Written by Vipin Surelia:

Strengthen the bond of protection this Raksha Bandhan by shielding your siblings from digital payment fraud. As the festival season unfolds with exciting offers, scammers are lurking in the shadows. Here are essential tips on how to protect your loved ones by being SMART:

Stay away from suspicious links: Don’t let the excitement of great deals while shopping for your sibling turn into a nightmare. Scamsters capitalise on the gift-shopping rush by sending links to tempting cashback offers or “too good to be true” discounts laced with malware. Educate your siblings to avoid clicking on unverified links and protect themselves from these digital traps and malware that steals your financial information.

Make smart payment choices: When shopping online, ensure your siblings opt for cards and tokenise them at checkout. The RBI mandated tokenisation for online transactions in 2021, and Visa was the first to introduce this advanced security feature. Tokenisation replaces your sensitive card details with a unique security code, safeguarding your information from prying eyes.

Avoid sharing personal information without verification: Scammers are using advanced technology to impersonate banks and steal your details. Remind your loved ones to only use trusted payment gateways, verify the authenticity of all video and audio content, and avoid sharing sensitive information like password or account numbers.

Refrain from scanning dubious QR codes: QR codes offer the ease of quick and easy payments, but scamsters can tamper with the codes to redirect you to fake websites and steal your money. Teach your siblings to double-check QR codes for any signs of tampering before scanning. A moment of caution can save them from a financial headache.

Take action against suspected scams: If your siblings suspect a scam, urge them to stay calm and avoid engaging with suspicious callers. Encourage them to report the incident to their bank immediately. They can also report the incident on the helpline dialing 1930 or on the National Cyber Crime Reporting Portal, both initiatives by the Government of India to help citizens report cybercrime and fraud. Quickly blocking accounts and cards can help limit the damage and protect their financial information.

Staying vigilant is the strongest defence against digital payment scams. This Raksha Bandhan, empower your siblings with the knowledge to protect themselves from online frauds. By following these tips, you can help them enjoy a worry-free digital experience.

(The author is head of risk services, Visa India and South Asia)