As festive lights glow and digital carts overflow, a silent predator lurks in the shadows, Buy Now, Pay Later (BNPL) fraud. What once seemed like a blessing of convenience has now morphed into a trap for the unaware.
These scams aren’t just schemes, they’re psychological games. Fraudsters impersonate support agents from top shopping platforms, spinning tales of “unauthorized access” and urgency. “Your Pay Later account is under threat,” they warn. And in the panic to protect what’s ours, we hand over OTPs, Aadhaar details, and more—ironically trying to escape the very scam we’re falling into.
What’s BNPL anyway?
BNPL services let you grab what you want now and split payments into bite-sized chunks. No interest, no wait. But its ease is also its Achilles’ heel.
Cyber expert Jeet Jaiswal puts it simply: “BNPL services, while offering convenience, are prone to scams involving identity theft and account takeovers.”
Let’s unmask the darkness behind the click:
Fake Loan Apps: Clean interfaces, lightning approvals, scammers build apps that mimic real EMI or loan platforms, pulling in students, rural residents, low-wage workers, even professionals.
KYC Theft: Disguised as company reps, fraudsters collect Aadhaar and PAN cards under the pretext of verification. Result? Fake orders and ghost loans.
CIBIL Score Threats: Victims are bullied into paying fake debts to “save” their credit rating.
Deepfake Blackmail: Granting app access to your gallery or contacts can open a gateway to stolen photos and manipulation through AI-generated media.
Pre-IPO Stock Swindles: Telegram channels selling dreams—BNPL-funded stock investments that vanish into thin air post-payment.
How to stay guarded in this digital maze:
Enable two-factor authentication on all BNPL platforms.
Audit your transactions frequently, don’t wait for red flags.
Say no to sharing sensitive info over calls, links, or emails.
Fell into the trap? Here’s your lifeline:
Reach out to your BNPL provider, report the fraud.
Alert your bank and freeze accounts if needed.
File a case with cybercrime authorities (dial 1930) or your local police.
Most importantly, educate others, a shared warning can save countless others.
The digital world may offer instant joy, but let us not trade wisdom for convenience. Be curious. Be cautious. And never let urgency override intuition.
Also read: Viksit Workforce for a Viksit Bharat
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