Transfin.
HomeNewsGuidesReadsPodcastsVideosTech
  1. News
  2. Explained

How Can You Protect Yourself From E-Wallet and Online Fraud?

Professor S
Professor of Financial Economics and Part-time Value Investor, Transfin.
Nov 27, 2019 9:56 AM 2 min read
alt-img
Professor S
Professor of Financial Economics and Part-time Value Investor, Transfin.
2 min read2.1K views
Editorial

Explained

Incidents of e-wallet fraud are becoming increasingly common. How can you protect yourself in case you are defrauded?

 

PAYMENTS

As cases of e-wallet fraud increase in India, here's what you can do to ensure that you are not duped.

Be Wary: Following the launch of Digital India and the increasing infiltration of internet on the back of cheap data prices, incidents of e-wallet fraud are increasingly becoming commonplace. 

 

Here's what you need to know if you are defrauded on an e-wallet platform:

 

  • In January 2019, the RBI mandated that users of mobile wallets be provided the same safety as offered to regular credit or debit card holders
  • It also asked e-wallet companies to set up 24x7 customer care helplines to report fraud or any loss or theft, to ensure that customers are assisted and given full refund if a case of fraud occurred due to the negligence or deficiency on the part of the wallet provider
  • However, the customer will bear the entire loss in cases where the loss had occured due to his/her negligence

 

Here are some things one can do to avoid being defrauded.

 

Living the Digital Life: Nearly 68% consumers making financial transactions online are willing to save their personal bank details on websites they trust, revealed a recent survey by NortonLifeLock, which covered over 1,500 city-dwelling Indian adults. Now while 83% of the respondents agree that fraud and data theft are the biggest threats to online banking, an alarming 80% of the respondents think online payments made on apps and websites are always safe.

 

As per the survey, consumers make the maximum online financial transactions for shopping (91%) closely followed by bill payments (88%). City-based millennials engage in more financial transactions online (98%) than any other generation surveyed, closely followed by Gen X (97%) and Gen Z (94%).

 

Here are some useful suggestions by NortonLifeLock to make your online transactions a safer affair. 

FIN.

(Don't want to miss out on these End Of Day Wrap Ups? Subscribe Now to our WhatsApp Feed and get the day's Top Business stories straight on your favourite messaging app.)