New UPI Scam Alert: Fraudsters Send ‘Rs 300.00’ and Request Rs 30,000 Return; Learn How to Protect Yourself

New UPI Scam Alert: Fraudsters Send 'Rs 200.00' and Request Rs 20,000 Return; Learn How to Protect Yourself

New UPI Scam Alert: Fraudsters Send 'Rs 200.00' and Request Rs 20,000 Return; Learn How to Protect Yourself

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With the rapid growth of digital payment transactions in India, UPI frauds have become alarmingly frequent. According to the Reserve Bank of India’s Annual Report for FY 2023-24, digital payment fraud cases soared to 36,075 from 9,046 in the previous fiscal year. Despite this increase, the total monetary loss from such frauds decreased from ₹45,358 crore to ₹13,930 crore.

A new scam, the ‘UPI overpayment scam,’ has recently surfaced, targeting unsuspecting users. Here’s how it works and how you can protect yourself.

What is a UPI Overpayment Scam?

Imagine you’re at work and receive a call from an unknown number claiming that the caller accidentally sent ₹30,000 to your account and urgently needs it back due to a medical emergency. The caller has initiated a money collection request on your UPI app, urging you to accept it immediately. Feeling pressured, you approve the request without verifying the details. Later, you discover that the caller only sent ₹300, but you returned ₹30,000, misreading the SMS from your bank.

Why These Scams Succeed

These scams exploit haste and inattentiveness. People often fail to scrutinize details, especially when under pressure. It’s crucial to remain vigilant and verify unexpected requests before acting. If you suspect a scam, report it immediately to your bank and the UPI app provider.

How to Protect Yourself from UPI Overpayment Scams

  1. Double-Check Payment Requests: Always verify who is sending the request and whether it is to send or receive money.
  2. Verify Sender Details: For unexpected payment requests, confirm the sender’s identity through a call or message.
  3. Be Cautious with Unsolicited Messages: Do not respond to or approve any requests without verification.
  4. Avoid Pressure: Do not rush into money transfers based on urgent phone calls, especially from unknown numbers.

Given these cybersecurity challenges, exploring secure data-sharing protocols and improved communication between institutions might offer better protection against such scams.

Conclusion

As digital transactions become more prevalent, so do the risks associated with them. By staying informed and cautious, users can better protect themselves against UPI frauds.