Protect Yourself from UPI Fraud: Tips and Strategies
Today, the world is at our fingertips. While this has taken convenience to a whole new level, it has also brought along with it, some security concerns. Read on to know about UPI fraud and how you can avoid falling prey to it!.
The Unified Payment Interface (UPI), developed by the National Payments Corporation of India (NPCI), offers the convenience of real-time payments between banks. It is an instant real-time payment system. The need for carrying physical currency is reduced as UPI payments can be done through your mobile phone. This means that like any other facility available online, it is open to cyber fraud such as UPI fraud.
December 12, 2022
- The first step to avoid UPI frauds is to always be cautious and NEVER share your UPI PIN (it is a password known to you to authorise transactions) with anyone.
- The next step is being aware of how UPI frauds take place
Common practices adopted by fraudsters to commit UPI frauds are detailed below:
1.UPI fraud by getting OTPs, PINs
OTPs and PINs are a layer of security for digital payments. Sharing such information may put you at risk. For example, a caller calls with what seems like a warning, but is actually false, telling the user that if their KYC is not updated, it would lead to them losing access to their UPI app. This creates fear and the user shares the PIN. Or a call where the caller claims that the user has won a lottery and lures him/her to share their PIN to claim the prize. These are classic examples of UPI fraud.
2.UPI fraud via the "Request Money" option
In this kind of fraud, the fraudster appears to be a buyer interested in the seller's products. They ask the seller to use the "Request Money" option, input PIN and instead of the money being received, it is debited from the seller's account and transferred to the fraudster's account. The thumb rule is you don't need to input a PIN to receive money.
3.UPI fraud of posing as a genuine seller
Since UPI payments are used by buyers to make payments for various purchases made, this facility can be used by fraudsters to create fake seller profiles, receive orders and payments and never deliver the products.
4.Hacking UPI fraud
In this kind of fraud, an unsanctioned payment link is sent to the victim. This link replicates the original URL of the seller and hence generates no suspicion. On clicking the link, the victim is directed towards UPI where the payment is made and money is lost.
5.UPI Fraud using screen mirroring apps
Here the fraudster reaches the victim on the pretext of offering to help with a bank issue or responding to a complaint and asks the victim to download apps like Any Desk or Team Viewer to get full access to the phone to carry out fraudulent transactions.
6.UPI Fraud through misleading social handles
The fraudsters use the grievance redressal social media handles and fraudulently create identical ones. It's easy to fall prey to such methods as the victims would have genuinely posted queries but the handles are deceptive.
The Do's and don'ts of using UPI
- Never share UPI PIN with anyone
- Change the PIN every month or at least quarterly
- Do not give access to your phone to strangers
- Do not pick customer support numbers from Social Media or Google. Rely on the UPI provider's official page only
- Do not 'Pay' to receive money
- Do not click on links or download attachments from unsolicited emails or messages
BHIM Axis Pay UPI offers great benefits. So, carry on transacting â€“ happily and safely!