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UPI / OTP Fraud:
How to Protect Yourself from Rising Scam Threats
UPI (Unified Payment Interface) has made sending money online very easy, but it has also opened doors for fraud. Scammers are taking advantage of this and tricking people into sharing their sensitive information, like OTPs (One-Time Passwords) and UPI PINs. These scams are happening more often, and it’s important for everyone to understand how they work and how to protect themselves.
This article will walk you through how UPI fraud works, provide real-life examples, and offer practical tips to help you stay safe.
Table of Contents
How UPI/OTP Fraud Happens
Here’s how a typical UPI scam works:
- Scammers Pretend to Be Bank Officials:
Fraudsters often call or message you, pretending to be from your bank. They claim there’s an issue with your account that needs immediate attention. They might ask for your personal details like your name, UPI ID, or mobile number. At first, this might seem harmless, but it’s part of their plan. - They Ask You to Install Apps:
The scammer may then ask you to install a screen-sharing app, such as TeamViewer or AnyDesk. These apps give the fraudster control over your phone. Once they have access to your phone, they will ask you for the OTP that you receive when making a transaction. - Unauthorized Transactions:
After you share the OTP, the scammer can transfer money from your UPI account without your knowledge. It all happens so quickly that you might not even realize it until later.
In other cases, fraudsters send fake links through SMS or email. These links may lead to fake websites or Google Forms that ask you to enter your personal details, UPI PIN, or OTP. The fraudster tricks you into giving them all the information they need to steal your money.
Types of UPI Scams
Fake Payment Requests: Fraudsters create fake UPI IDs or payment links, often impersonating official entities or charitable causes like PM Care Funds, CM Relief Funds, or rewards for donations. Victims are convinced to make a payment believing it’s for a good cause or for a reward, only to lose their money. After entering their UPI PIN and making the payment, the victim realizes they have been scammed.
QR Code Payment Scam: Another common scam involves fraudsters sending fake QR codes to the victim’s Virtual Payment Address (VPA) on apps like Google Pay, Paytm, or PhonePe. Victims, thinking the payment is legitimate, scan the QR code and make a payment, only to find out later that they’ve been scammed.
Real-Life Examples of UPI/OTP Fraud
Let’s look at two real examples to understand how UPI fraud happens.
Scenario 1: The Fake Bank Call
Imagine you get a call from someone who says they are from your bank’s customer service. They tell you there’s a problem with your UPI account and ask for your personal details, like your name and UPI ID. You may feel comfortable because they already know some basic information about you.
Next, they ask you to download a remote access app, such as TeamViewer or AnyDesk, to help them fix the issue. After you install the app, the fraudster takes control of your phone. Then they ask you to share the OTP that you just received. Trusting them, you provide the OTP.
Later, you check your account and discover that the fraudster has made unauthorized transactions, transferring money from your account.
Scenario 2: The Fake Reward Scam
In this case, you receive an SMS that claims you’ve won a reward, such as a gift or a cash prize. The message contains a link to a fake website or a Google Form. The form asks you to enter your bank details, UPI ID, and OTP to claim your reward. You believe it’s real and enter your details.
Soon, you find out that money has been taken from your account, and you’ve been scammed.
How to Protect Yourself from UPI/OTP Frauds
To avoid falling victim to UPI/OTP frauds, follow these simple precautions:
- Do Not Share OTP: Never share your OTP with anyone, even if they claim to be from your bank or payment app.
- Avoid Downloading Suspicious Apps: Only download apps from trusted sources like Google Play Store or Apple App Store, and never install screen-sharing apps unless you are certain about the source.
- Verify Calls and Messages: If you receive unsolicited calls asking for personal details or OTPs, hang up immediately. Always verify the information through official customer service numbers.
- Enable Two-Factor Authentication: For added security, enable two-factor authentication for your bank accounts and UPI apps.
What to Do If You Fall for UPI Fraud
If you realize that you’ve been scammed, don’t panic. Here’s what you should do:
- Contact Your Bank Immediately:
Inform your bank or payment provider about the fraudulent transaction. Ask them to block your UPI account and freeze any suspicious transactions. - Report the Fraud to the Police:
Report the scam to the local police or cybercrime department. Provide them with details like transaction records, the phone number or email used by the scammer, and any other relevant information. - Block the Fraudster’s Account:
Work with your bank to identify the account that received the stolen money. Ask the bank to freeze that account to prevent the fraudster from withdrawing more funds. - Change Your UPI PIN and Passwords:
Change your UPI PIN, bank passwords, and any other related credentials to prevent further access to your accounts.
Conclusion: Stay Alert, Stay Safe
UPI frauds are growing, but by following a few simple steps, you can protect yourself from falling victim to these scams. Remember:
- Never share your OTP.
- Don’t download suspicious apps.
- Verify unexpected calls or messages.
- Enable two-factor authentication.
By staying alert and cautious, you can protect your hard-earned money from fraudsters. If you ever suspect fraud, act quickly and report it to your bank or the authorities.
Spread Awareness
Please share this article with your friends and family to help them stay safe from UPI frauds. The more people are aware, the harder it will be for fraudsters to succeed. Stay informed, stay cautious, and keep your money safe!
Explanation in Hindi
I am sharing the Ajey talks YouTube channel link, there he explained this topic well. The link is provided below. Click the link to watch.
Stay Safe Online
Stay Safe Online:
Many cases are being filed at the Cyber Crime Police Station . some of the most common scams are listed below. Please read these articles to stay aware of these scams.