Frauds – while we have secured the safety of transactions through use of additional authentication factors, fraudsters have been exploiting other weaknesses in customers to defraud them. For instance, there have been increasing number of social engineering and vishing frauds luring customers to part with their confidential bank account / card particulars.
Combined with use of duplicate prepaid SIMs, the fraudsters have been able to build a conduit between cards / bank accounts and mobile wallets to dupe the users. It is ironical that the efficiency of interlinked payments also enable the fraudsters to make their getaway faster!