What are the different UPI payment scams, and how can you avoid them?

ByAadav Kanwar

The technology around us is expanding, and the age-old practices like cash-based transactions that we are accommodated with are becoming less popular daily. The recent pandemic made us more wanting cashless transactions to go through our daily activities in our life. These are some things that skyrocketed the value of UPI payments and UPI Autopay, making them the principal payment method among consumers.

Now, if you are wondering that the UPI payment method is the future because it has many positives compared to cash-related transactions, then you are quite unaware of its negative side. There has been an alarming increase in UPI payment scams because the majority of us are now opting for cashless transactions, making us more vulnerable to various scams.

Let us have a look at what are the different UPI payment scams you could face while using them: –

  • Phishing 

Phishing is the most common method used by scammers. It involves sending an SMS or an Email to your number containing a link from a sender or source you are unfamiliar with. Then once you click the link, it redirects you to your UPI payment app and automatically debits an amount of money from your account. They can also install a virus or malware on your device, making it unusable or sending money to a different address.

  • Various screen monitoring apps

For instance, while recording a video through a screen monitoring app downloaded from the internet to help your friend or any other person on how to use their UPI payment app to make transactions. It could be that the scammer will have access to all the relevant personal information and the data on your device through the recording you did with the help of that app.

  • Knowing your OTP and UPI pin through fake calls.

There have been so many ad campaigns by different UPI autopay companies in INDIA and around the world, making us aware of this scam which involves an unknown number calling. Then it asks that there has been an OTP or link sent to your number and asks you to say it over the phone or click the link, which eventually would lead to money being deducted from your bank account instantly.  

Now, after seeing the different scams, you could get involved. Let us see how you can avoid them using some of the methods given below: –

  • Avoid sharing your personal information with others.

If some random person asks you to share your bank details, device password, or card number over the internet or any other way, avoid doing that. UPI autopay companies in INDIA use various security methods, and other places try using them as additional protection.

  • Checking your contacts

Please do not answer the calls from unknown or fishy people pretending to be someone you know or saying they are calling from a bank with your account and asking for personal information.

  • Avoid downloading unknown apps from the internet.

Try verifying the third-party app you downloaded from any source because it could contain some malware that could get installed on your device along with the installation of the app and put your sensitive information at risk.

Conclusion

Although UPI Autopay or payment have made our life a lot easier, it also comes with its fair share of scams, and reading the above article could give you an idea of what are those and how to avoid them in the future.

Read More: A Comprehensive Guide to Understanding API Banking

0