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ICICI bank issues UPI warning for its Customers

IamCheated.com Research Team | September 04, 2019  12:00:pm

ICICI bank issues UPI warning for its Customers

Unified payments interface which is popularly called UPI; is a very convenient method of payment launched by the National Payments Corporation of India (NPCI). This payment system helps in transferring money instantly between two bank accounts.

There is no time limit in transferring money using UPI.  It is a very easy method of transferring money; as it does not require bank details like CVV, IFSC code and card details while sending money from one bank account to another bank account.

Money transfer using UPI is on the rise. The number of transactions via UPI in August 2019 hit a record 918.35 million, with a total worth of Rs 1.54 trillion. While UPI transactions are on the rise, frauds related to UPI too are increasing. There are many incidents where people have lost money from their bank account due to UPI frauds.

As a lot of people are losing money to this fraud, ICICI bank has issued several guidelines for customers, especially while transacting via UPI based apps. In case you are doing money transactions using UPI based apps; you must follow these guidelines to keep your money safe.

See Also: Beware of this UPI fraud, you could lose your hard-earned money

ICICI bank issues UPI warning for its Customers

1. You might receive phone calls from fraudsters who claim to be calling from your bank. In case you receive such calls kindly avoid them.

2. Do not share your debit and credit card details, or even bank details with anyone over the phone. If anyone asks you to provide this information, claiming to be a bank representative, kindly disconnect the call.

3.  You should not share your One Time Password (OTP) with anyone. In case you share your OTP, it can be used to wipe out money from your bank account.

4. You might be asked by fraudsters to share your bank details and create a new Virtual Payment Address ID (VPI ID) for your account. They might even ask you to set an MPIN. You must never follow their instructions.

5. Never click on suspicious links sent to you by unknown people via SMS or any other messaging platform. Using these links fraudsters might hack your phone and steal sensitive information.

6. You should always keep in mind that OTPs will be sent only when you try to withdraw money from your bank account. So, if you receive a call asking you to provide your OTP, don’t bother.

7. In case you receive a call from someone stating that they have transferred money and ask you to share the OTP, kindly avoid them. OTP will not be sent to you if someone else is transferring money into your account. 

8.  Set up your UPI account on your own and do not take someone else's help.

9. When using UPI apps, in case you get a money request via SMS, read the message properly. This is because fraudsters might use the ‘Request Money’ option to trick you out of hard earned money.

See Also: Ways to Protect Yourself From Frauds on UPI Apps

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