Protection From Growing Digital Financial Fraud

 Modern digital-based societies around the world have serious concerns about fraudulently withdrawing money from mobile wallets through fraud. According to one estimate, the cost of losses to the global economy from these fraudulent activities will be approximately US 10 10.5 trillion by 2025. Similar cases are reported to be increasing in Pakistan on a daily basis

 

In a country like Pakistan, where financial inclusion is at an early stage of development and a large population is in the process of gradually becoming aware of digital platforms, there are various tricks for financial fraudsters in such a situation. It is easier and simpler to trap people .

      Because of the thorough digital protection conventions of monetary organizations in Pakistan, monetary foundations or versatile wallets once in a while experience the ill effects of such issues. Notwithstanding, much of the time, clients are obvious objectives for fraudsters. While the relevant authorities are ensuring easy and convenient availability of digital financial services to the public, most private institutions in the banking and finance industry are also investing heavily in avoiding financial fraud and raising awareness .

EasyPay, the country's leading digital payment platform, has recently launched an advertising campaign to raise awareness among its customers about the safety of such transactions. The methods used by financial fraudsters to deprive people of the money in their digital mobile wallet have been highlighted. The following is an overview of the EasyPay message .

1. Fraudsters pretend to represent the bank

The most widely recognized technique utilized by monetary fraudsters is to profess to be a bank delegate and claim to call the bank's helpline. People or gatherings associated with this extortion deceitfully convince individuals to uncover the PIN/OTP of their portable record. In the event that the client succumbs to their duplicating, they can lose enormous amounts of cash from their wallets .

2. Incoming phone calls from government agencies as a representative

Another type of fraud that is frequently reported is people calling and introducing themselves as representatives of the SBP or law enforcement agencies. These are agencies that have many powers. They are highly valued because of their importance.