5 Common UPI-Associated Frauds And Suggestions To Save You From ThemWith the upward thrust in digitalization, UPI transactions are also increasing. In january 2025, the UPI processed 16.99 billion transactions in a month well worth Rs 23.48 lakh crore, as in line with the national bills agency
Of india (NPCI) information.
But, this has also brought about a
Surge in UPI-related frauds and scams.
In FY 2023-24, banking sector-related fraud instances surged by nearly 300%, attaining 36,005 cases, while fraud instances jumped by using 27% Y-O-Y to 18,461 instances within the first half of FY 2024-25, reveals
RBI data.
Allow us to study some of the not unusual UPI-associated frauds.
PHISHING
Here, fraudsters send faux UPI hyperlinks that appear similar to the unique URL of the service provider. On clicking the hyperlink, users are directed to malicious apps where auto-debit happens, thereby causing victims to
Lose their money.
SENDING fake REFUND MESSAGES
Some fraudsters send requests urging customers to ship back the cash that was mistakenly transferred to them. Even as the initial credit score and messages are faux, the price made through the sufferer is real.
SIM CLONING
Here, fraudsters create a reproduction sim of the victim's cellular range. They then use this SIM card to get admission to the sufferer's UPI account and transfer the quantity with out the sufferer's knowledge.
IMPERSONATION
Fraudsters often, at instances, impersonate banks or businesses and trick sufferers into revealing sensitive information like UPI account, OTP, and PIN information.
Through ANY table
Now and again, fraudsters trick gullible victims by impersonating financial institution personnel or purchaser care representatives and convincing them to download display-sharing apps like All Table. They then get right of
Entry to the sufferer's pc or cell cellphone and perform fraudulent transactions.
Under are some hints to prevent UPI fraud.
Never share your UPI PIN with strangers or any character you do not believe; do not click on any online hyperlink, no matter how tempting it might appear to click, and always be cautious of dubious applications and in no
Way download apps from untrusted resources.
