Wallet payment App Users - BE AWARE

JSBL Financial Blog    29-Feb-2020

Wallet payment App Users
These days we do not go around carrying a load of cash with us. Digital wallet has stormed our daily lives and almost everyone is depended on it. What’s more? Now such applications also provide options like online shopping services. Naturally, this has only added in the popularity of Digital Wallet. All you need to do is download the application on your mobile, link your bank account with the Digital Walletand you are good to go. But technology does not discriminate therefore the features that make our life easier are boon as well as bane. More and more cases are coming in light where an unaware customer has fallen a prey to phishing attack via Digital Wallet. Let us have a look at how these frauds are executed and how to prevent or survive if we find ourselves in such situation. 
Phishing is when someone contacts you via call, message or email claiming to be of well-known entity and asks for your bank & personal details in order to transfer the prize you won as a “special customer”. For example, this is how the conversation goes – 
screen controller which means the scammer gets the access to your mobile and can easily gain your sensitive information as well as transfer files & funds from your account from anywhere in the world. 
Let us now look at some of the red flags as to identify such situations immediately – 
Red Flag 1 – You have won some contest which you did not enter.
Red Flag 2 – You are “loyal or long-time” customer hence you are receiving the booster pack.
Red Flag 3 – Your account or Digital Wallet will be frozen unless you update the KYC right that instance.
Red Flag 4 – In order to avail the offer/pack you need to provide your digital wallet’s login details, password& pin.
Red Flag 5 –You need to provide your bank account number, debit/credit card number, CVV, OTP etc.
Red Flag 6 – To update your KYC you have to download some applications on your mobile.
Now let us look at the preventive measures that you should always remember – 
1. Your bank never asks for your sensitive details via phone call or email in any situation. 
2. Digital Wallet’s KYC procedure is never done via phone call. 
3. Customers do not need to install any kind of app to update KYC.
4. No authentic service providers ask for your ID, password or pin via call, SMS or email. 
5. To update your KYC,your service provider willalways send a confirmation SMS a day before sending their representative at your home.
If you receive a phone call, message or email containing any or all of the red flags mentioned above it is of utmost importance that you contact cyber cell immediately. It is also important to notify customer care of your Digital Wallet service provider and your bank.
Janakalyan Bank is aware and cautious about such situations and we always update our security processes to keep our customers safe from scams. 
Dealing with finances means always be alert…