E-wallets have increased frauds, Says Ministry

E-wallets have increased frauds, Says Ministry of India on Paytm, Freecharge, Phone Pe, and other e-wallets. Follow Poutstation for more latest news, gossips, entertainment, music and more.

Posted 11 months ago in Regional News, updated 11 months ago.

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Digital wallets have become the mode of payment these days. Especially after demonetization was launched in November 2016. However, the ease of transferring money comes with the worry of being tricked by fraudsters. Such frauds are committed using or involving a payment card, such as a credit card or debit card, to fraudulently transfer funds from such card to an e-wallet account," the ministry said. 

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 According to the Central government, fraudsters are targeting unsuspecting customers, who do transactions of less than Rs 50,000. Those who use their mobile phones for payments are more susceptible.

E-wallets such as Freecharge, MobiKwik, Paytm and PayUMoney among others have jumped on the trend making it one of the fastest-growing segments of the e-commerce industry. With an increase in the number of digital wallet transactions, there has been a corresponding increase in frauds, especially phone frauds.


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