![]() The scammer put a photo of a police officer in their WeChat profile, which lulled victims into believing the money was being sent to the authorities. Nikkei Asia also reported in 2019 on a sophisticated scam on WeChat Pay, where scammers collected “traffic fines” from unsuspecting motorists via WeChat Pay QR codes placed on their cars. In 2019, the South China Morning Post reported that 680 Chinese nationals were arrested in Malaysia over a sophisticated online scam operation targeting WeChat Pay users. ![]() Numerous instances have been reported of scammers attempting to use these systems to defraud consumers of their funds. The key difference between regular e-wallets and the WhatsApp innovation, however, is that payments over the latter take place over a chat platform although this is not new.Ĭhina's WeChat has integrated a payment function into its app since 2013, while Japanese messaging application Line has done so since 2014. WhatsApp will also require the legal name and identity of the user to verify their eligibility to use payments on WhatsApp. "This webpage is hosted by a payment partner, who collects the necessary information to process the payment," the spokesperson said. This would probably mean that users would have to provide bank account details and proof of identification to demonstrate that they are legitimate before being able to use the payment service.Ī WhatsApp spokesperson said that when making a purchase, buyers are directed to a webpage to enter their payment card details. The experts said that users of the WhatsApp payment method will likely have to sign up with Stripe first. ![]() With e-wallets, users enter their banking details into an e-wallet application or website, and then use their mobile phone to make payments. However, experts said that the new payment mode, being under Stripe, will likely operate in a similar manner to e-wallets that are already available. The full details of how the WhatsApp payment method works are not yet widely available as it has been rolled out only on a limited basis. Mr Ian Lim, field chief security officer of Japan and Asia-Pacific at cybersecurity firm Palo Alto Networks, said: "The key thing is convenience, in not having to download a whole other app, and being able to converse with people and being able to execute a payment on the back of that conversation." WHATSAPP PAYMENT MODE NOT A NEW CONCEPT The experts agreed that ultimately, should the right safeguards be put in place, the service could prove to be a much more convenient way for users to transact their money. For one, the payment provider Stripe has the "most stringent level of certification available in the payments industry". In response to TODAY's queries regarding these concerns, WhatsApp said on Thursday that there are several safeguards in place to protect users from scams. The experts said that while it is good that WhatsApp is "soft launching" the service by limiting its application to businesses for now, this could also lull users into a false sense of security, as scammers could impersonate businesses, not just individuals. This will enable residents here with a WhatsApp phone number registered here to pay these participating businesses using credit cards, debit cards or PayNow. ![]() The service was rolled out to a "small number" of Singapore-based businesses on Tuesday and will be available to more in the coming months, the firm added. WhatsApp said on Tuesday that the new feature will be supported by WhatsApp's payments service provider partner, Stripe, and for a start will be for payments only between businesses and customers. Other messaging platforms such China-based WeChat and Japan's Line have integrated payment options into the platforms for about a decade and have reportedly been subject to various scams. However, the fact that the payments are being made in tandem with the chat function means that scammers or impersonators have a seamless means to trick victims into sending their money into the wrong hands, the experts added. The experts said that the WhatsApp payment mode will likely have the same security features as any other electronic payment service. SINGAPORE - A new payment mode unveiled by messaging platform WhatsApp on Tuesday (May 9) could carry a slightly higher risk of exposing users to scams compared to conventional e-wallets, tech experts said.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |