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Take these 10 precautions while making online transaction for any deal

by Shatakshi Gupta

Since UPI and online transactions have become more prevalent, internet scams have been increasing in India. Today, we often seal business deals online and pay in advance, which might costs us dear if we are not attentive. Despite the fact that we are all aware of these scams and make an effort to stay away from them, there is always a chance that we could be fooled by them.

Before sending money online, there are ten precautions we should  follow.

Let’s take a look at some of the fundamental safeguards and checks we must implement to prevent online fraud when sending money to someone online in order to make travel, lodging, or shopping arrangements. Let’s take a look at them one by one.

Once, look up the phone number or company name on Google

The person’s phone number or email address might occasionally turn up a plethora of information in a quick search. There’s a good likelihood that someone will give you advise if they know that the same person has defrauded others. The same phone number could be listed on Google for several businesses at once in a case of fraud. Clearly, there has been internet fraud and deception.

Use NEFT/IMPS transfers instead of UPI transfers

Although UPI is rapid and secure, it is only helpful if you are sending money to a legitimate and authorised recipient. The problem with UPI is that it MAPS the individual’s information and just gives you a scan code or minimal data that does not tell anything about the individual. Always ask for the bank information to send money via NEFT or IMPS if you are unsure.

This will, at the very least, provide you details about a bank account, the account holder’s name, the branch, and other things. You can use this afterwards at the bank to quickly verify or complain. Additionally, the same person’s name needs to be on the bank account.

Don’t Be Hasty

Never send huge sums of money in a hasty manner. When you rush through tasks at the last minute, you frequently miss minute red flags. Additionally, you might forget details that might have revealed a deception. Always strike up a conversation with the person, speak to them once, then wait a few hours or days before making any transfers.

Never send complete payments; only advance payments

People typically pay the whole amount because they prefer to avoid the trouble of having to pay the excess later. They put too much faith in other people. Pay an advance first and the balance afterwards as much as possible. This helps you save time and guarantees that fraud will not cause you to lose all of your money.

Repeated callbacks are a warning sign

Most fraudsters and scammers have a tendency of contacting and texting you repeatedly. You will receive a barrage of WhatsApp messages and replies urging you to donate the money IMMEDIATELY if you even hint at an interest.T is quite concerning. Sometimes a senior or higher-up who is following you will call. If this happens to you, proceed with extreme caution.

Verify the phone number or point of contact via internet forums or websites

Read more: Cheque bounce/dishonour rules that you must know

Most reputable companies have a significant web presence. They have a social media presence on their website, Facebook page, Instagram page, or another platform. You may read reviews left by other users, find their phone numbers on the list, and access additional facts like their address and contact information.

It’s a straightforward checkpoint, but I’m not saying scamsters can’t build these things. You should be sceptical if you come into contact with someone who is missing these things.

Truecaller search

Simply entering the phone number into the truecaller App is another fantastic hack. Others must have referred to the con artist or the same phone number as “fraud,” “scam,” “Spam,” or other similar terms when they came across them. It will offer you a clue as to how sincere they are. To detect whether a phone number is spam or fraudulent, use Truecaller.

Ask about compliance issues including GST, checks, and references

One thing you may do is ask for a copy of the CHEQUE and mention that you will be making the payment from your corporate account because the business requires it. You will receive all of the account holder’s details in this manner, including the branch and account number. There are many methods for figuring out if the accounts are linked to the same individual or not. Numerous scammers don’t utilise personal accounts. You can use this as a jumping off point for additional research, and you just could find a fraudster. Request a GST number, etc. if it is a business entity. to increase security

Never trust shady website advertising

Never believe people or numbers listed on obscure websites; after all, they advertise their companies on dubious websites. When someone searches for something on Google, it just comes up in the search results.

Listen to your heart

Last but not least, I would suggest that you follow your gut feelings and abort the deal if something doesn’t feel right. Talk to the recipient of the funds and pay attention to their tone, body language, and other small cues while you do so. Nevertheless, follow your gut and stay away from the deal or at the absolute least, put it off.

Some other safety measures

  • Never, ever give someone your PIN or OTP.
  • Don’t respond to phone calls from the Tax Department, IRDA, or RBI asking for personal information.
  • You never need to enter your UPI pin in order to receive money on any UPI App. Many scamsters claim to be sending you money but instead send you a “Payment request.”
  • Never allow anyone to share your screen for assistance purposes. Use no software such as Teamviewer or Anydesk.

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