With the India’s economy rushing towards a cashless economy, UPI transaction’s is the need of the hour. It’s important to stay vigilant of the loopholes in such systems.
UPI transaction’s hitting all time high in February 2020, indicates the future use of UPI transaction’s in INDIAN economy and how it must be airtight.
All you need is a 4-digit pin and your transaction will be done in seconds.
It is important to know the types of upi frauds to be vigilant.
Fraudsters send e-mails to user asking for sensitive information like upi id/account number etc. and once the user enters this information on the fraudulent website under the impression that this information will be sent to the bank, this sensitive information will be sent to the fraudster.
Bank never asks for sensitive information like account number id on phone calls/emails.
Malware is the most common form cyber fraud and can be mistakenly downloaded from spam mails/attachments or an unsecured website.
Malware is designed to copy data from the infected device and is sent to the fraudster.
- SIM CLONING
SIM cloning is new addition in the list of upi frauds and has taken over after implementation of OTP Mandatory rule of bank. If a fraudster clones your sim, he can receive the otp and can even change the upi pin.
Vishing is mostly fraudsters posing as bank representatives and requesting information related to your bank account and access to your upi id.
A GUIDE TO STAY VIGILANT!
In the era of internet, it is important to keep your information safe and protected. Fraudsters are inevitable but they can be avoided of course.
- DO NOT ENGAGE WITH FRAUDSTERS
The best way to stay ashore from fraudsters is to stay away from engaging with them. No bank/bank employees ever ask for account/upi related information on call/email. If someone asks such information, that’s your 1st red flag.
To check whether the caller is authentic, use apps such as true caller which have global database of flagged numbers.
- Take extra precaution while using upi apps.
Fraudsters take advantage of the request money feature on upi apps like google pay, phonepe, BHIM etc. Fraudsters pose as buyer advertised on various online platforms and engage with the seller
on call. They dupe the seller by requesting money via the request money option.
- Do not download malicious apps
Fraudsters have developed apps which look similar to the banks official platforms and gain users information and is used by the fraudster to withdraw money from the users account.
- Follow security practices.
Make sure you do not reveal your upi pin to anybody and secure all the upi apps with facial/finger recognition. Never open mails without checking their authenticity. Avoid using open wi-fi networks. Keep track of all messages sent by the bank.