types of UPI scams, their methods, and precautions to take to protect your funds.
Scams involving digital transaction methods are on the rise as Unified Payments Interface (UPI) is becoming the preferred payment option for Indians. Scammers are become more and more adept at preying on less tech-savvy people, defrauding them of thousands, even lakhs, of their hard-earned cash. Additionally, the NPCI is launching a campaign to alert people about these types of scams. These are the main UPI scams, along with information on how to avoid them and how they operate:
What is the UPI fraud?
Scammers utilise a variety of strategies to deceive individuals into paying money, including urgency, phoney investment programmes, harmful websites, and codes. Fraudulent acts known as UPI scams occur when consumers are tricked into disclosing private information or sending money to unapproved accounts.
Scam of fake bills
Fake bill frauds are among the most prevalent categories of UPI scams. Typically, scammers get in touch with UPI users to alert them to outstanding invoices. People with no knowledge become victims and download a fraudulent app in order to transact.
Scam investment schemes
Scammers also contact consumers with fictitious investment programmes, telling them how to invest a specific amount of money that will quickly quadruple in value. Users of UPI typically fall prey to these frauds and send money through unapproved links, ultimately losing their hard-earned cash.
URLs that are harmful that collect personal data
Additionally, scammers impersonate reputable UPI apps or service providers by creating phoney websites or sending emails or texts. On these phoney sites, they trick users into clicking on dangerous links or inputting their passwords, UPI PINs, or OTPs (one-time passwords).
False customer service offerings
In addition, con artists have the ability to send money requests to users' UPI accounts while posing as friends, relatives, or customer care agents from banks or government organisations and claiming to be offering technical assistance. They persuade people to download specific apps so they may remotely manage their device and start fraudulent transactions.
The UPI campaign "Gyaan Se, Dhyaan Se"
In order to raise awareness about these kinds of frauds, the National Payments Corporation of India (NPCI) is publishing advertising as part of the "Gyaan Se, Dhyaan Se" campaign. The advertisements show you how scammers could persuade you to send money.
How to avoid falling victim to UPI scams
Making proactive digital payments is the greatest method for individuals to stay safe. Never give your password, OTP, or UPI PIN to anyone. Also, avoid clicking any links or entering your login information on websites. Never give in to someone you don't know who asks for money.