What Are the Various Types of UPI Related Frauds?

Given below are the various frauds related to UPI:

Fake Genuine Sellers UPI Fraud

The fraudsters use the name of a genuine company to accept payment.

This can be done by inserting malware at the redirecting to the payment gateway page.

The fraudsters then gain access to your UPI ID when payment is made, which can be further used for identity theft.

Phishing UPI Fraud

In this case, the original UPI payment links or UPI handles are changed to the fraudster’s fake UPI handle.

Fraud through Screen Monitoring Apps

Fraudsters first use vishing tactics by phoning an individual and pretending to be from a mobile repair company or your SIM card company.

They state the problem with the KYC of your SIM card and ask you to download a remote access app.

For example, using TeamViewer App to gain access to your screen.

Once they get access to your phone, everything on your phone can be viewed by the fraudsters.

They can steal your ATM PINs when you make payments through payment gateways online.

OTP PIN UPI Fraud

Fraudsters track your payments and call you to share your OTP and UPI PIN over the phone to complete payment.

Remember to never share OTP, PIN, or PAN details with anyone.

UPI fraud via initiating a collect request

The fraudsters will send an SMS stating that your UPI app has sent you a gift payment, and to collect the amount, you must click on the link in the message.

Misleading UPI handles

UPI handles minor spelling errors that look like the UPI ID of a genuine company or person to fool customers into paying the fraudster.

Oh my! There are so many ways in which UPI fraudsters can scam us.

But don’t worry. In the next section, you can learn about the different measures to protect yourself from falling for UPI scams.

To track your progress