7 ways to protect yourself from succumbing to UPI frauds
The recent choice to raise the transaction limit on the Unified Payments Interface (UPI) to ₹5 lakh specifically for hospitals and educational institutions marks a substantial move in enhancing UPI’s versatility and convenience for handling larger transactions. This adjustment is poised to bring advantages to both institutions and individuals.
The widespread popularity of UPI in India can be attributed to its convenience and user-friendly interface, evident in the processing of over 25 billion transactions in October 2023 alone. Nevertheless, this convenience comes with a downside, as it amplifies the susceptibility to scams. Below are several prevalent UPI scams that one should be vigilant about:
Phishing: Fraudsters employ deceptive emails, text messages, or website links resembling authentic UPI apps or banks. They deceive users into providing their UPI PIN or other confidential details, subsequently exploiting this information to pilfer funds.
QR Code frauds: Fraudsters can present counterfeit QR codes either at physical stores or online; scanning these codes may result in the unauthorized transfer of funds to the scammer’s account.
Vishing (voice phishing): Scammers initiate phone calls to potential victims, posing as representatives from a bank or UPI application, to deceive them into disclosing sensitive information.
Social engineering: Fraudsters employ diverse tactics, including inducing a sense of urgency or presenting bogus prizes, to manipulate users into executing UPI payments.
Not everyone utilizing the UPI service experiences deceit or feels victimized. By exercising caution and adopting responsible practices while engaging in digital payment transactions, one can effectively steer clear of scams.
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