Fake screenshot frauds are a real problem for merchants, especially in busy set-up that is thronged by hundreds, payments firm PhonePe has said
Fraudsters often exploit this lack of Authenticating payment confirmation
A fake screenshot fraud is one where a fraudster creates a fake screenshot of a payment confirmation to deceive the victim that the payment has been processed and the amount has been credited to the victim’s account.
You can follow some Major tips to protect yourself from fake screenshot fraud
Always verify the payment confirmation message before handing over the product or service.
Authenticate the payment by cross-checking your transaction history.
Don’t rely only on screenshots. Screenshots can be helpful in verifying payments but they can also be easily falsified.
Check for other indicators of payment confirmation such as email or SMS notifications from your registered bank.
For a merchant, a smartspeaker that notifies payments via a voice message can never go wrong.