5 Ways to Prevent UPI Fraud Amid the Covid-19 Crisis

After demonetisation, online payment became very popular in India due to its various benefits such as lucrative cashback, faster mode, fewer efforts, and many more, but with benefits comes the risk. During the pandemic, social distancing became the new norm, and people preferred online payment options as it was safe and the best mode of payment during the pandemic.

One needs to be very careful while making UPI payments. With the sudden increase in online payment, the fraud case is also rising. However, the scam can be avoided if you are careful while making a payment. Online payment also saves the cost of the companies as it reduces the paperwork. This article will discuss five ways to prevent UPI fraud amid the Covid- 19 crisis.

1. Phishing scams

Phishing scams are most common nowadays but don't worry. They can be avoided if you are slightly cautious. Fraudsters sometimes send fake payment links to you through SMS or email. To avoid any suspicion, they design the link that looks similar to the bank URL, so you need to know that. If you click on the link, it will direct you to the online payment app installed on your phone, and once you open any of the apps, the auto-debit feature will debit the money from your UPI app.

The best way to avoid the phishing scam is to make sure you do not click on SMS from an unknown number. Instead, make sure you note the official mail id and official website of your bank.

Your phone might also be infected with the virus, and that can steal crucial information from the phone if you click on a fake URL. When you need to talk to customer care in emergency cases, take the details from the bank's official website and not from google; otherwise, you may be scammed.

2. Remote screen-mirroring tool

Work from home has become popular during the pandemic and is quite a tedious task as it involves long working hours. For convenience, some people prefer to connect their phones and laptops to larger screens via remote mirror screening tools, which help connect the phone to smart TVs.

Don't use any unverified app to connect your phone to a smart Tv. A fraudster might gain access to your phone and might surely scam you. Fraudsters sometimes pose as bank officials and advise you to download an app for verification purposes and scam you.

3. Deceptive UPI handles

Fraudsters find innovative ways to fool people, and one of them is making use of social media. Yes, you heard it right. There may be fake pages on social media in names that resemble original ones, and people fall for that. They believe they are genuine ones. Fraudsters, by making such fake pages, trick people to download their fake payment apps. Posting your personal information on such pages can be dangerous. Through screenshots of your UPI handles, you can be scammed, so never post it anywhere.

4. Scams using your OTP, UPI PIN

Another way to scam people is by sending the "request money" link to people. People often end up clicking on the link, thinking that the money will be credited to their account. Instead, the same amount gets deducted from the account. Transactions are protected with OTP, and every time you make any payment, you receive OTP from your bank. The transaction will be successful only if you enter the right OTP within the time limit. Fraudsters have even found a way to trick people through OTP misuse. They will call you by posing as a bank official and try to convince you to share the OTP, and they even threaten that if you do not share the OTP, your bank account will be blocked. Once you give the OTP to them, they steal the money from your account.

Do not share any confidential information like OTP, UPI Pin with anyone. The Indian government also runs various advertisements on Tv to make people aware of such scams; remember, the bank will never ask you for any such details.

5. Receiving money does not require any PIN.

If you get a message or an email and request money, remember that they will not need your UPI Pin to send money to you. A UPI pin is needed for making payment, not for receiving it. So be mindful and click on the decline option. It is way better to avoid clicking on any such links to prevent mishaps.

Ways To Avoid UPI Frauds:

• Remember, any government agencies or financial institutions will not ask for any information through messages or calls. If you encounter any UPI fraud, make sure you block the e-wallet as soon as possible by calling the bank to prevent any further loss. Make sure you report the scam to a cybercrime cell or the police.
• Do not download any apps which are not verified by google store or apple store, and you might be scammed.
• UPI payment apps have a fantastic feature to prevent fraud; they alert users if they receive a request from an anonymous account. Do not ignore this warning because that can cost you lakhs during this uncertain time of the pandemic.
• To avoid fraud, keep your details updated with the app so that no one can corn you.
• Make sure you have antivirus on your laptops and computers.
• Keep an eye on your bank transaction details so that you get to know if any fraud mishap happens and prevent further damage by taking necessary action. Along with your health, take care of your money. OKCredit’s Bahi Khata book app will let you manage your expenses and help you stay alert on such scams.

Conclusion

In this time of crisis, it is online payments that help you the most. Since it is an irreplaceable thing now, each one of you should be careful of the different ways in which these fraudsters may trick you; every day, they might come up with a new way. Hence, in the current era, it is really important to be careful when making payments online, as your safety is in your hands.

FAQs

Q. What do I do in case of UPI fraud?

Ans. Make sure you report it to the bank and the payment company app, no matter which one you are using, e.g., google pay, phone pe, or any other app, as soon as possible.

Q. Can anyone misuse UPI ID?

Ans. There is just a misconception about people misusing UP ID, but it is backed up by proper technology, and it is not very easy to do so. No one can misuse your UPI id; it is a secure way of the transaction unless you share your Pin with someone; any person cannot get your bank details through UPI. UPI can only be used by someone to send you money.

Q. How to stop UPI fraud?

Ans. One has to take immediate actions, like every minute, in this case, is very precious. The first thing you need to do is block the e-wallet by calling the company or the bank to prevent further loss. Download apps verified from the apple store or google play store. Report the incidence to cyber cell or police for safety.

Q. Is UPI safer than a debit card?

Ans. Yes, UPI is safer than ATM debit cards because you need to enter your PIN for every transaction, and sometimes you even get OTP which is not the case with ATM debit cards. Also, if you lose your ATM, it can be misused by anyone, but no one can misuse your UPI ID.

Q. How does UPI payment Apps fraud work?

Ans. The frauds will unlock your apps first by sending you a fake SMS, and once you click on it and enter UPI Pin, your money will be stolen; in case of suspicion, please report. They have a link attached; as soon as the user opens the link, all the app's data goes to the frauds, and then they steal money online.