Fraud on QR payments, NRB urges vendors and service providers to be vigilant

Kathmandu. With the rapid increase in the use of electronic payments, there has been an increase in the cases of fraud through QR codes in recent times. In view of this situation, Nepal Rastra Bank has urged service and goods providers to take special precautions while accepting QR payments.

According to the Financial Inclusion and Customer Protection Division of Nepal Rastra Bank, there is a high risk of a seller falling prey to fraud if he relies only on the screenshot of the payment shown by the customer. The central bank has urged people to be aware that the screenshot could be a receipt or fake of the old payment.

Nepal Rastra Bank (NRB) has said that while accepting QR payments, it is mandatory to confirm whether the money has actually been deposited in the account through mobile banking app, SMS or notification from the bank. It has also pointed out the risk of huge financial loss if the transaction is done without confirming the receipt of payment. The central bank has urged all the vendors and service providers to adopt high alertness and follow a secure payment process while making QR payments.