A new and interesting kind of cyber theft is making rounds in the cyber world. This time the theft involves UPI (Unified Payments Interface) as the medium for tricking innocent victims into losing their money.
The increasing popularity and ease of use of digital payment apps like Google Pay or Paytm have definitely made life hassle free for people of all ages. Making financial transactions for all big and small needs today, is just a matter of click.
But, as they say… Every coin has a flip side to it.
While these payment apps have made life easy for people, they have also opened the gates for new kinds of frauds and scams. The recent incidences of cyber theft using UPI apps is a clear indication of this fact.
It is a common practice for banks to send out SMS and calls, to warn people not to share their bank account details or OTP with unknown people. But, did you know that scamsters can now cheat you even without these details??
Yes, that’s right! So, how does this UPI fraud work?
That’s the catch!!
What you fail to notice is that you have yourself entered your UPI pin and provided approval for the fraudster to dupe you out of your money.
Experts believe the major reason for such scams to emerge and thrive, is the ignorance or half knowledge that several users have regarding digital payments & transactions. Most of these users fall under the old-age, first-time-user or housewives category, who become easy unsuspicious victims of such frauds and scams out of ignorance.
In wake of the rising incidence of UPI frauds in the past couple of months, many payment apps like Google Pay have changed their user interface, to explicitly show the flow of money and make it easy for users to distinguish if they are receiving or sending money. They also raise an alert in case a “collect request” is received from someone outside the user’s contact list or too many requests are raised.
Well, with the number of UPI transactions increasing at a steady rate, it is extremely important that consumers also become aware of fraudulent online transactions and keep their eyes open for things that may indicate fraud.
While these tips and tricks can protect you from becoming a victim of UPI fraud, the best way to secure your phone while making online transactions is to install a mobile security app.
Quick Heal Total Security App comes with SafePe feature that is especially designed to secure your financial information, when using mobile payment apps for online shopping, banking, paying bills, etc. Here are few protective features SafePe offers you: