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Common Instances Of Fraud In The Digital World

Over the past decade, digital payments have evolved and revolutionized how we transact with businesses and with each other. We have moved from the barter system to a world that is well on its way to embracing the cashless way of living.

There is little doubt that the level of comforts and conveniences it has given to humankind is unquestionable. More than half of the global population is now happily adopting digital payment methods, the USA being the top among all countries. In fact, the best part is that not only Gen-Z, but even the Baby Boomer population is slowly, but surely shifting to digital payment modes in their daily lives.

As pointed out at recent finance conferences like the Money 2.0 Conference, after the devastating pandemic of 2020, we are heading towards a world where digital payments are being appreciated across every vertical and mode. Since the digitization of payments has become the norm, one should also consider the threats and risks associated with it. Here are the three most common digital payment frauds that one should keep in mind:

Refund Scams

Online refund scams, also known as re-shipping scams, involve a fraudulent merchant taking your money and either failing to send you anything in return or sending you something that is not what you ordered. The retailer often has no idea it is happening—these are sophisticated operations run by clever criminal networks, who pay off employees of brick-and-mortar stores to steer shoppers toward illegitimate websites.

Account Hijacking

One of the most common scams in the digital space is when a cybercriminal manages to gain access to your email account. Once they do, they’ll likely search through your contacts and send spam emails from your account, offering everything from hot deals on online shopping sites to discounted or free flights with airline carriers. Cybercriminals will often send out hundreds of thousands of these fraudulent emails in an attempt to make some quick cash—or simply annoy as many people as possible.

If you receive one of these spam messages, don’t click any links; instead, change your password immediately and contact your service provider for assistance. If you fail to act quickly enough, you could end up paying for things that aren’t yours—and it may be impossible to get those charges reversed once they hit your credit card statement.

Digital Investment Fraud

Digital investment fraud is rampant in our digital-savvy world. From ICO (initial coin offering) scams to pump and dump cryptocurrency schemes, digital investments have proven fertile ground for financial criminals. Make sure you do your research before investing your hard-earned money into any scheme or product that promises a high return on investment. Remember that if it sounds too good to be true, it probably is!


The global digital payment industry holds up the value of US $68.61 billion. Moreover, the industry’s worth is expected to rise rapidly, which is why businesses must now arm up against the problem of scams in this arena for their safety.

It’s crucial to stay updated with the changing trends of digital payments and other FinTech verticals. You can be acquainted with developments happening in this arena by attending premier finance conferences of 2022. One such event is the Money 2.0 Conference, which is devoted to marking the evolution of the global financial industry. It promises to bring the most innovative and creative minds under the same roof to discuss the future of FinTech and digital payments.

05/31/2022 - 13:36
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Author Name
Yash Dogra
Author Bio

Yash Dogra is deeply interested in learning more about the world of finance and is a cryptocurrency enthusiast. He is a member of the organizing committee of the Money 2.0 Conference which will explore insurance and finance trends, acquaint attendees with new financial management tools, and highlight tactics to stay safe from fake/fraud investment schemes as well as spam and stock market scams.