UPI serves as a pivotal platform for online payments, but the surge in digital transactions has led to a concerning rise in UPI fraud cases.
Credit : UNSPLASH
Over 95,000 reported UPI fraud cases in the 2022-23 financial year underscore the urgent need for effective fraud management strategies.
Credit : PIXABAY
Common UPI fraud tactics include phishing, fraud sellers, screen monitoring apps, money mule schemes, SIM cloning, fake calls, and malware attacks.
Credit : UNSPLASH
Fraudsters disguise themselves as bank employees to extract sensitive information and gain access to victims' UPI applications and bank accounts.
Credit : UNSPLASH
Users can protect themselves by following RBI guidelines, exercising caution with payment requests, and reporting unauthorized debits promptly.
Credit : UNSPLASH
Verification of customer service numbers, avoiding fraudulent calls and messages, and steering clear of suspicious links and shopping sites are essential precautions.
Credit : UNSPLASH
Users should be wary of engaging with fraudsters and exercise caution with the "request money" feature on UPI apps.
Credit : UNSPLASH
Additional measures include avoiding opening unverified emails, refraining from using open Wi-Fi for banking, and monitoring bank messages for unusual activity.
Credit : UNSPLASH
Regular account monitoring and prompt reporting of suspicious activity to the bank are crucial in mitigating the risk of UPI fraud.
Credit : UNSPLASH
Banks and financial institutions must prioritize robust fraud management practices and leverage technological advancements to ensure a secure digital banking experience for customers.