Common UPI scams you need to be aware of:
When it comes to UPI-based digital transactions, fraudulent acts and scams within India's Unified Payments Interface (UPI) system are called UPI fraud.
Fraudsters take advantage of weaknesses in the UPI ecosystem and use various strategies to trick people.
Fraudsters frequently deceive you into disclosing their UPI PIN or personal information to gain access to your bank accounts and conduct fraudulent transactions. Continue reading to learn common UPI enabled app scams and how to avoid them:
Vishing:
Vishing is the practice of hackers assuming the identity of bank employees and contacting them with inquiries. These people conjure up false information about you to obtain your password or PIN.
False QR codes for UPI:
Scammers or fraudsters will create a fake UPI QR code that leads consumers to harmful or phishing websites to obtain their private data or UPI enabled app credentials.
Impersonation
Fraudsters pose as reputable people or businesses, including bank employees or customer support agents, to deceive consumers into disclosing their OTP or UPI PIN.
Screenshots of fake payments:
To trick consumers into thinking they have received money, fraudsters fake screenshots of UPI payment confirmations and email them to them.
Phishing:
One of the most typical fraudulent UPI transaction methods is phishing. To obtain private information, scammers send phony emails. When you enter your credentials (password or PIN) on the fake website, your information is immediately transferred to the hacker for misuse. As a result, you become more vulnerable to UPI fraud.
Fraudulent Sellers:
It is common for internet markets to have dishonest vendors. These fraudsters trick unsuspecting customers by selling fake goods or processing an order but failing to deliver the merchandise. As a result, the e-commerce website needs to improve its credibility and suffer financial losses.
Fraud Using Apps for Screen Monitoring:
Someone with bad intentions might use screen monitoring tools to jeopardize your security and privacy.
These apps secretly monitor your screen actions, enabling fraudsters to obtain sensitive data, such as OTPs, UPI PINs, and other personal information. Their fraudulent acts are made possible by their access to your banking information.
Malware
Malware using UPI is among the most prevalent types. A fake email attachment or an unsafe website may unintentionally lead users to download malicious software. The purpose of malicious software is to extract and copy data from the infected device.
Cloning of SIM:
SIM cloning is the latest development that has gained popularity since banks implemented the OTP requirement.
If a fraudster manages to clone your SIM card, they might change your UPI PIN and obtain the OTP on their device. The fraudster obtains your bank account information and identification to reset your PIN. You will fall victim to UPI fraud in less than a minute.
Ideas to Prevent UPI Frauds:
You can follow the tips provided below to prevent harmful hacking into your UPI account:
Go over the RBI's UPI guidelines very carefully.
As a bank employee, keep your bank account information private.
Report any unapproved debt as soon as you become aware of it.
Aim to obtain customer service numbers only from official websites.
Use extreme caution when requesting payments.
Stay away from unapproved online retailers.
Final words:
So, beware of these fraudulent activities and be cautious at all costs. If you follow the above tips, you are on the safer side and can safely send and receive money using UPI. Learn both the benefits and consequences of choosing the best UPI earning app.