Scammers employ new QR code scam to dupe unsuspecting users

• The scam basically works just like a user entering his login credentials on a phishing page disguised as a banking site.
• The QR code scam involves scammers coning victims into scanning the QR code using different social engineering techniques.

Scammers are tricking users and stealing funds from their bank accounts in a newly uncovered QR code scam.

How does it work?

The scam basically works just like a user entering his login credentials on a phishing page disguised as a banking site. The QR code scam involves scammers coning victims into scanning the QR code using different social engineering techniques. This enables the scammers to get access to victims’ login credentials.

Other QR code-related scams

Besides stealing funds from users’ banking accounts, there have been reports where the QR codes are used to download malware onto the victims’ devices. In some instances, the cybercriminals can also replace the public and unguarded QR codes with their own to steal the payment made by the user.

For example, in China, scammers leveraged the QR code of a popular bike-sharing app and stole payments from users. The tricksters replaced the original QR code with their code on a large number of bikes.

How to stay safe?

Users should follow a few basic tips to stay safe from QR code scams. They are:

• If you are using QR code to make a payment, pay close attention to the details shown before you confirm the payment;
• In case, there has been a fraudulent transaction, report immediately to the bank. It is also recommended to change the login credential of your bank account to prevent further loss of money.