Beware of QR Code Scams: How to stay safe and prevent financial loss

My neighbour Rahul was excited to sell his old mountain bicycle online. Within hours of posting it, he received a message from an interested buyer. The buyer seemed eager and asked to make the payment via UPI. Rahul, being tech-savvy, had no issues with that. But then, the buyer sent him a QR code and asked him to scan it to "receive" the payment. It didn’t seem out of the ordinary, so Rahul scanned the code, only to see money being debited from his account instead of receiving the payment.

Unfortunately, Rahul had fallen victim to a common scam—one that's increasingly targeting people across India. Scammers are using QR codes to swindle money, and it’s happening more often than you think.

So, what exactly is a QR code scam?

QR code phishing scams, also known as Quishing, are pretty straightforward but sneaky. Fraudsters trick you into scanning a fake QR code, and instead of receiving money or accessing a service, your account gets debited. The money goes straight into their account; before you know it, your hard-earned cash is gone.

Example 1:

Let’s say you're selling something online, maybe an old phone, and a buyer offers to pay via QR code. They ask you to scan the code they send to “receive” the payment. It feels legit, but when you scan the code, instead of receiving money, your account gets debited. This is a common trick where scammers reverse the process to steal your money.

Example 2:

Imagine you get a message about a limited-time cashback offer at a popular restaurant. All you need to do is scan the QR code they’ve sent to claim your reward. Exciting, right? But once you scan it, you’ve unknowingly handed over access to your financial information. The next thing you know, you’re dealing with unauthorized transactions.

How to be careful and avoid getting scammed?

The best defence is being cautious. Here are a few simple steps to help protect yourself:

1. Never scan a QR code to receive money: QR codes are for making payments, not receiving them. If someone asks you to scan a code to get paid, that’s a red flag.

2. Verify before scanning: Whether it’s a restaurant, an online seller, or a service provider, always double-check the authenticity of the QR code. If something feels off, don’t scan.

3. Use trusted apps: Make payments only through verified and trusted payment apps. Most of these apps have their own security layers to protect your transactions.

4. Don’t share your personal information: No legitimate seller or buyer will ask for sensitive details like your bank account number, OTPs, or PINs. Always keep this information to yourself.

5. Watch out for phishing links: Scammers sometimes send you links to fake websites that ask you to scan a QR code for a prize or cashback. Always verify the source of these links and avoid unfamiliar or suspicious ones.

What preventive measures can you take?

?Prevention is better than cure, right? Here’s how you can avoid being the next victim:

- Always double-check payment details: Before you hit the send button, review the amount and recipient’s name to ensure it’s going to the right place.

- Use strong authentication methods: Set up two-factor authentication (2FA) for your payment apps to add an extra layer of security.

- Educate yourself: Scams are getting more sophisticated, so stay informed. Read up on new scam techniques and spread awareness among your friends and family.

- Be skeptical of offers that are too good to be true: If someone promises you large sums of money, rewards, or investments through QR codes, take a step back and think. Scammers prey on people who act impulsively.

What to Do if You’ve Fallen for a QR Code Scam

So, you’ve fallen for a QR code scam? First of all, don’t panic—it happens to the best of us. Here’s what you need to do next:

1. Call Your Bank Immediately: The very first thing is to contact your bank and ask them to temporarily block your account. You don’t want the scammers draining your money while you’re figuring things out.

2. Run a Virus Scan: Make sure the QR code didn’t lead you to a malicious link that infected your device. A quick virus scan will help ensure your phone or computer is clean.

3. Change Your Passwords: If you ended up on a phishing site and entered any personal info, change those passwords right away. And if you’re reusing passwords across different accounts (we all do it!), update those too. Remember to use strong, unique passwords for each account to keep things secure.

4. Report the Scammer: If this happened through a website, app, or online marketplace, report the fraudster's username to the platform. You can also file a complaint with websites like the Better Business Bureau. This not only helps you, but it also prevents others from falling into the same trap.

Take these steps quickly to protect yourself and help others stay safe from similar scams!

In conclusion

QR codes are incredibly convenient, but with convenience comes responsibility. Scammers will always be around, looking for ways to exploit new technologies. That’s just the reality. But by staying cautious, verifying every transaction, and keeping yourself informed, you can outsmart them. Always take an extra moment to double-check things—it’s a small step that could save you from a lot of hassle. Remember, your security is in your hands, and a little vigilance can go a long way in protecting your hard-earned money. Stay sharp, stay safe!