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Journalism of Courage
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:
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.
Did you get a message saying your account has been credited with a large sum, followed by a call from someone claiming they transferred the money by mistake? The person may request a portion of the money back, citing emergencies like hospital bills or school fees. Before acting out of goodwill, confirm that the money has actually been credited to your bank account. Often, scammers use fake SMS messages to convince you of a deposit and pressure you to return the “mistaken” funds.
Fraudulent apps like FraudPay or spoof Paytm apps have been circulating, and some of these fake UPI apps are so efficient that they can even scan an actual QR code and display a “payment successful” message. However, the transaction will be fake. Always verify that money has been credited to your bank account before trusting a payment notification. Never rely solely on a screen message from the sender.
Besides these most popular scams, be vigilant with every UPI payment, always double-check the amount of money you are sending, and always make sure that you are sending it to the right person. While there are ways to raise a complaint about an unauthorized transaction, it is always better safe than sorry.
