Beaware of UPI frauds; know how to save yourself from fraudsters

During this period of lockdown, imposed to control the spread of Coronavirus pandemic, many hackers, tricksters, fraudsters have started making their moves to trick people and steal money. Similarly, an IAF officer has faced a UPI-related scam where the personnel lost nearly Rs 75,000. 

The IAF officer was willing to sell his old furniture online; thus, so he posted the image of things up for sale on an online portal. The fraudster reportedly posed as a buyer on an online website and told the officer that he is interested in buying the furniture. However, the fraud buyer requested the personnel to make the payment using a UPI portal. The IAF officer agreed to the deal as the fraudster told him that he lives in a remote village and cannot pay the cash in person. Unfortunately, the officer lost Rs 75,000 instead of getting money from him. 

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However, this incident did not happen due to any glitches or problems from the payment portal but it is reportedly said that it was the lack of complete knowledge and working of the payment mode that has caused this incident to occur. It has become necessary for all the users of UPI payments mode to understand everything about the medium. So, here is everything you need to know to prevent such scams from happening.

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How does the fraud happen in UPI transactions?

Fraudsters will first ask you to send them a payment request on the UPI payment's portal. Now, instead of sending money, these people will send you a request back again asking you to accept the payment online. However, a user will have to tap on the request and tap on "Pay" to send the money to the fraudster. Pressing "Decline" will cancel the request transaction. But, many users who are new or unaware of such methods, tap on "Pay" and these tricksters get the money.

To prevent such things from happening to you, make sure you are alert. You must need to know that the receivers in a UPI transaction do not have to do anything to get their money.

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How to save yourself from the UPI fraud?

To transfer money or make a transaction using the UPI apps, users need to enter their M-PIN. These passcodes are different for every linked bank account and can be denoted as a digital ATM PIN. In UPI interface, a user only has to enter their M-PIN when they are either checking their account balance or making a transaction where money will be deducted from your linked bank account. Your M-PIN and the UPI login passcode is as important as your ATM PIN, so, do not disclose it to anyone. To be on the safer side, put a lock on your payment apps.

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