Don't meddle with payment apps like Paytm/Phonepe unless you know what you're doing

Payment apps have become the hot thing these days, their usage has been steadily increasing ever since demonetization happened in 2016 and digital India became a thing. But right now, every single dude and his chacha seems to be using apps like Paytm, Google Pay and Phonepe daily and yet, how many of them even have the required technical knowledge to use these apps effectively and securely?

According to this recent report, our desi cyber-thugs have also evolved themselves to keep up with the users of digital India! Here is what the cyber-thugs do to cheat their victims and rid them of their hard earned money:

1. Victim places an ad to sell something on OLX, Quickr, etc.
2. Thug then contacts the victim by phone, saying they are ready to make the purchase and even send half the money in advance.
3. If the amount is ₹10,000 (for example), the thug, in fact, sends a UPI Payment request for half that amount i.e ₹5,000 to the victim.
4. Thug calls the victim and informs that he has sent the money and you can check the balance by tapping the notification.
5. Gullible victim thinks that he has received the money (upon seeing that notification) and proceeds to tap it and enter his PIN.
6. ₹5000 are deducted from victim's bank account and transferred to that of the thug.
7. Victim realizes that he has just been duped and hopefully becomes smarter with money in future.

You may think that the victim is being too naive but this is a very commonly occurring scenario, especially among aged victims who don't know much about smart-phone apps and latest technology. According to the report, about 4 out of every 10 people fall prey to this trick.

Keep your hard earned money safe and learn more about modern technologies like internet, smart-phones, apps, etc. and how they work before deciding to use a payment app, don't start using them in a casual manner by listening to your "tech savvy" friends who's knowledge could be as half-baked as yours.