Stay Alert: Increase in QR Code Scams – Learn How to Protect Yourself
The downside of technological progress is that it can be exploited by malicious individuals for their own gain. This is evident in the emergence of AI-powered malware and the increasing prevalence of deepfakes. However, the most alarming threat at the moment is QR code-based scams, which are on the rise and have resulted in significant financial losses for many victims. It is crucial to understand how these scams operate in order to protect oneself from falling victim to them. Let’s delve into the details.
A 30-year-old Indian Institute of Science professor recently fell victim to a QR code scam. The professor tried to sell his washing machine on an online portal on August 11, reported the Economic Times. He was soon contacted by a potential buyer who was willing to pay the asking price without negotiation. The buyer then sent the QR code to the professor and asked him to scan it to get the money directly into his bank account. However, as soon as he did, Rs. 63000 was stolen from his account instantly!
QR code scam: How it works
QR code scams are when fraudsters use a fraudulent QR code disguised as a legitimate code for payment and then trick innocent victims into scanning it with their phones. The code installs malware that steals the victim’s personal and financial information. At this point, the cybercriminal can simply use it to wipe the victim’s account.
But like all online scams, a little vigilance and diligence can protect you from having your money stolen and your personal information compromised. So let’s look at some things we can do to avoid such scams.
Different types of QR code scams
The biggest problem with QR code scams is that you can’t look at the QR code and determine if it’s real or fake. With UPI payments becoming more and more popular, many of us are paying through QR codes in many places for shopping, restaurants, parking and paying bills.
However, all of these QR codes can be compromised.
If you have to pay your parking bill with a QR code and it is placed in an unsafe area or an area actively monitored by security personnel, it may be a fake code planted by a fraudster.
Similarly, there have been cases where people have scanned the QR code for a virtual menu card only to find that the cybercriminal has replaced the real code with a fraudulent one.
In fact, even paying the bills is not easy. Some reports have highlighted that victims were sent emails of fake overdue invoices with a warning to make the victims panic and when they scan the code, they get hit with malware that eats the money into their account.
So is the solution not to use QR codes? No. Vigilance goes a long way.
How to avoid QR code scams
1. Whenever you scan a QR code, make sure it is placed in a well-guarded place or where people can’t tamper with it.
2. If you find the QR code in an unsecured location, try paying with other methods.
3. Always be careful when you receive an invoice by email. Never pay it if you are not sure of the email address, the language of the mail text and the amount billed. Even then, you should always call and check its authenticity.
4. Don’t use your payment apps without 2-factor authentication and never enable one-tap payments like some apps allow. Also, avoid keeping large sums of money in your e-wallets.
5. You can also download QR code scanners from reputable sources in the app market as they can detect fraudulent codes and alert users.
6. Always install security updates as soon as you receive them. This will help protect your device from all low-level scams.
