Important Information for Phone Pay, Google Pay and Paytm users
Cashless payments are being made more and more after digital transaction start in India. Linking the phone number to the account number has made the technology available for hassle-free transactions.
The banking sector is being digitized. It is changing very fast compared to all other sectors. Most of them are already accustomed to online and UPI based transactions. Cashless payments are being made more and more after digital transaction start in India.
No one has the idea of having money in hand. Linking the phone number to the account number has made the technology available for hassle-free transactions. With the help of apps like Paytm, Phone Pay and Google Pay, transactions can be done easily.
Scan the QR code and enter your password and the transaction will be completed in seconds. However, experts warn that there is as much risk in this approach as flexibility.
What is a QR Code:
With the help of many applications available now, we are able to do financial transactions very easily. This can be easily done by scanning the QR code from the phone. QR Code stands for Quick Response. This means that the account details of the person who wants to send money to the person are stored in a specially prepared code.
It can be scanned and sent to anyone who wants to send money. But nowadays fake QR codes are also emerging and many cases of fraud are coming to the fore. If you scan a fake QR code, you may run into several problems. Your personal data may be stolen. Scammers can lead you to phishing websites by scanning the code.
In fact, if you provide information like your name, contact numbers, address, bank details, fraudsters are likely to steal your identity. Moreover, malicious software like malware can be downloaded to your device using fake QR codes. These viruses can spy on you. They also have the ability to steal your private data. But you can easily identify fake QR codes.
Identify the fake QR code as below:
Before scanning QR codes at any store or restaurant, pay close attention to the code format. If you feel that the shape has been tampered with or the code has been pasted on something, do not pay in the QR code, instead choose to pay in cash. Because the QR code that has changed its shape is more likely to be faked.
After you scan the QR code, make sure to check the name of that merchant or store. Ask the shopkeeper under which name the money will be transferred. Proceed to pay only if the same name appears on your mobile screen. Be careful if the store or seller name doesn’t match.
Also Read: SBI Big Gift To Those Who Not Repay Loan Properly
Never scan any QR code you receive in your e-mail IDs or through junk mail. If you scan the QR code and enter the UPI PIN, your bank account is likely to be emptied.
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