There has been a sizable surge in usage of digital modes of payment during the recent years. This has not only led to improved customer convenience, but also contributed to achievement of national objective of financial inclusion to a great extent. As the ease of doing financial transactions improved, the number of frauds in retail financial transactions have gone up. Fraudsters have been using innovative methods to defraud the hard-earned money of common and gullible people, especially new entrants who are not entirely familiar with the techno-financial eco-system.