As the festive season approaches, shoppers are eager to take advantage of deals and discounts, but so are fraudsters ready to exploit any opportunity to scam unsuspecting buyers. Digital payment fraud is on the rise, and even the most cautious individuals can find themselves falling prey to these schemes. But if you ever find yourself a victim, how can you act swiftly to limit the damage?

Here are five crucial steps, shared by payment services company Visa, that you can take to protect your finances and recover from a digital scam;

1. Call only the authorised customer care services

Waste no time in calling the customer care number of your bank or payment provider, provided in their official communication. Rely solely on officially listed contacts and freeze your account or block your card/payment method, as the case may be. This will enable you to halt any further fraudulent activity and activate a chargeback or refund.

2. Report without delay

Report it immediately to the bank and appropriate authorities like the National Cyber Crime Helpline (Dial 1930). File a complaint on the National Cyber Crime Reporting Portal (NCRP) or at your nearest police station and keep a copy handy.

3. Document every detail!

Amidst the chaos of a scam, it is easy to panic and overlook crucial details. Try to remember the details and document everything from the moment you suspect foul play; record the conversation, take screenshots, copy any messages, etc. Also capture transaction IDs, dates, amounts, etc. that you may have shared with the scammer; these details could be invaluable when reporting and resolving the fraud.

4. Upgrade your security

Reinforce your defences by updating passwords to strong and unique ones, activate two-factor authentication and install strong anti-malware that scan your device/s regularly. Once you switch that on, choose payment options with robust security measures, such as tokenisation that the RBI has mandated for online transactions.

5. Advocate and educate

Being a victim of a digital payment scam can be an ordeal. Proactively share your experience with friends, family, elders and on social media, with essential safety tips and what you did wrong or right so they are educated from your experience and can be cautious.

In India, with the growing adoption of digital payments, it’s crucial to stay informed about security measures like two-factor authentication and tokenisation.

By acting swiftly, reporting scams to the right authorities, and educating others, you can collectively build a safer online ecosystem.