Whether it’s purchasing everyday items or sending money to someone, UPI comes in handy in various situations. However, did you know that fraudsters have started exploiting UPI for cheating people? Today, we’ll discuss what UPI scams are and how you can protect yourself from falling victim to them.

Since demonetization, digital payments have become increasingly popular, with UPI emerging as a preferred mode of digital transactions. From buying groceries to transferring funds, UPI has simplified many tasks. While UPI has benefited the public, it has also provided scammers with new opportunities to deceive unsuspecting individuals.

Did you know that fraudsters use UPI scams to drain bank accounts and rob people of their hard-earned money? If you’re curious about what UPI scams entail, how they work, and how to avoid them, stay tuned as we address these questions in detail.

What is a UPI Scam?

In a UPI scam, fraudsters deceive individuals by misleading them and enticing them with promises of money. Additionally, scammers often trick individuals into installing fake apps on their phones, gaining access to their devices, and subsequently draining their bank accounts.

How Does a UPI Scam Work?

Scammers typically lure victims through fake websites, email IDs, and SMS. When a user clicks on these links and enters their UPI PIN, OTP, or password out of greed, scammers exploit this opportunity to empty their bank accounts.

Example: Scammers may impersonate a family member or friend and send fake money requests. Once the victim accepts the request, their account is swiftly emptied.

Example: Scammers may convince individuals to install fake apps like screen mirroring, which then take control of the device and drain the victim’s account.

UPI Scam Safety Tips: How to Protect Yourself

To safeguard yourself from scams, it’s important to take precautionary measures and remain vigilant at all times. Here are some tips to protect yourself from falling victim to UPI scams:

• Never share your UPI PIN, password, or OTP with unknown individuals.
• Verify the URL of any website before sharing your bank details.
• Avoid accepting payment requests from unfamiliar individuals.
• Install antivirus/anti-malware software on your device to identify and block fake or virus-laden apps, and protect yourself from dangerous links.