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All you need to know about UPI Fraud
- 12 Jun, 2024
- 2 Mins Read
Most wide-spread UPI Frauds:
- Fake UPI money request: One of the common methods used by scammers is by sending money to the victim's UPI account and then making a phone call pretending that the transfer was a mistake. In such cases, the scammers call the victim in urgency and ask them to return their money. They further provide a UPI link (fake or malicious link) to the victim to initiate the refund process. And as soon as the victim clicks on the link, they unknowingly grant the scammer remote access to their phone or digital wallet and bank account, allowing the fraudster to hack and steal their money
- Fake QR codes: The scammers tell targeted people that they will send them their money using a QR code. But when the victim scans the QR code, they are prompted to enter their UPI PIN. And as soon as they enter the PIN, the money gets deducted from the victim's account instead of the scammers
- Fake Identity: Investigations reveal that scammer generally follow a pattern to execute hacking. Scammer call their targets by disguising themselves as bank employees to make the whole process more reliable to the users. They ask for basic information such as birthday, name, address etc. They ask to share any bank or UPI app-related issues. As you mistakenly trust them and share your issues, they will ask to share your data. They will also ask you to download any app that will scan every data from your phone. Scammers will send a 9-digit code to users. Upon providing the 9-digit code, scammers will get full access to users’ UPI application and bank account.
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How can you protect yourself?
To avoid harmful intrusion into your UPI account, you can follow the below-mentioned tips -
- Enter UPI PIN ONLY on the app’s UPI PIN page. Do NOT share UPI PIN with anyone.
- Enter UPI PIN ONLY to pay money from your account. UPI PIN is NOT required for receiving money.
- Check the receiver's name on verifying the UPI ID. Do NOT pay without verification.
- Do not share any of your bank details with anyone, even if they say they are as a bank employee. Remember Suryoday Small Finance Bank will never ask for your sensitive banking details
- Report any unauthorised debit as soon as you notice it.
- Try to get customer service numbers from official sites only.
- Do not download any screen sharing or SMS forwarding apps when asked upon by any unknown person and without understanding its utility.
- Be sceptical of unexpected money transfers. Be very careful with payment requests.
- Do not click on spam links. Avoid unauthorised shopping sites.
- Scan QR Code only for making payment and not for receiving money.
We hope this guide on UPI frauds helps to potentially identify and avoid the issues of getting scammed. We wish you a safe banking experience with Suryoday Small Finance Bank
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