To prevent UPI fraud in India, follow this checklist of dos and don’ts –
Scan UPI IDs carefully
Fraudsters frequently manufacture UPI IDs that look like legitimate addresses and distribute them through a variety of methods. These IDs are usually comparable to those used in relief fundraising efforts, but they can also be used to target other groups. To avoid UPI ID frauds in India like this one, look up the actual location on the internet.
Beware of payment requests when selling
Payment requests with the prompts “Pay” and “Decline” may be received by businesspeople or online sellers on a UPI-enabled app from alleged consumers. When a fake consumer requests a vendor to click on the “Pay” option to collect a payment, this is one of the most common UPI scams.
Do not give out your UPI PIN or OTP to anyone
Scammers make use of the payment request feature in UPI-enabled apps to obtain the PIN or OTP required to complete a transaction. They make a payment request and then phone the person to request the OTP or PIN, which they claim is necessary to complete the transaction. To authorize a payment, however, the user must enter an OTP or PIN, not the other way around.
Don’t click on unsecured links or install questionable apps
UPI frauds can also be perpetrated by creating bogus websites or apps. Scammers send such links to victims by SMS, and when they click on them, they are redirected to a UPI-enabled app with a payment demand.
When opening links, make sure the lock symbol is visible. Check whether apps have been confirmed by the Google Play Store or Apple App Store in the case of apps.
The most advantageous method of paying is through the internet. These have become a part of our everyday lives. But, before engaging in online transactions, consumers should bear the following UPI fraud protection tips in mind. Aside from knowing what UPI is, having a good understanding of it can help people conduct transactions safely. However, they may find a novel way to persuade you to share your personal information with them. As a result, one should always take considerable precautions when making online payments. Also, please contact your card issuing bank or the closest Cybercrime Center to report the incident.
1. What is UPI ID?
Ans: Your UPI ID (usually yourname@bankname) is an address that identifies you on UPI.
2. Can antivirus software assist avoid UPI Frauds in India?
Ans: Yes, you may protect yourself from UPI frauds in India by installing antivirus software on your laptop and desktop computers.
3. Where to report UPI Frauds complaints?
Ans: You can report UPI frauds complaint to your card issuing bank or to the closest Cybercrime Center.
4. What are the various methods for preventing UPI Frauds in India?
Ans: If a suspected UPI fraud is discovered, the e-wallet should be blocked immediately by contacting the bank. It will ensure that there are no future losses. Simultaneously, the fraud should be reported to the police or a cybercrime unit.
5. What to do when my UPI transaction was unsuccessful, yet my bank account was debited?
Ans: In the event of a failure, your money will be refunded to your account. This can take longer than anticipated. If you have not received your refund within one hour, please contact your bank’s customer service.