Unified Payments Interface (UPI) has transformed the way transactions are conducted in India and has made payments fast and easy. But, due to the growing popularity of UPI, fraudsters have come up with new strategies to get user UPI by using fake payment methods. Numerous businesses and individuals are victims of these scams, which result in the loss of money as well as sensitive personal financial information. In this article, we’ll explore some of the common fraudulent UPI payment techniques used by fraudsters and offer practical methods to identify and avoid these scams.
Common Tricks Fraudsters Use in Fake UPI Payments
1. Fake Payment Screenshot Scam
The most popular technique used by fraudsters is sending a fake UPI payment screen to individuals or merchants to convince them that the payment has been completed.
How it Works:
- Fraudsters make use of software for editing photos as well as fraudulent UPI applications to create a fake payment receipts.
- This screenshot is sent to them to prove payment and purchase goods and services with no intention of actually transferring money.
- Street vendors, businesses, and sellers on the internet are often the targets of this fraud.
What to do:
Always verify the transaction with your account statement or through the UPI app prior to sending the merchandise. Utilize notifications for payment confirmations in real time through UPI applications. Choose a UPI account for business with automatic confirmation emails.
2. Request Money Scam (Fraudulent UPI Collect Requests)
The scam involves fraudsters who fool users into accepting a “Request Money” transaction and then make them transfer money instead of receiving the money.
How it Works:
- Scammers claim to be authentic customers and claim to be making a payment.
- Instead of sending money, they simply send a “Request Money” hyperlink.
- If the person is willing to accept the offer, the money will be deducted from their accounts instead of them receiving it.
How to Spot It:
Never allow UPI-related payment requests until you’re certain of the identity of the sender. Always take the time to read the text carefully–if you see a message that reads “Request Money “decline it as soon as possible. Automated approval is not available to process UPI requests for payment.
3. QR Code Fraud
Many fraudsters employ fraudulent QR codes to steal funds from victims instead of paying them.
How it Works:
- Scammers disguise themselves as customers and then send out an QR code in the hope that it can aid in the transfer of funds.
- If the user clicks on the QR code and does not receive cash, their bank account gets debited.
- This type of scam is frequently utilized to make money transactions in online marketplaces.
What to do:
Never scan QR codes that are not from a trusted source without verifying who the sender is. Be aware that scanning the QR code can be intended to send money, not to receive it.. Utilize UPI logs of transactions to verify payments before moving forward.
4. Fake Refund and Cashback Scams
The scammers lure victims by offering fraudulent offer of cashback or refunds that make victims unknowingly pay funds.
How it Works:
- Scammers call victims, pretending to represent banks or online shopping platforms.
- The victim claims to have been awarded an amount of money back or a refund or even a lottery prize.
- They provide a UPI payment link that instructs users to input the PIN.
- Instead of receiving cash, the victim will end up paying cash to the fraudster.
How to spot it:
Banks and UPI services do not require PINs or OTPs in order to refund money or cashbacks. Check offers against authentic sources prior to taking any action. Beware of clicking on untrusted payments or filling in private information.
5. Fake Customer Care Fraud
Scammers make fake customer service numbers for banks as well as UPI applications, luring customers into giving out personal details.
How it Works:
- Victims seek customer support through Google or other social networks.
- Criminals who pose as customer support representatives ask for solicit UPI PINs or OTPs and the details of your account.
- The information they collect is used for illegal transactions.
What to do:
Always get the customer support numbers on the official sites. Don’t share your UPI PIN or OTP, or bank information on the telephone. If you receive a call asking for financial information, you should inform the police immediately.
How to Prevent Fake UPI Payment Scams
These are the best ways to safeguard yourself against UPI fraud:
1. Verify Every Payment
When you are about to provide goods or services, be sure to verify that the payment is credited to your account at a bank or the UPI transaction history.
2. Payment Notifications
You can enable SMS and email alerts to notify you of UPI transactions, and you will receive immediate confirmations on every transaction.
3. Secure UPI Apps
Use only authentic UPI applications such as Google Pay, PhonePe, Paytm, or your bank’s application. Beware of third-party apps that have poor security.
4. Never Share UPI PIN or OTP
Your UPI PIN is similar to your ATM pin–never give it out to anyone else, even the bank’s official spokespersons.
Report Fraud Immediately
If you believe that a transaction is fraudulent:
- Call 1930 (National Cybercrime Helpline).
- Inform your bank to remove your UPI ID as soon as possible.
- Register an online complaint via the NPCI site.
Conclusion
Due to the increase of fraudulent UPI scams, it is essential to be vigilant and watchful when making purchases. Fraudsters are becoming more smarter and more sophisticated; however, by following prudent practices, such as confirming payments by avoiding unidentified QR codes as well as not giving out your UPI number, you will safeguard yourself against the financial scams. Always confirm transactions’ details. Make use of official channels to support customers to educate others on UPI scams in order to secure online transactions.
Tags: fake upi paymentUPI Payment