Digital payment frauds-an evaluative study of awareness and digital literacy

The present paper attempts to study the concept of digital payment frauds. With the increase in usage of digital payment services, the occurrence of digital payment frauds have also grown up in the economy. The paper further investigates the awareness of customers towards these frauds & role of digital literacy in combating these. Due to plenty of merits, the digital payment services are being widely used now days even by the laymen in both rural & urban areas. The different digital payments modes have contributed in acceptance of digital payment services on large scale. The rise in digitalization has amplified the fraud practices. These consumer frauds have created an environment of insecurity & lack of trust in digital payment mechanism. The customer feels unprotected in digital surroundings due to such frauds. The present paper tried to study the digital payment frauds of various types and awareness level of customers. The importance of digital literacy is further highlighted in the study. Conclusion of the study indicates that precautionary safety measures are a key for minimizing the frauds.