize special sessions to reduce fraud.
6. Consumer Education : PhonePay has a ‘Trust and Safety’ blog which is updated continuously. It details new types of scams, how to spot them and who to contact for help, so consumers can be self-aware.
PhonePay is actively fighting apps and channels that use its brand name to cheat. The company has taken proactive steps to prevent infringement of its trademark by moving for a ‘John Doe’ restraining order in the Madras High Court. Following these cases, the court ordered the social media platform to immediately delete posts of fake payment apps after receiving a complaint from PhonePay.
If you have been cheated by a fraudster through Phonepay, you can immediately report on Phonepay app or by calling customer care number 080–68727374 / 022–68727374 or official social media handles of Phonepay. Finally, you can report to the nearest cyber crime cell or register online at or contact the cyber crime helpline 1930. Stay safe, stay alert and protect your business.
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