What Is The Digital Wallet Scams? How To Protect Yourself From Fake Customer Care Fraudsters
Updated: 12-05-2025 at 3:31 PM
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As digital wallets increasingly integrate themselves into everyday transactions in India, cybercriminals are becoming more active with their cyber scams and developing complex techniques to mislead innocent users. One continuing scam is on social media, where fraudsters post as customer care representatives to trick users on social media to get their confidential information. It is indisputable that if you are one to transfer funds using a digital wallet, the first step in protecting yourself from financial loss is being aware of these tactics.
Understanding The Scam: How Fraudsters Operate?
As digital payments become more popular, so do the scams that can ensnare unsuspecting users. Let's now look at the steps that scammers take so you can better protect yourself from falling for their scams.
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First Contact: A user posts a complaint or question on social media to the official handle of a digital wallet service.
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Impersonation: A scammer takes notice of the post, and quickly responds, using a fake profile that looks just like the official account, and offers assistance.
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Gathering Information: The scammer implicitly requests the user's phone number, claiming it is to confirm the report of progress.
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Code Manipulation: Claiming they need to reconnect the account, the scammer asks the user for a One-Time Password (OTP), which will have been sent by SMS.
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Unwanted Transfer of Money: With the OTP, the scammer is now able to connect to the user's digital wallet and transfer money to themselves.
Real-Life Incidents: The Growing Threat!
These aren't just rare cases—real people are losing money every day to digital wallet scams.
Here are some eye-opening incidents that highlight the seriousness of the threat.
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A woman in Mumbai lost ₹16 lakhs after calling a fake customer care number she found online.
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In Kochi, a housewife was duped of ₹77,000 when she dialled a fraudulent number claiming to be a retail website's support.
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A Gurgaon resident fell victim to a similar scam, resulting in significant financial loss.
These incidents underscore the importance of vigilance when seeking customer support online.
Also Read: New WhatsApp Scam Alert! Stay Informed And Save Yourself From Fraud
How To Recognise Red Flags? Stay Alert
Scammers leave clues, but you must know what to look for so you can prevent the fraud before it happens. Below are some common red flags – keep them on your radar so you can remain vigilant.
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Unsolicited Direct Messages: Official accounts will reply in public before private conversations.
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Request for OTPs: A legitimate representative will never ask for an OTP or password.
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Urgency: Scammers create urgency to encourage haste before careful consideration can take place.
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Contact Validation: Always ensure you validate contact details from the official company website or app.
Protective Measures: Safeguarding Your Digital Wallet
Your digital wallet functions just like your real wallet- it must always be protected. Here are the steps you can take to safeguard transactions and personal information:
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Verify Official Methods: You can use verified contact information from the official company website or app.
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Don't Share Sensitive Information: Never share your OTP, password or PIN with anyone else.
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Report Suspicious Activity Immediately: If ever confronted with a potential scam, report it immediately to the relevant company and authorities.
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Educate Yourself: Educate yourself to best prevent common scams and cybersecurity risks.
Also Read: Be Aware of AI Voice-Cloning Scams | How it Works and How to Avoid Them
Reporting Scams: How To Take Prompt Action?
If you've been targeted or even feel worried, taking the right steps can help reduce the impact. Just think about this as a "to-do" list. Here’s what to do immediately if you’ve been targeted.
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Report to the Service Provider: Contact the official customer support of the digital wallet company to secure your account.
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Report to your Bank: Contact your bank and report the scam.
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Report to Law Enforcement: File a complaint via the National Cyber Crime Reporting Portal or call the cyber crime police hotline 1930.
In summary, the increase of digital scams in the form of digital wallet scams in India calls for increased awareness and action. The best defence and protection for users is to understand the fraudulent techniques they use and to follow good cybersecurity advice regularly to protect their cash and help make the digital world safer for everyone.
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