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Payment Failed! But, Did It Actually Fail?

‘Trust, but verify!’ This saying holds very true for online payments as well.

Fueled by the pandemic online shopping (the ‘click it and get it’ culture) has grown very popular in the past couple of years. Though it has made shopping easier for us; things have become easier for the fraudsters too.

These fraudsters deal in different forms:

o Product category fraud - the product is fake!

o ‘Pay for nothing’ category fraud - the company itself is fake

o ‘You've been hacked’ category fraud - right company, right product but your payment has gone to the fraudster

This problem may be modern but the solution(s) are always simple and time tested. You can to a certain extent, shop online with peace of mind by following online discipline. Keep your attention and focus on these:

o Think before you click – there are a lot baits out there

o Beware of "Too good offers" - if it is too good to be true then most probably, it isn't

o Evaluate your payment options – Once paid, Verify! Verify! Verify!. Also, Credit card is better payment option than debit card, google pay better than credit card, because the merchant doesn’t get your card details

o Do not give too much information

o Keep a tab on your bank and card statements. Remember the payment might have failed on the screen but actually debited from your bank account

o Ensure you are shopping from a protected system with Anti-Virus, Secure Browser et al...

The future definitely is online. We are not saying you to avoid it; we just want you to be attentive, safe and secure.

Here is a recent incident where hackers siphoned of huge amount by masquerading failed payments.

Protect your organization, get your organization to stay aware. Awareness is key.

Be proactive, protective and resilient. Reach out to us now.

At Gorisco, our motto is 'Embedding Resilience' and we are committed to make the organizations and their workforce resilient. Reach out to us if you have any queries, clarifications or need any support on your initiatives.

To read our other blogs, click here. More importantly, let us know if you liked them or not through your comments.

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