In India, online payment frauds are rising because people are making payments with UPI apps and E-Wallets. National Payments Corporation of India data says that in February 2022, UPI transactions exceeded 4.53 billion. Several people are making transactions through UPI apps and e-wallets in India. People who are in rural areas are mostly falling into an e-upi scam.
Scammers are masters in social engineering tactics and tricking people by sending UPI payment requests. Most banks and UPI apps development companies warn the users from time to time and run campaigns to educate users about current scam tactics.
Did you know? 80,000 + UPI frauds were reported in a month in India.
What is a e-UPI App Fraud
The Covid-19 pandemic has turned the way of doing business. People shift to digital away from traditional. These days primarily, transactions are done online. UPI app is the best and easiest way of making digital payments. E-UPI apps get linked with banks to complete transactions in seconds. e-upi scams are frauds related to these UPI apps. For security and safety purposes, these apps are fully encrypted. If you are sharing sensitive data with an unknown person, it is your fault.
How To Prevent Online Payment Scam in India?
The best way to avoid online payment fraud in India is to read the news daily regarding tending payment scam news. UPI apps payment scam is becoming so complex to detect. On a quick look, payment request looks genuine, and hackers convince user so that they can fall into their tactics. There are some common ways for fraudsters to steal sensitive data of users, along with safety tips on how to prevent online payment frauds; let’s discuss:
Phishing Scam: Fraudsters build duplicate websites which look official. Then fraudsters send payment links from these through text messages, and people fall into their tactics once they hit the link. The link redirects them to UPI app to make payments and deduct the money when users approve the transaction.
Sharing UPI PIN & OTP: Scammers call users and want to know UPI OTP sent on their mobile to support. In many cases, fraudsters talk like bank officials and request to review payments history. They might ask you to tell them the current UPI PIN throughout the procedure. Always remember scammers are very smart; they can convince you to give them sensitive data details. Remember that Bank and UPI apps official never asks for sensitive data on a phone call. Always avoid this kind of call to stop payment fraud in India.
QR Code Scanning: Hackers send a QR Code to users and ask them to scan throughout checkout. Once a customer uses the upi payment app to scan, it starts the transaction process. Keep in mind; Merchant cannot create or send QR Codes to receive payment because the UPI app does not allow the creation of payment QR Codes for the merchant. Do not click such types of requested payment links.
Misleading UPI Names: To convince users, many hackers use the same word “UPI” and “BHIM” at the end of their handles like @disputesNCPI or paymentsBHIM_service, so that users fall into their tactics and share their sensitive data with them.
Social Media UPI Frauds: There is a new scam operable on social media UPI fraud. Scammers ask users to install the screen-sharing app on phones like TeamViewer. So that they can verify your debit card infront of the webcam, and also after, they might ask you to share UPI OTP to complete verification which comes on your phone. Once you share information with them, money gets deducted from the user’s account.
SMS Fraud: Sometimes, you may receive an SMS regarding updating login credentials or updating the app along with the unknown link. If you click on that link, you will redirect to a website where your phone gets infected with a virus or malware. Then, you can get all your financial information and withdraw money from your account. Never open these types of a text links. Keep your app updated and visit the official website to know about trending scams.
1. How can I download genuine UPI Apps?
Ans: Always use Google Play Store or iOS Store to download trust UPI apps. Never download any app from unknown websites or forums; keep in mind.
2. How many UPI payment frauds were reported in a month?
Ans: Over 80,000 online payment scams happen in India every month.
3. What are the Toll-Free helpline number of payment apps in India?
Ans: Helpline numbers of payments apps are below:
- BHIM toll-free helpline number is 18001201740
- Paytm helpline number is 0120-4456-456
- PhonePe customer support team is 080-68727374
- Google Pay customer care support is 1-800-419-0157
- BharatPe customer service number is 088825 55444