Due to the growth of UPI and online transactions over the past 5–6 years, internet scams have become more prevalent in India.
A guy I know recently revealed to me that he unintentionally lost Rs 56,000 to an online scam. He wanted to take a tour, so he looked online and found a website with a tour operator number, which he called to get more information. Everything appeared to be legitimate, so after performing some preliminary checks, he transferred the full sum of Rs 56k using UPI.
10 precautions to take before sending money to someone online
Let’s look at some of the fundamental security measures we must take to guard against online fraud whenever we send money to someone online to make travel or hotel reservations or to purchase. Let’s examine each one separately.
- Use NEFT/IMPS transfer instead of UPI
As per Best Finance Blogs, UPI is quick and safe, but it only has value if you are sending money to a legitimate and appropriate recipient. The issue with UPI is that it MAPS the individual’s details and just provides you with a scan code or basic information that does not reveal anything about the person. Always request the bank information for NEFT or IMPS transfers of funds if you have any doubts.
This will at least provide you with information on a bank account, the account holder’s name, the branch, etc. You may easily use this later to check or complain at the bank. Additionally, the same person’s name must be on the bank account.
- Don’t Rush
Never transmit large amounts of money when making hasty decisions. When you rush through last-minute tasks, you can sometimes miss little red flags because you are in a rush. Additionally, you might not think of specifics that might have stopped a hoax. Always strike up a conversation with the person, speak to them once, wait several hours or days, and then, after conducting thorough research, make any transfers, says Best Finance Blogs.
- Always transfer Advance money, not full
When something seems real and consumers don’t want to deal with the hassle of paying the rest later, they typically pay the whole amount. They put too much faith in other people. Always pay an advance first and the remainder later, if at all possible. This provides you plenty of time and, should the worst happen, prevents you from losing all your money to fraud.
- Search on Truecaller
Simply checking the phone number on the true caller App is another excellent approach. The phrases “fraud,” “scam,” “spam,” or other similar terms must have been used by others who may have encountered that con artist or the same phone number. It will provide some indication of their sincerity.
- Don’t trust the random low key websites advertisements
As per best personal finance blogs, never believe people or numbers that are listed on unreliable websites; after all, they list their companies on defunct, unreliable websites. When someone searches on Google, it simply comes up in the search results.
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