How to identify UPI scams and stay away from them
UPI makes it easy to send and receive money, even for scammers.
The index is published on a semi-annual basis from March 2021 onwards with a lag of four months. Unified Payments Interface (UPI) has revolutionised digital transactions in India. With UPI, sending or receiving money is as easy as texting a friend, simplifying daily transactions for everyone — including scammers.
Since UPI transactions are instant and seamless, cybercriminals exploit it to their advantage, making it easier to steal money from online bank accounts without needing banking credentials.
Based on several social media posts, we have identified some of the most common modus operandi that are used to steal money via UPI. Here’s a closer look at these scams and tips on how to protect your hard-earned money:
You don’t have to enter a UPI pin to receive your prize money
Have you received a call claiming you’ve won several thousand rupees in a lucky draw, and the money will be transferred via apps like PhonePe or Paytm (powered by UPI)? The caller may ask for your UPI PIN to “authenticate” the transaction. Don’t fall for it. You never need to enter your UPI PIN to receive money. A UPI PIN is only required when sending money, not for receiving it. If you provide it, you risk losing your money instead of receiving any prize.
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