UPI fraud cases: Alarming statistics from post COVID-19 pandemic. Know about scammers’ tactics and preventive measures
New UPI Scam Alert: Fraudsters Send 'Rs 200.00' and Request Rs 20,000 Return; Learn How to Protect Yourself
The surge in UPI-related fraud cases has become a cause for concern, especially with scammers exploiting vulnerabilities exacerbated by the COVID-19 pandemic. The victims, often tricked into sharing sensitive information like OTPs and UPI PINs, face various tactics from fraudsters.
The Indian government has disclosed shocking statistics, reporting 84,000 UPI fraud cases in 2021-22, compared to 77,000 cases in the previous fiscal year 2020-21.
Launched in 2016, the Unified Payments Interface (UPI) has revolutionized digital transactions by consolidating multiple bank accounts into a single mobile application.
According to the Economic Survey, the UPI network has expanded significantly, involving more than 380 banks as of December 2022, a stark increase from the 35 banks in December 2017.
Scammers’ Techniques:
Scammers engaging in UPI-related fraud often employ deceptive tactics. In some instances, victims are coerced into downloading remote assistance software, granting cybercriminals control over their phones and, subsequently, their digital wallets. Posing as customer care executives, scammers threaten wallet blockage if victims fail to complete KYC or update Aadhaar/PAN details, leading victims to unknowingly download third-party access apps.
Common Scams:
1. Fake UPI Money Requests: Scammers send money to the victim’s UPI account, claim it was a mistake, and urgently ask for a refund via a fake UPI link. Clicking on the link gives scammers remote access to the victim’s phone, digital wallet, and bank account.
2. Fake QR Codes: Scammers use QR codes, promising money transfers. When victims scan the QR code, they are prompted to enter their UPI PIN, leading to unauthorized transactions.
Quishing (QR Code Phishing) Explained:
The rise of QR code phishing, known as “quishing,” adds another layer to online threats. Scammers use QR codes in emails, urging recipients to scan them for purported benefits. These codes, however, can redirect users to phishing websites, initiate malware downloads, or trick victims into providing login credentials.
Preventive Measures:
1. Avoid scanning QR codes from unfamiliar senders.
2. Recognize signs of phishing emails and refrain from clicking on suspicious links or QR codes.
3. Verify URLs before clicking on them and avoid unfamiliar or shortened links.
4. Never enter login credentials on pages reached via QR codes; visit the official website directly.
5. Be cautious of quishing emails and report any suspicious activity.
The revelation of rising UPI fraud cases underscores the need for heightened awareness and stringent cybersecurity measures to safeguard individuals from falling prey to evolving cyber threats.
