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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
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Professor S
Professor of Financial Economics and Part-time Value Investor, Transfin.
2 min read559 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. 

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