UPI-friend or foe

UPI-Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.

The era of latest generation has made us advanced in all aspect so now the cash is replaced by digital means as if the card payment, NFC, UPI has made the transition more easy and convenient.

In the last few months from October- December, UPI based transactions have hit a landmark of more than one billion transactions. Though money transferring has been technically advanced, fraudsters have also evolved different ways to wipe out of the hard-earned money.

UPI or Unified Payment Interface is a method to make payments digitally and is most spreading form of transfer, and can be found manly with youngster. This method is a comparatively recent speeding into the digital payments space as compared to other methods such as NFC, NEFT, IMPS, and mobile wallets and so on.

According to a Times of India report, UPI has hit a landmark of one billion transactions in October. In addition to that, UPI has recently crossed 100 million users.

As UPI based transactions are technically so advance the hackers have also evolve various technique to make innocent person fool out of it.

·       Different Types of frauds

Banks are now regularly sending emails and SMSs to their customers educating them on how the UPI based scam works and what they should do to avoid being scammed.

In many of the cases and mails we have seen banks and govt. educates regarding this online fruds and make us aware of not to click on any anonymous link or fake link.

According to the email sent by the bank to its customers, fraudsters ask customers to share their Otp, link and debit.

·       In another scam, according to another Times of India report from July, HDFC Bank and even the Reserve Bank of India had issued advisories warning all online banking users about a particular app that s being used by fraudsters to steal money. According to the report, this is how the scam worked: "Fraudsters may ask you to download Any Desk App and share a 9-digit code which gets them access to your phone to steal money."

The Times of India further stated that, "The RBI has mentioned that while the Any Desk app asks for regular privacy permissions, it is capable of acquiring full access to your smartphone remotely and would let fraudsters carry out banking transactions remotely."

Now Any Desk is a legitimate app which is a remote desktop software tool, which provides a third party a complete view of the user's screen. Scamsters just use it to their advantage.

·       How to avoid fraud

In order to prevent such frauds, this is what you should not do:

·       Never share details such as debit card number, expiry date, registration OTPs on the call or other media. The bank never asks for such details.

·       Avoid clicking on unknown links or forwarding any suspicious SMS

·       Never share your UPI M-PIN with anyone.

·       What to keep in mind

Banks and other financial institutions have been warning customers never to share their OTPs and their bank account details with anyone over the phone or via SMS. Also, bank officials never ask such details from their customers.

Recently apart from banks, other institutions such as IRDAI (Insurance Regulatory and Development Authority) and EPFO (Employees Provident Fund Organization) have also been putting out warnings on their websites and via their social media accounts not share their personal and financial information with anyone on phone or with anyone posing as official from the respective institution.

So we should me more careful whenever we are doing any online mode of transaction and other UPI payment, we should check twice the payment made and to whom we are giving the payment and the link should be checked properly so as to avoid fraud related to UPI transaction.