UPI (Unified Payments Interface) scams are on the rise, with fraudulent activities targeting unsuspecting users who make digital transactions. The Ministry of Finance recorded over 95,000 fraud cases related to UPI in 2022-23, a significant increase from previous years. This highlights the growing risk associated with digital payments, despite UPI’s ease and convenience.
How UPI Scams Work
Scammers often use tactics like sending a small amount of money to the target and then contacting them to claim it was a mistake. Victims are then pressured to send back a larger amount, unknowingly completing the scam by entering their UPI PIN
Phishing, voice phishing (vishing), and other social engineering methods are also common in these schemes
Steps to Protect Yourself from UPI Frauds
- Verify UPI IDs: Always double-check the UPI ID before making payments. Avoid typing the ID manually; instead, use QR codes to minimize errors.
- Be Cautious with Public Wi-Fi: Never use UPI apps on unsecured public Wi-Fi networks, as they can expose you to cyberattacks.
- Enhance Phone Security: Use strong, unique passwords for your UPI and other banking apps. Enable multi-factor authentication (MFA) for an extra layer of security.
- Report Fraud Immediately: If you fall victim to a scam, contact your UPI provider and file a complaint with the National Payments Corporation of India (NPCI) or the Cybercrime portal.
By staying vigilant and adopting these precautionary measures, you can protect yourself from becoming a victim of UPI scams. For more details, always stay updated with the latest online fraud prevention strategies.