When users of mobile payment applications return the money received to the caller, their sensitive personal data is targeted by online fraudsters for future exploitation, with the goal of
inflicting financial damage to the user.
With reports of cyber criminals stealing 1 crore from 81 Mumbaikars in 16 days via bank KYC and PAN scams, a new type of online bank fraud has developed in which a fraudster would intentionally deposit money into your account using Mobile payment application gateway. After depositing funds
into your bank account using a mobile payment application, the fraudster will request repayment, claiming that the funds were sent in error. As a kind gesture, you would quickly reimburse that $10 or $50 to the caller’s mobile payment application number and become a victim of malware attack.
Such online scams are perpetrated against users of mobile payment applications. According to Pavan Duggal, a Delhi-based Cyberlaw expert, in this mix of malware and human engineering scam, someone knowingly sends money to your account via mobile payment application gateway and calls
you claiming that the money was sent in error and requesting that you send the money back to their number. If you return the money, you may become a victim of cybercrime.
Pavan Duggal, an advocate at the Supreme Court, explained how this phishing is carried out by saying – When a user of a mobile payment application repays money received, the online fraudster may target their sensitive personal data for potential misuse, resulting in financial loss to the user. Pavan Duggal also advised mobile payment application users to urge the caller to come to the local police station to get their money rather than returning it to the sender.
According to Pavan Duggal, there is nothing wrong with mobile payment application transactions. Yet, by sending a screenshot of the reimbursement to the fraudster, you make intimate contact with him or her. This allows them to target and exploit your sensitive personal information. As a result, one should avoid entertaining such strangers.
