Understanding the Rising Threat of UPI Scams
In recent years, the rapid increase in the scope of online payments has led to a corresponding rise in UPI (Unified Payments Interface) scams. Government agencies, including the Delhi Police, have issued warnings urging the public to exercise caution while conducting financial transactions online. As of May this year, UPI transactions reached an unprecedented volume, amounting to Rs 14.04 billion – approximately 20.45 lakh crore dollars. This surge in digital payment activity has created fertile ground for scammers.
Statistics on UPI Fraud Incidents
The first half of 2024 saw an alarming increase in UPI-related financial fraud in Delhi. Data from the police department indicates that by June, there were 25,924 registered complaints concerning UPI scams. A police official indicated that various tactics are employed by fraudsters to siphon off money from unsuspecting victims.
Common Techniques Used in UPI Scams
| Scam Type | Description |
|---|---|
| Fake UPI QR Codes | Scammers send counterfeit QR codes that redirect victims to malicious websites or apps designed to steal financial information. |
| Screen Monitoring Apps | Maliicious applications can be installed that allow scammers to monitor all device screens and capture sensitive information like OTPs and PINs. |
| Collect Request Scam | Fraudsters send a money request via a UPI app, tricking victims into authorizing the payment. |
| “Friend in Need” Scam | Scammers impersonate friends or family members in distress, urging the victim to send money urgently without verifying their identity. |
| Fake Payment Screenshots | Fraudsters create and present fake transaction screenshots claiming they sent extra money mistakenly, asking the victim to return the supposed surplus. |
Protective Measures Against UPI Scams
To mitigate the risk of UPI fraud, the Delhi Police have shared essential safety tips for users:
Verification Steps
- Direct Transaction Verification: Always verify transactions directly through your UPI application.
- Identity Confirmation: When asked for money by friends or family, take a moment to confirm their identity by disconnecting and calling them back on their official number.
Payment Safety Checks
- Before sending money, carefully check the merchant’s name after scanning a QR code to ensure it’s legitimate.
- Avoid rushing to complete transactions; genuine transactions encourage careful and thoughtful verification.
- Never Share Sensitive Information: Be vigilant about sharing your PIN, OTP, or any sensitive information; banks and financial services never request such information via unsolicited calls or texts.
Conclusion
As online payment systems like UPI continue to flourish, so too does the risk of fraudulent activity. By remaining vigilant and following recommended safety measures, users can protect themselves and their finances from the growing threat of UPI scams. Stay informed, verify communications, and exercise caution in all transactions to safeguard your financial information.
