Beware of this new scam before you sell things on Olx, Quikr

Yes, you read it right! It's weird to believe that people are losing money while selling their stuff on classified advertising platforms like Olx, Quikr. But this is happening, and well-educated citizens are falling prey for the new "Olx/Quikr scam". The lack of understanding of new app-based payment services and UPI among the ordinary people are helping fraudster to cheat.

Know about this new scam before you sell something on Olx or Quikr

1. You may get a call from a prospective buyer after you post your ad on Olx or Quikr

You will instantly get a call from an interested buyer on the mobile number you just advertised.

2. The buyer will not bargain and accept the amount you quote

When someone buys through Olx or Quikr, bargaining is a common practice. Anyhow here the buyer will not bargain at all and will agree to your quoted price.

3. Sometimes you get calls from different buyers who are ready to pay the double or triple amount

Sometimes you might get calls in short intervals from many "prospective buyers" who quote double or triple of the quoted price. If someone isn't bargaining or is ready to pay a high amount, then you need to get alert.

4. The scam starts here. The buyer sends the money via UPI to book the product

The cheating happens on UPI. The buyer, when finalising the deal, will say that he/she will send the full amount or some advance money through Google Pay, PhonePe or other UPI apps.

5. Instead of sending money to you, the buyer will request payment from you on UPI

The fraudster will make use of the "Request Money" option on UPI apps to ask for money from you instead of transferring money. Remember, this is where people lose their money. Without reading the SMS correctly from UPI apps, they click, and money gets transferred from your account

6. The buyer might even get an OTP generated for approving the payment from your account instead of his

To secure merchant payments, Paytm and other UPI apps send you an OTP to approve the payment to a shopkeeper. In this case, the fraud caller might use a merchant account and get an OTP generated for a debit from your account and will ask for it. Never share OTPs with anyone on the call.

7. Meet the buyer in person before a deal is struck and stay safe

To stay safe while selling things on Olx, Quikr, always ask the buyer to meet in person. They have to meet you anyhow too but the item. As far as possible, avoid giving them your home address if it is not a must.