Unified Payments Interface (UPI) is a popular mobile-based payment system in India that allows users to make instant payments to merchants and other users. However, the convenience of UPI has also made it a target for scammers.
In 2022, there were over 95,000 cases of UPI fraud reported in India. The total amount of money lost to these scams was over ₹1 billion (US$12 million).
There are a number of different ways that scammers are using UPI to steal money from people. One common scam involves sending fake UPI payment requests. The scammers will send a message to the victim that looks like it is from a legitimate merchant or service provider. The message will ask the victim to make a payment, and it will include a UPI payment link. If the victim clicks on the link, they will be taken to a fake website that looks like the real website of the merchant or service provider. The victim will then be asked to enter their bank account details and their UPI PIN. Once the victim has entered this information, the scammers will be able to steal their money.
Another common scam involves using fake UPI apps. The scammers will create fake UPI apps that look like the real UPI app. They will then distribute these apps to unsuspecting victims. Once the victim has installed the fake app, the scammers will be able to access their bank account and steal their money.
There are a number of things that people can do to protect themselves from UPI scams. Here are some tips:
Only make payments to merchants and service providers that you trust.
Be suspicious of any UPI payment requests that you receive.
Do not click on links in messages from unknown senders.
Never enter your bank account details or UPI PIN into a website that you do not trust.
Keep your UPI app up to date.
Report any suspicious activity to your bank or the police.
By following these tips, you can help to protect yourself from UPI scams.
Making payments to merchants and service providers that they trust, being suspicious of any UPI payment requests that they receive, and never entering their bank account details or UPI PIN into a website that they do not trust.