UPI Fraud Alert: India’s digitalization has made life more easier, but there have also been a lot of instances where it has been abused. Together with the rise in online fraud, the popularity of the internet has also increased. Along with the rise in UPI usage has come an increase in the risk of UPI fraud.
Introduction to UPI Fraud
Any form of fraudulent activity that occurs in the context of digital transactions based on the Unified Payments Interface, or UPI, is referred to as UPI fraud. With the help of a mobile device and the well-known UPI payment technology, customers can send money immediately between bank accounts. UPI has sped up and eased transactions, but it has also increased consumers’ susceptibility to fraud and con artists.
Tips to prevent UPI fraud
- Exercise caution while communicating with con artists.
- Exercise greater caution when granting or accepting requests.
- Observe SPAM notifications on your UPI app
- Observe security precautions to prevent UPI fraud
- Monitor all of your bank messages
Types of UPI fraud
Phishing: Phishing is the practice of con artists sending phoney UPI links or requesting private information via text, email, or phone calls, including passwords, OTPs, and UPI PINs. After obtaining this data, they utilise it to send money or make purchases without the user’s permission.
Malware: This malware has the ability to steal payment details, UPI login passwords, and other private information from users.
SIM Cloning: The technique of creating a replica SIM card with a victim’s cellphone number is known as SIM cloning. After that, they can access the victim’s UPI account and make money transfers without the victim’s awareness by using this SIM card.
Vishing: This kind of UPI scam involves con artists using voice calls to fool victims into disclosing private information including passwords, OTPs, and UPI PINs. To win the trust of the user, they can pretend to be bank employees or agents of UPI payment companies.