Tech Fraud: Conmen steal goods with fake payment msgs

Hyderabad: In 2017, there were 25,800 internet banking-related frauds reported across states. The total frauds reported are pertaining to the online or digital mode of transaction (payments), including ATM, debit or credit card and internet banking while the latest is con men running away with goods by sending merchants fake mobile wallet payment confirmation messages.

Nilesh Christopher, shared, “In January, Kolkata cyber police arrested a teenager who had cheated multiple Howrah-based mobile stores for electronic goods worth Rs 20 lakh. In one week, the teen and his friend made several purchases across multiple stores all paid through Paytm digital wallet. The fraud was discovered only at the end of the week when multiple merchants realised the transaction amount was not credited. A similar fraud occurred in Hyderabad in mid-March where API spoofing was used to scam Rs 10 lakh across multiple electronic stores and the case is being currently investigated.”

Srikanth L. of Cashless Consumer (an individual trying to spread awareness on digital pay crimes) explained, “The fraudsters fool the merchants by showing them payment confirmation success message to their registered mobile stores. The messages were not sent from the actual Paytm server but from their fake API.” 

Another trick in the digital payment fraud is money being transferred from bank accounts to google moonfroglabs a/c in an unauthorised way by hacking the debit card. The Moonfrog scam through google gateways have been occurring but no one is being punished.

Official figures show that the number of online fraud cases in the September quarter of 2016 (before demonetisation) was around 3,100 involving money to the tune of Rs 1,546 lakh. It went up more than three times in December 2017 quarter. All these frauds pertained to the online or digital mode of transactions, including ATM, debit or credit cards and internet banking. The spike in the number of cases is turning to be the price India is paying for a digital push.

TS cybercrime wing superintendent M. Ram Mohan advised, “In case of any suspicious bank transaction, one should immediately report to the bank and cybercrime office. It is difficult to trace these internet criminals, but if cases are reported this will send out a message to them and will also spread awareness.”