Unified Payments Interface (UPI) is India’s success story on a global stage. UPI made digital transactions easy and accessible. However, it is also now the easiest way of getting scammed.
According to Ministry of Finance, more than 95,000 fraud cases linked to UPI transactions were recorded in 2022-23, an increase from 84,000 incidents in 2021-22.
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In March 2023, the Unified Payment Interface (UPI) transactions reached a record high of 865 crores, valuing a record of Rs 14.07 lakh crore, as per a Times of India (TOI) report. The volume of transactions was 18 per cent more than in February 2023, from 728 crores.
UPI scams are usually the easiest but more importantly, it is often impossible to reverse the transaction, and is difficult to prove for the victim to prove that he or she has been scammed.
The scammers usually send a smaller amount of money to their target and then reach out to them to address the mistake. It is then followed by a request of an amount bigger than agreed upon while being on the call. Further, under the pressure of the moment, the targets fall prey by accepting the UPI request and transferring the money after entering their UPI PIN.
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The reason that UPI scams are difficult to investigate is that a scam is proven when fraud has taken place. But in UPI scams, the predators make sure that their targets are voluntarily entering the UPI PIN and enabling the transaction. When a person shares the UPI PIN with another person, there’s no way to remedy or reverse the situation. In another case, where the victim misunderstands the request and enters the PIN by himself, in that case as well, the PIN was entered voluntarily and so there is no case to build.
Recently, Google Pay’s interface has incorporated regular reminders on the app. Anytime a person tries to send money to an account, GPay, on the page that requires the user to enter the PIN now displays a message at the bottom.
According to Delhi Police, scammers usually send some amount through UPI apps such as Paytm, Google Pay, PhonePe, etc. to their potential target and then call them saying it was a mistake, TOI report added.
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How to stay safe from UPI scams?
1. Do NOT share your UPI ID or PIN with anybody.
Just like CVV and OTP, UPI PIN must not be shared with anyone as access to these numbers provides a direct opportunity for people to swipe money out of the accounts.
2. Regularly change your UPI PIN
Changing your UPI PIN often helps steer away from the possibility of getting hacked.
3. Do not use public Wi-Fi for UPI payments
It is always better to use your own mobile internet or a Wi-Fi connection at your place and not connect to a public network, as that could open the floodgates of your data and bank accounts.
4. Take a moment and think!
With UPI scams, the scammers create pressure on the victims on the call. So, it is important that before approving requests, entering UPI PINs take a moment and stay calm.
