Don't leave your crease: ICICI Bank asks UPI users to follow cricket strategy to stay safe from frauds
ICICI Bank has issued a crucial advisory regarding the growing threat of fake UPI payment scams, disseminating the warning through its official social media platform, X (formerly Twitter). Alongside the alert, the bank shared a concise instructional video aimed at educating users on how to identify and prevent these scams effectively.
In the video, ICICI Bank emphasizes the importance of cautiousness and urges customers not to react impulsively to unexpected UPI payment notifications. The bank advises recipients to carefully verify the received amount before taking any action, as scammers often manipulate figures to deceive users into transferring more money back than they received.
According to ICICI Bank's advisory, scammers typically initiate contact with potential victims, claiming to have mistakenly transferred a larger sum via UPI than intended. They then pressure the victim to urgently return the excess amount, exploiting urgency to prevent careful scrutiny of transaction details.
The bank's warning is timely, coinciding with a significant rise in digital payment fraud cases, including incidents involving UPI transactions. The Reserve Bank of India's Annual Report for FY 2023-24 reported a notable increase in such fraud cases, with 36,075 incidents compared to 9,046 in the previous fiscal year.
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