
4 Tips to avoid digital payment frauds

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Due to the contingency caused by the rapid expansion of the Covid-19, online transactions have increased. Digital payments are gaining hype due to precautionary measures of not using cash and to stay at home.Â
However, the number of cyber fraudsters also increased, operating from sending an email requesting money for an emergency to scammers asking for donations posing as a legitimate medical organization or financial institution.
As cybercriminals become more creative in committing digital payment fraud, the best way to protect yourself from them is to stay informed. According to the Data Breach Index, more than 5 million records are being stolen on a daily basis, a concerning statistic that shows that fraud is still very common both for Card-Present and Card-not-Present payments. In this article, we will discuss 4 types of digital payment fraud and how to prevent these frauds.
Despite what we can imagine, fraud in digital payments is relatively abundant, however, it is possible to take proactive actions to prevent it:
Cyber fraud refers to fraud that is carried out on the Internet using some malicious software in order to obtain your personal data, account numbers or passwords.
This is a type of scam in which the identity of some entity or organization is stolen in order to reveal your bank details, such as credit card numbers, identity numbers, your bank account, among others.
Most of the time these messages include a fraudulent link but similar to the original. On this fake website that may have a design identical to that of the entity, they are looking to replicate, save the access data you enter by stealing it.
This type of fraud is carried out by means of telephone calls in which the interlocutors pose as representatives of card companies, financial institutions, establishments and other organizations, informing that a payment has been withheld, that a contest has been won, or promotion and that personal and financial data must be given to claim them, which is known as Vishing.
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