Mobile wallet apps like PayTM, Google Pay, PhonePe, BHIM, etc offer instant money transfer services via UPI. Fraudsters try to dupe innocent users by exploiting the features of a UPI transfer. A user simply has to enter a 4-digit UPI pin to transfer money. If this PIN falls in the hands of the wrong person, one may end up losing thousands within a matter of minutes.
You can save your money by being aware.
Here Example Scenario How fraudster do scam
A person (fraudster) messaged Riya on OLX, inquiring about the product that she have listed on olx and negotiated on the price. After nominal bargaining, she decided to sell the listed product to this person for Rs 30,000. Later, the person asked if half the amount as deposit is acceptable to freeze this deal and whether he could transfer this amount using any of the UPI apps.
She immediately agreed to close the deal and asked for a deposit of Rs 15,000 using PhonePe (UPI App). After a few minutes, He called her and engaged her in other conversation about how the product could be transported, location, etc.
In the middle of this discussion, the person said that he had sent a request on the UPI app for the advance amount of Rs 15,000 as discussed and calmly asked me to accept it.
Riya kept the call on hold and checked the message on the UPI app requesting to receive the amount. She was shocked to see a pop-up message on UPI app from the person and understood that the request was to transfer the amount from her account to his account.
Beware of engaging with fraudsters
Some common tactics fraudsters use to commit UPI scams in India.
Table of Contents
Request money UPI fraud
The ‘request money’ option in UPI is the most exploited feature by the fraudsters. Through this, you can submit a request to receive money. Fraudsters use this tactic by sending a request to the victim to send money. The transaction is authorized as soon as the victim enters the PIN.
The receiver will accept your request after entering the UPI PIN.
Be alert to transfer requests on UPI
Fraudsters can call you as a representatives of companies like Amazon, Snapdeal, Flipkart, Myntra etc. They congratulate the victim and offer cashback to UPI users. The victim is asked to enter a ‘code’ to accept the cashback. The ‘code’ is indeed the UPI PIN and the victim ends up losing the money which they thought they were going to receive.
Maybe Fraudsters also say that you have won money in a some contest or that you can buy anything for free within the next few minutes. People usually fall for such scams. This is also known as phishing.
Fake customer care number or email id
With social media becoming the latest platform to file complaints, fraudsters make fake social media handles and circulate fake customer care numbers. They even set up fake websites advertising false customer care details. Again, they will offer a ‘refund’ by asking the victim to accept the ‘request money’ notification on the UPI app. Instead of giving a refund, the fraudster withdraws the same amount from the UPI account of the victim. As a safety measure, you should only trust those helpline numbers which are posted on the official website of a company.
The best way to stay safe from UPI fraud is to be aware and never share sensitive information with anyone, no matter what!
If you have any question, feel free to ask. You can use other contact mode to contact me. You can find it in on my Bio. Thanks for the Reading, Stay alert and Stay away from these type of fraudsters. Don’t forget to share with others. So they will also aware about this type of scams.