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Spoofed Apps Turn Headache For Traders
The spoofed Paytm app also sends a notification to the shopkeeper’s account, but no money is actually transferred.
G
Guru Prasad
Hyderabad
Tue Jun 07 2022
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Spoofed Apps Turn Headache For Traders
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It’s the digital age, and the pandemic has made the usage of money almost nil. Just about everybody has a payment app, and transfers are done through e-wallets. While the process is pretty easy, it is definitely not safe. And those bearing the brunt of spoofed sites are traders who seldom have the time to instantly check if the payment has been credited to their account.


On a normal day, the traders are busy dealing with customers. So, they seldom check their account for balance details. They go by the amount transferred message, and this is where the spoofed apps come in. There are gangs and individuals who are indulging in these nefarious activities.


Gangs usually create these spoof apps, and these are then circulated amongst them, and then they go about cheating the traders. Recently, Vanasthalipuram police caught two youngsters from Ibrahimpatnam who duped a mobile accessories shopkeeper of Rs 2800 after purchasing a few items. The duo incidentally tricked the trader using a spooked Paytm app.


The police booked the youngsters under Sections 420 of IPC and 66C and 66D of the Information Technology Act. They say that the fraudsters were now downloading spoofed apps of e-wallets from various platforms rather easily and then installing them on their mobile phones.


Usually, these people visit a store, make purchases, and take details of the trader like phone number, shop name, amount, and other details in the spoofed app to create a fake payment notification. The spoofed Paytm app also sends a notification to the shopkeeper’s account, but no money is actually transferred, shares Cybercrime ACP (Hyderabad) KVM Prasad.


As the shopkeepers are usually busy dealing with other customers, they check the notification and allow them to leave. And if the shopkeepers have any doubts, they simply slip away, saying there might be a delay in updating the bank account.


Now, Paytm has listed a few measures to make sure the shopkeepers don’t get duped. Merchant partners can check details of every transaction, download daily or weekly reports, and also gain access to vital business information like estimated time of bank settlement, among other things. Paytm has also stated that a Paytm soundbox can be installed to get an instant audio confirmation for payments. The soundbox supports payments on Paytm QR codes through multiple payment modes like Paytm Wallet, Debit & Credit cards, Net Banking, and BHIM UPI.


Merchant partners must also check for the confirmation ticker on the Paytm app, the company says.


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Spoofed Apps Turn Headache For Traders
Spoofed Apps Turn Headache For Traders
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