
What Are the Common UPI Frauds You Should Be Aware Of?
Posted on Thursday, January 23rd, 2025 | By IndusInd Bank
To say that Unified Payments Interface (UPI) has become an integral part of our lives won’t be an understatement. Thanks to UPI, one can conduct transactions, large and small, within a few seconds and without cash.
However, with UPI’s increasing popularity, UPI frauds are also on the rise. If one is not careful of these frauds, there are chances of large financial losses. Understanding common types of UPI frauds is crucial to safeguarding your hard-earned money.
UPI Frauds You Need to be Aware of
While UPI itself is secure, fraudsters often rely on many tricks to deceive users. Here are some UPI frauds you should be aware of:
1. Phishing Scams
In these types of UPI frauds, scammers trick users into revealing their UPI PIN or OTP. You may receive fake emails, SMS, or even phone calls from someone pretending to be a bank representative and asking for sensitive information.
Keep in mind that valid customer support will never ask for your PIN or OTP. Always use official channels to contact your bank.
2. Fake UPI Apps
Fraudsters create counterfeit UPI apps that appear very similar to the real ones. This can make it hard for users to distinguish between them. When users download and use these apps, they may end up compromising their personal and financial information.
3. QR Code Scams
In this type of UPI fraud, scammers ask users to scan a QR code to receive money. However, the QR code leads to a different payment request. This leads to money being deducted from the user’s account.
Hence, one must always be cautious and verify the source before scanning any QR code to avoid such UPI payment fraud.
4. Request Money Scams
Here, fraudsters send a ‘Request Money’ link to users, but it is disguised as a payment link. When users click on the link and enter their UPI PIN, they unknowingly authorise a payment to the fraudster’s account. Always double-check payment requests and never enter your UPI PIN for unknown or suspicious requests.
5. Social Engineering
In these scams, you may receive phone calls, messages, or social media content with people claiming to offer rewards, job opportunities, or other benefits. By doing so, they lure you into sharing your UPI details.
While it is safe to share your UPI ID, never share your UPI PIN, OTP, or any other sensitive information. Fraudsters cannot access your account with just your UPI ID. However, they can use your PIN or OTP to authorise transactions.
What to Do in Case of UPI Fraud?
If you fall victim to UPI payment frauds, immediate action is crucial:
1. Report Immediately
If you suspect any unauthorised transaction or UPI fraud, report it to your bank immediately. Use the bank’s official helpline number or visit the nearest branch.
2. File a Complaint
Register a UPI fraud complaint with the local cybercrime cell. Document all relevant details such as the UPI transaction ID, date, time, and nature of the fraud.
3. Block Your UPI ID
Consider blocking your UPI ID to prevent further unauthorised transactions. Contact your bank to assist with this process.
4. Monitor Your Account
Keep a close watch on your bank account and transaction history. Look for any unauthorised transactions and report them immediately.
Also Read: Understanding All About UPI Transaction Charges
Conclusion
Being aware of the various types of UPI frauds can help to protect your finances and ensure safe transactions. Always remain vigilant, never share sensitive information, and report any suspicious activities immediately.
IndusInd Bank understands the importance of financial security. We have 24/7 customer support you can reach out to in case of any unauthorised transactions.
What’s more, our online and mobile banking systems are available as well. So, whether you are planning on opening a zero balance account online or reporting an issue, we are just a few taps away.
Open a Savings Account with IndusInd Bank to enjoy secure UPI transactions today!
Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.