Ask yourself these 5 questions to keep scammers at bay

Fraudsters create a sense of urgency and present an emergency so that their victims do not have the mental space or the time to think through their actions.

It is a harsh truth that fraudsters are finding new and ingenious ways — often leveraging upcoming technology, and often faster than what law enforcement agencies can keep up with — to defraud people. Nevertheless, every scam makes use of some very basic tricks to convince people of the legitimacy of their requests.

These involve impersonation of some sort — pretending to be your bank or financial institution or some other service provider  which is sending you emails or messages asking you to complete certain steps. They create a sense of urgency or panic, and require you to  make a payment or share details that you wouldn’t in a normal situation.

A C.H.E.C.K. list to stay safe

Given that most payment scams follow similar patterns, it's possible to stay safe and not fall prey to such hustles. I recommend this C.H.E.C.K list to protect yourself from such financial frauds:

C: Credibility

H: Haste

E: Excess Information

C: Control

K: Known Platform

In suspicious situations, ask yourself the following questions to determine the best course of action.

Credibility: is the payee trustworthy?

Fraudsters will always try to come across as trustworthy. So, you need to ask yourself if the requestor is legitimate. Any time you are asked to make a payment of any kind, verify the authenticity of the business and the request. Check if the request has come from the business or an individual, or is it from someone pretending to be someone you trust. Cross-check the email IDs, phone numbers, and other details on the business website, and transact only after you are sure of the credibility of the request.

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Haste: does the request seem urgent or too good to be true?

Many bad decisions can be attributed to not having enough time to think them through. Fraudsters create a sense of urgency and present an emergency so that their victims do not have the mental space or the time to think through their actions. For instance, they may ask you to make a transfer immediately or may repeatedly call you to unbalance you. There have been several cases where people have been told their near and dear ones are in trouble and need money. Ask yourself if the request seems too urgent or too good to be true. If there is an unusual sense of urgency, take a step back and evaluate your options. Check for credibility and only then act.

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Excess information: am I being asked for too much personal information?

Almost all payment instruments used in India involve an additional level of authentication besides a pin, password, or CVV in case of debit or credit cards. The second authentication factor is usually in the form of an OTP, but it can also be other elements such as the date of birth. No financial institution will ask for your PIN, password, or OTP for verification. Additionally, no PIN, password, or OTP is required to receive any money. These are required only to make a payment. If someone requires you to share sensitive information like your full card number, CVV, PIN, or passwords, they are asking for too much personal information and you should not give in to such requests.

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Control: have I initiated this transaction?

Giving up control entirely can spell disaster, and this is one of the things that fraudsters demand. Any time you make a payment, make sure you are in control of the process. Ask yourself whether you initiated the transaction, or was it an unsolicited request. If it was initiated by you, make sure it's a genuine transaction. If you feel coerced or are asked to share information you do not wish to, do not go ahead with the transaction.

Known platform: is this transaction happening on a secure platform?

That there’s only one original applies to websites and apps as well, and not just art. Make sure you are transacting on the right and secure platform and not a fake site. Always navigate to the official website via your browser instead of clicking on links, and only then transact. Download and install only verified apps on your phone. If you suspect you are not transacting on a secure and reputable website, a secure payment gateway, or a known POS machine or ATM, do not proceed further. Such prudence can save you from much loss.

Vigilance is key to avoiding fraud. In suspicious situations, ask yourself these questions to determine the best course of action.