Consistent connectivity to the internet has enhanced the lives of individuals by bounds and leaps. On the internet you can gain a wealth of information from booking reservations, buying movie tickets, or get in touch with your long distance friend. But along with these several advantages, several threats also prowl online. To avoid online payment scam to need to have privacy protection software in your system.
Internet is nowadays a kind of place where virtual hackers can steal your money, password and personal identity. Nowadays most of the individuals choose an online way for shopping for various things. It has prone to rise in online payment scam, which is the primary concern of individuals.
What is the Online Payment Scam?
Online payment scam is any illegal or unauthorized payment transaction which happens on the internet where the cyber attackers steal the money of victim or other sensitive data.
Online payment fraud is a term which fears every business owner. So, there is nothing to be worried as this fraud can be highly expensive, and it comes up with money with your credibility and trust of the customer.
How Online Payment Scam affects?
The cybercriminals usually look for the gaps, glitches or another kind of issues in the software system and then use various ways to get access for sensitive data, or posting as someone from your bank account:
Rerouting traffic of the website
To know more about the online payment scam, read the whole blog post.
Different Types of Online Payment Scam
There are several kinds of payment scam which takes place online. We have discussed all different types of payment scams done online below.
Spoofing or Phishing
Phishing is the procedure of gaining access to an individual’s personal information via fraudulent emails or websites which allege to be trustworthy. The data collected in this manner mainly involves credit card number, username, password, or bank account number. Go through our blog “How to Identify and Avoid Phishing Scam?” to protect against Phishing Scam.
The most broadly used way for phishing is to transmit user online (email or SMS) to the official website where they request to fill their personal information. Thus, you have been trapped to reveal personal information which you will ideally not disclose to any other person.
Spoofing or phishing also is done through other electronic means such as instant message, SMS, and email. You will be redirected to make the payment on a website that looks trustworthy but is only created to grab your card details such that they can use it later.
As per some research and reports, India is the third targeted country for the phishing scam after Russia and the US.
Sometimes, corrupted employees or partners too can steal the credit card data from the businesses and utilize it for attempting online scam. Most of the online websites used standard and strict measures to make sure that privacy violation does not occur.
Despite storing credit card details, like website and payment gateways make use of methods such as tokenization as well as encryption to keep the data safe.
XA Technology is a company which cruelly takes data security. It is an organization that offers privacy protection software name XA Troop, which help to protect identity theft. Learn 10 Ways to prevent Identity Theft.
Friendly or Chargeback Fraud
So, for instance, a customer makes an online transaction. Later that consumer alleges that the transaction which was done was fraudulent and request for chargeback, even they made that transaction by themselves. Generally, a chargeback is a way from bank to business requesting to return the paid amount for a fraudulent purchase.
Well, this is called as friendly fraud or chargeback scam where the business process a transaction which seems trustworthy but later on issued a chargeback.
It is a type of fraud in which the scammers set up a fake online store and provide the products at highly inexpensive rates and do not ship them ever.
Merchant Identity Fraud
Merchant identity fraud is identical to merchant fraud only. The scammers charge online stolen credit cards for the fake items in store and then disappear before cardholders reverse the transactions.
Pagejacking is done where the hackers redirected traffic to your e-commerce website to their fake site.
Advance cash or wire transfer scam
Hackers mainly target the users of credit card and e-commerce store owner for requesting money in advance in return for the credit card or payment later on.
Signs of Payment Scams Online
There are several symptoms which specify that you are a victim of online payment fraud. Well, it is a good idea to check out these indicators such that you can act faster and take actions to assist and minimize the damages. Some of the most common signs of this scam are:
• The transaction is done from your account which you have not made
• You did not get the mail or receive the bills
• You are done a purchase on the website for a product but does not get product
• Got the call from debt collectors about the debts which does not occur
• Not familiar charges or accounts on your credit report
• Receiving the medical bills for the services which you have not taken
It is fascinating to order the products online by conveniently sitting at your home, but sometimes the experience becomes much overwhelming if the online payment fraud takes place.
You can avoid being scammed for the payment or transaction that you made online by making use of the privacy protection software offered XA Technology named XA Troop. It is software which protects digital thefts. So, if you are becoming a victim of online shopping scam then make use of PC protection software online which can help you. XA Technologies Software Solution Provider also offers Antivirus Software- XA Secuflex.
In this blog, you will get the information about different types of payment frauds taking place how you can protect them with the use of protection software. This software does not guarantee to provide complete secure transaction but lessen down your stress of being scammed.