Payment scams are tricks criminals use to steal money by pretending to be legitimate buyers, sellers, banks, or companies. The goal is to make you pay money or reveal your payment information. Here’s how they typically work:
Common Ways a Payment Scam Works
- Fake Seller Scam
- Scammer posts an online ad (electronics, cars, pets, tickets, etc.).
- Offers a great deal at a low price.
- After you pay (via bank transfer, UPI, gift cards, crypto), they disappear.
- You never receive the product.
Red flag: Price too good to be true, asks for full payment in advance, no COD (Cash on Delivery).
- Fake Buyer Scam
- You sell something online.
- A “buyer” contacts you and pretends to pay extra by mistake.
- They ask you to refund the excess amount.
- Their initial payment was fake or reversed → you lose money.
Red flag: Buyer sends more money “by mistake” or pushes you to refund quickly.
- Phishing Payment Scam
- You receive a message/email pretending to be a bank, courier, e-commerce site, etc.
- It asks you to click a link and make a payment or share card/bank details.
- The link steals your info → scammers use it for fraudulent transactions.
Red flag: Messages pressuring you to “verify immediately or account will be blocked”.
- OTP/UPI Request Scam
- Scammer pretends to send you money (eg. for something you’re selling).
- They ask you to approve a payment request in your UPI app.
- You think you’re receiving money, but you are actually sending money to them.
Red flag: UPI requests to “receive” money (you never need to approve to receive).
- Refund & Tech Support Scam
- Scammers call claiming to be customer support (Amazon, bank, PayPal).
- They say you’ll get a refund and ask for remote access apps (AnyDesk, TeamViewer).
- They manipulate your banking screen and trick you into paying them.
Red flag: Anyone asking for screen sharing or remote access for refunds.
How Scammers Manipulate Victims
- Create urgency: “Offer expires soon”, “Account will be blocked”.
- Use emotional tactics: Fear, greed (low prices), sympathy.
- Pretend to be trusted brands or officials.
How to Protect Yourself
✔ Never share OTPs, PINs, passwords.
✔ Don’t approve unknown UPI payment requests.
✔ Avoid upfront payments to unknown sellers.
✔ Verify websites instead of trusting links.
✔ Don’t use remote access apps for banking.
✔ Use official apps and helplines only.
