UPI, or Unified Payments Interface, is a popular and convenient way of making digital payments in India. It allows you to transfer money instantly from one bank account to another, using your mobile phone and a UPI app. However, UPI also comes with some risks and challenges, such as fraud, phishing, and hacking. In this article, we will share some tips and tricks on how to protect yourself from UPI fraud, and what to do if you become a victim of it.
What is UPI Fraud and How Does it Happen?
UPI fraud is a type of cybercrime, where fraudsters trick you into revealing your personal and banking details, such as your UPI PIN, OTP, or QR code, and use them to steal your money. UPI fraud can happen in various ways, such as:
- Fraudsters may call or message you, pretending to be from your bank, UPI app, or a customer care service, and ask you to share your UPI PIN, OTP, or QR code, to verify your account, update your app, or resolve an issue. They may also send you a fake link or attachment, and ask you to click on it or download it, to install malware or spyware on your phone.
- Fraudsters may also pose as sellers, buyers, or service providers, and ask you to pay them through UPI. They may send you a fake or modified QR code, or a request money link, and ask you to scan it or accept it, to complete the transaction. However, instead of paying them, you may end up paying someone else, or losing your money altogether.
- Fraudsters may also hack into your phone, UPI app, or bank account, and access your UPI PIN, OTP, or QR code, without your knowledge or consent. They may then use them to make unauthorized transactions from your account, or to siphon off your money to another account.
How to Prevent UPI Fraud and Secure Your Account?
UPI fraud can be prevented and avoided, if you follow some simple and basic precautions and measures, such as:
- Never share your UPI PIN, OTP, or QR code, with anyone, even if they claim to be from your bank, UPI app, or a customer care service. Remember that your UPI PIN, OTP, or QR code, are confidential and personal, and no one has the right or the need to ask for them.
- Never click on any suspicious or unknown link or attachment, that you receive through SMS, email, or social media, even if they look genuine or official. Always verify the source and the authenticity of the link or attachment, before opening or downloading it.
- Never scan or accept any QR code or request money link, that you receive from a stranger or an unverified person, even if they claim to be a seller, buyer, or service provider. Always check the details and the amount of the transaction, before confirming it.
- Always use a trusted and secure UPI app, and keep it updated with the latest version and features. Also, use a strong and unique password for your UPI app, and change it regularly.
- Always lock your phone with a PIN, pattern, or fingerprint, and do not leave it unattended or accessible to others. Also, enable the security and privacy settings on your phone and UPI app, such as notifications, alerts, and biometric authentication.
- Always monitor your bank account and UPI app, and check your transaction history and balance, regularly. Also, report any suspicious or unauthorized transaction, to your bank or UPI app, immediately.
What to Do if You Fall Victim to UPI Fraud and Lose Your Money?
UPI fraud can be reported and resolved, if you act fast and follow some steps, such as:
- If you realize that you have shared your UPI PIN, OTP, or QR code, with a fraudster, or that you have scanned or accepted a fake or modified QR code or request money link, then you should immediately change your UPI PIN, and block your UPI app or bank account, to prevent further transactions.
- If you notice that your money has been deducted from your account, or that you have received a confirmation message or email, for a transaction that you did not make or authorize, then you should immediately contact your bank or UPI app, and inform them about the fraud. You should also lodge a complaint with the police, and provide them with the details and evidence of the fraud, such as the phone number, email address, or UPI ID of the fraudster, the date and time of the fraud, the amount and mode of the transaction, and the screenshot or copy of the message or email.
- If you have lost your money due to UPI fraud, then you may be able to recover it, depending on the nature and extent of the fraud, and the response and cooperation of your bank or UPI app, and the police. You may also be able to claim compensation or insurance, if you have any, for the loss or damage caused by the fraud