Tips To Help You Identify UPI Scams and Stay Safe

The Unified Payments Interface (UPI) has transformed digital transactions in India, making sending or receiving money as simple as texting a friend. However, this convenience has also made it easier for scammers to exploit the system.

Due to the instant and seamless nature of UPI transactions, cybercriminals have found ways to take advantage, allowing them to steal money from online bank accounts without requiring banking credentials.

Based on various social media reports, we’ve identified some common tactics used to scam individuals via UPI. Here’s a closer look at these scams and tips for safeguarding your hard-earned money:

# You Don’t Need to Enter a UPI PIN to Claim Your Prize Money

Have you received a call claiming you’ve won a significant amount of money in a lucky draw, with the funds to be transferred via apps like PhonePe or Paytm (both powered by UPI)? The caller may request your UPI PIN to “verify” the transaction. Don’t be fooled—there’s no need to enter your UPI PIN to receive money. A UPI PIN is only required for sending funds, not for receiving them. Sharing your PIN can result in losing your money instead of claiming a prize.

# A Stranger Accidentally Transfers Money to Your Account? Likely a Scam

Did you receive a message stating that a large sum has been credited to your account, followed by a call from someone claiming they made a mistake? This person may ask you to return a portion of the money, citing emergencies like hospital bills or school fees. Before responding out of goodwill, ensure that the money has genuinely been credited to your bank account. Scammers often use fake SMS messages to deceive you into believing there’s been a deposit, pressuring you to return the “mistaken” funds.

# Watch Out for Fake UPI Apps

Fraudulent apps like FraudPay or imitation Paytm apps are in circulation, some so sophisticated that they can scan a genuine QR code and show a “payment successful” message. However, these transactions are fake. Always verify that money has been credited to your bank account before trusting any payment notification. Don’t rely solely on a screen message from the sender.

In addition to these common scams, stay vigilant with every UPI transaction. Always double-check the amount you’re sending and ensure you’re sending it to the correct person. While there are methods to report unauthorized transactions, it’s always better to be safe than sorry.