14 February 2024 | By INDIE
UPI frauds have become increasingly common in India, especially with the rise of digital transactions. Fraudsters often employ tactics such as UPI ID fraud, where they create fake IDs to deceive you. They prey on fear, greed and emotion to trick people into giving away their personal and financial details.
It is essential to be aware of the types of scams that exist to protect yourself from UPI frauds. Changing your UPI PIN regularly and being cautious while making transactions can help you stay safe. let's learn how you carry out a safe UPI transaction.
UPI fraud happens when someone else uses your UPI credentials to make payments without your knowledge or consent. These frauds can occur due to various reasons, as discussed below.
Not paying attention to UPI IDs: People usually don't check the recipient details before making the payment. This can lead to various UPI frauds, such as phishing and vishing, where fraudsters can trick you into making payments to their accounts by posing as a trusted entity. It is important to carefully verify the recipient’s UPI ID, mobile number and name before initiating a transaction.
Revealing your UPI PIN to someone: It is vital to keep your UPI PIN confidential and not share it with anyone under any circumstances. This will ensure that your bank account remains secure from potential fraudulent activities.
Clicking on unauthorised URLs: It is important to be cautious while clicking on links that may seem unauthorised. Avoid responding to any unsolicited messages or emails that ask for your personal or financial information.
It is essential to ensure that the links you click on are from a trusted source. Clicking on unauthorised or suspicious links can lead to security breaches, malware infections, phishing scams, and other cyber threats.
Ways to establish authenticity: Hover over the link to see the URL or website name and check if it matches the expected destination. Alternatively, you can use a link scanner tool or antivirus software that can detect and block malicious links.
By taking these precautionary measures, you can protect yourself and your devices from potential harm and stay safe online.
UPI frauds can occur due to various reasons, such as phishing, SIM card cloning, identity theft, illegal payment apps, and more. Here's a list of the few most common sources of UPI payment fraud -
Mirroring apps: These are third-party applications that mimic the screen of another device. These apps can be used maliciously for UPI scams. Scammers can trick you into revealing your UPI PIN by mirroring the UPI app screen on their own devices.
Fake UPI handles: Fraudsters can create duplicate UPI handles, similar to official UPI IDs and use them to scam people. To avoid falling victim, double-check the handle, keep your UPI PIN confidential, be wary of attractive offers, and use a trusted UPI app, such as BHIM IndusPay.
Tip |
Description |
| Never share your UPI PIN |
Please ensure that you keep your financial information private and do not share it with anyone. |
| Verify beneficiary details | Before sending money, double-check the recipient’s name, UPI ID and bank details to avoid any errors or discrepancies in the transaction. |
| Use a strong UPI PI |
When creating passwords or security questions, it is advisable to avoid using easily guessable information. This includes birthdays, anniversaries, common names and simple patterns. |
| Beware of phishing links |
If a link appears suspicious or unfamiliar, it’s best to avoid clicking on it. Clicking on a malicious link could put your device and personal information at risk of being compromised by cybercriminals. |
| Report suspicious activity |
Contact your IndusInd Bank or UPI app provider immediately to report fraudulent UPI transactions. |
UPI frauds can cause a great deal of financial loss and inconvenience. It is essential to remain vigilant while making UPI payments to avoid UPI scams. Always remember to check the details of the recipient, keep your UPI PIN confidential, and avoid clicking on unauthorised links. By taking these precautions, you can prevent UPI payment fraud and ensure the safety of your finances.
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