UPI has become the most common payment method for millions of Indians in the digital age. Its simplicity and speed are evident, yet an evil threat lurks amidst the ease of transactions: internet scammers. Protecting your hard-earned money from online scammers requires vigilance and awareness.
Types of Online Scams
Scammers use various techniques to exploit flaws in user behavior and deceive individuals into parting with their money. Amongst the most common approaches are:
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Phishing
You may receive letters or emails that appear to be from reputable banks or financial institutions, offering lucrative bargains or threatening account closure if you do not act quickly. These messages often include links to bogus websites that attempt to obtain your UPI PIN or other personal information.
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QR code scams
When scanned, deceptive QR codes posted in public areas or shared on social media can drive you to malicious websites or initiate fraudulent transactions.
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Vishing
Scammers impersonating customer support people may call you, reporting suspicious behavior on your account and seeking personal information or an OTP to “fix” the problem.
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Social engineering
Clever manipulation techniques, such as promising rebates or prizes, might entice you to give personal information or download questionable apps.
Important Ways to Stay Safe
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Guard Your PIN Like Your Life Depends on It
Never, ever, ever give your UPI PIN to anyone, not even your bank representative. Genuine parties will never require your PIN. Treat it as you would your ATM PIN: memorize it, never write it down, and never enter it into random websites or apps. Only use the official UPI PIN entry page within your banking app to enter your PIN.
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Double-Check Before You Send
Double-check the recipient’s information before pressing the “Send” button. Check the virtual address (VPA) or cellphone number you’re sending money to. Scammers often employ similar-looking VPA handles to deceive you. Remember that once a transaction has begun, it is difficult to undo.
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Beware of Phishing Traps
Refrain from clicking on any suspicious links or downloading any attachments. Before providing any information, always double-check the sender’s address and the website URL.
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Never use Public WiFi for UPI
Use a public WiFi hotspot for casual browsing only. Avoid using insecure networks to conduct UPI transactions or access your bank account. Hackers can easily listen in on public WiFi and intercept your essential information. Use mobile data or secure home/office WiFi for maximum protection.
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Keep Your Apps Updated
Cybersecurity threats are continuously evolving, and your countermeasures should be as well. Regularly update your banking app and phone’s operating system to take advantage of the most recent security patches and bug fixes. These updates often include essential patches for vulnerabilities exploited by scammers.
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Monitor Your Transactions Regularly
Examine your transaction history on your banking app regularly. Look for any unusual or suspicious activity or transactions. If you see anything out of the ordinary, notify your bank right away.
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Download with Caution
Do not install any program that claims to “boost” your UPI transactions or offers “free money.” These programs are malware disguised as apps designed to steal your data. Only download software from reputable sources, such as the App Store, Play Store, etc.
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Report and Block
If you encounter a scam attempt, don’t be afraid to report it to your bank and the appropriate authorities. This aids in the tracking of the scammers and prevents them from attacking others. You can also block the sender’s phone number or VPA to minimize further harm.
