Fake Payment Screenshot Scam: How to Identify and Avoid It

In today’s world, everyone is in a hurry and digital payment mode plays an important role in it by helping you save time. However, with the rise of online payment modes, the number of frauds has also increased, which has caused various individuals to suffer losses.

In this blog, we will explain one such online payment fraud, which is known as “Fake Payment Screenshot”, and will also explain to you how to avoid such a fake screenshot.

What is a Fake Payment Screenshot?

A fake payment screenshot is an image designed by fraudsters to show that a financial transaction has been completed successfully. However, in reality, no money is transferred or paid. The fraudsters make an individual or business believe that the payment has been made successfully, which eventually leads to a financial loss for the investor. Nowadays, one can easily create such images using online tools. 

Characteristics of a Fake Payment Screenshot

The key characteristics of a fake payment screenshot are as follows:

1. Fake Information: In a fake payment screenshot, the details like transaction ID, amount, date, and time, etc are not authentic.
2. No Real Time Confirmation: There is no real-time confirmation, i.e. the receiver does not receive any real-time confirmation from the bank account. 
3. No Track Record: The receiver has no track record of receiving any payments, as there is no such transaction.

How Do Fraudsters Use a Fake Payment Screenshot?

The most common scenario where fake screenshots are used by a fraudster is as follows:

1. Offline Merchants: In this busy world, sometimes shopkeepers do not focus on double-checking whether the payments are received or not. Therefore, they are targeted by such fraudsters.
2. Online Businesses: Various individuals are running their businesses on social media platforms like Instagram, Facebook, etc., and they provide their services and products based on the screenshot provided by the customer.
3. Cash Transaction: In this scenario, the fraudster approaches an individual and asks them for cash. Once the victim gives them cash, they share the fake screenshot, indicating they have transferred the amount, causing loss to the victim.
4. Fake Transfer: Under this, the fraudster calls an individual and tells them that they had mistakenly transferred the money, sends them the screenshot and asks them to refund the amount.

How to Avoid Fake Payment Screenshot Scam?

There are various methods through which one can avoid losses due to fake payment screenshots; a few of these methods are mentioned below:

1. Verification of Transaction: You must check the transaction ID in your bank statement or UPI application to confirm the payment. As each UPI ID is different, if it does not match your bank statement or is not reflected in your bank statement, then the payment is not made by the concerned person.
2. Timing: Every transaction ID has a unique time stamp mentioned on it. So, whenever you receive any payment screenshot, you must first check the time stamp as it is possible that it may not be recent as fraudsters generally make mistakes while fabricating fake screenshots.
3. Authentic Platform: The platform you use for payments must be secure and authentic. It should have advanced security features to protect you against fake payment screenshots scams.

Conclusion

On a concluding note, in the digital world where online payments are the new normal, fraudsters use every possible technique to deceive people. Therefore, you need to be vigilant and use approved platforms for making and receiving payments. You can verify the screenshots’ transaction ID with your bank account or check the time stamp. You have to keep yourself updated about the methods used by such fraudsters; only then can you prevent yourself from any fake payments scams.

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