Do you use OLX to sell your old stuff? If yes, you should be extra cautious before making transactions on the app. Siddarth, a 27-year-old software engineer from Bengaluru, recently experienced a distressing situation that serves as a stark reminder of the risks involved in online transactions.
On August 29, Siddarth decided to sell his air cooler and listed it on OLX with a price tag of ₹5,200. Within minutes of posting the ad, he received a call from a person identifying himself as Srikanth Varma, claiming to be the owner of a used furniture showroom in Whitefield. The conversation seemed straightforward enough: Varma expressed interest in purchasing the cooler and mentioned he would handle the payment first, with the item to be picked up later.
The payment process took a bizarre turn almost immediately. Varma sent Siddarth a QR code for ₹5, asking him to scan it to receive the payment. Siddarth complied and, indeed, received ₹5. However, trouble began when Varma sent another QR code for ₹5,200. This time, instead of receiving the money, Siddarth’s account was debited by the same amount.
Varma, explaining this as a technical glitch, promptly sent another QR code. Siddarth, eager to resolve the issue, scanned the new code, only to find that even more money had been siphoned from his account. Despite realising that he was being scammed, Siddarth’s attempts to retrieve his money were unsuccessful. Each QR code Varma sent resulted in further losses.
In total, Siddarth lost over ₹1.9 lakh from his bank accounts. It wasn’t until Varma requested Siddarth to add a bank account as a beneficiary that Siddarth grew suspicious. He decided to block his account and reported the incident to the cyber helpline and the local police.
On the same day, a 31-year-old vice president at an investment banking firm also fell victim to a QR code scam. His wife had listed an inverter and battery for sale on OLX. The scammer, posing as a buyer, sent QR codes that initially appeared to confirm payment but ultimately resulted in ₹46,000 being stolen from the couple’s account.
These incidents highlight the increasing sophistication of online fraud. As scammers become more adept at exploiting digital payment systems, it is crucial to remain vigilant. While Siddarth’s case is currently under investigation and efforts are being made to freeze the scammer’s account, the story serves as a crucial reminder: always verify transactions and exercise caution when dealing with unfamiliar contacts online.
In both Siddarth’s and the vice president’s cases, the scammers used seemingly legitimate QR codes to trick their victims into giving away their money. This underscores the need for heightened awareness and due diligence when engaging in online transactions.
To protect yourself from similar scams, consider the following tips:
- Verify Contacts: Always verify the identity of the person you are dealing with, especially when conducting transactions online.
- Secure Payment Methods: Use secure payment methods and be wary of requests to share sensitive financial information or add beneficiaries to your account.
- Monitor Your Accounts: Regularly monitor your bank statements and transaction history for any suspicious activity.
- Report Suspicious Activity: If you suspect fraud, report it immediately to your bank and the relevant authorities.
By staying informed and cautious, you can better protect yourself from falling victim to online scams.
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