Heard of Money Doubling Scams?

Here’s everything you need to know to stay safe

Scamsters, today, use innovative means to dupe people of their money. They carefully form a ruse that seems legitimate and ultimately defraud innocent people. One of the techniques scamsters use is to tempt people with the promise of doubling money overnight.

How Money Doubling Scam could be done

Scenario 1

A scamster gets in touch under the false pretense of a representative from a small financial business. They claim that the business offers high returns for a small investment in a very short time span. They manipulate you by making you invest a small amount and then return double the money within a short window to gain false trust that your money can grow exponentially. Once they have gained your trust, they loot you of huge amounts of money.

Scenario 2

You are contacted via SMS or Whatsapp with a claim that you have won an exciting offer based on, say, your high frequency of credit card usage or high savings bank balance, and that you have a limited period offer that allows you to double your money in a very short time span. They share a link through which the money needs to be deposited only to loot you of your money.

Here’s how you can stay safe from Money Doubling scams

1. Do not click on suspicious links: Scamsters typically send you a link through which you would supposedly receive a return or a gift card. Do not click on any such suspicious links.

2. Do not share personal information such as your credit card number, CVV, PIN, OTP, etc.: Legitimate organisations will never call, email or text you for personal information required for transactions. If you are asked for such details by anyone posing as a PhonePe representative, please ask them to send you an email. Only respond to emails from @phonepe.com domain.

3. Always use legitimate websites to get contact information: If you receive a call from a person claiming to be from a financial institution, and he/she asks you to call back on the same number, cross check the number on the official website of the organisation before you call back.

4. Always remember you do not have to ‘Pay’ or enter your UPI pin to receive money on PhonePe.

5. Please read the message displayed on your PhonePe app carefully before hitting ‘Pay’ or entering your UPI PIN.

6. Do not search for PhonePe customer support numbers on Google, Twitter, Facebook, etc. The ONLY official way to reach PhonePe customer support is https://www.phonepe.com/contact-us/

7. Never call/respond to unverified mobile numbers claiming to be PhonePe Support.

What should you do when contacted by a Fraudster?

• Immediately report the incident to your nearest cyber crime center and lodge an FIR providing relevant details (Phone number, transaction details, card number, bank account etc.) to the police. Alternatively, you can tap this link — https://cybercrime.gov.in/ or contact the cyber cell police on 1930 to file a cyber complaint online.
• If you were contacted via PhonePe, login to your PhonePe app and go to ‘Help.’ You can report the fraud incident under ‘Account security issue/ Report fraudulent activity.’ Alternatively you can log in to support.phonepe.com.
• Connect with us only on our official accounts

Twitter: https://twitter.com/PhonePeSupport

Web: support.phonepe.com