Unified Payments Interface or UPI is a payment system which helps you send and receive money, easily. There are many apps in place through which you can use the UPI medium to transfer money and carry out transactions. These apps are Paytm, Google Pay, BHIM, and many more such apps. The main advantage of UPI is, you can fit multiple bank accounts in a single mobile application.
While UPI is very simple and easy to use, it has its downsides. There are many incidents where people have lost hard earned money on UPI apps. So, it is very important to be careful while using UPI. A single mistake can prove costly. In this blog, we will discuss various ways which protect you from frauds on UPI apps.
See Also: How to Avoid Being a victim of UPI Frauds?
UPI apps like Google Pay, BHIM, PhonePe and so on, have the option called request money. This option is being misused by fraudsters to cheat innocent people. There have been many such cases where people have lost hard earned money.
It starts with fraudsters showing interest in buying products advertised by the seller, on online marketplaces like OLX. They contact the seller and make them transfer money by using the "Request Money" option on UPI apps. Fraudsters instead of sending money to the seller, send a request on the UPI app and ask them to accept it. Many innocent sellers accept the request and enter the PIN, believing the request has been sent to receive the money from the buyer. But, the money gets debited from the bank account, if the request is accepted and the PIN is entered.
To avoid such frauds, you must keep one thing in mind that you will be never asked to enter your PIN for receiving the money. The PIN has to be entered only while sending the money. You must simply decline the request, if someone you don't know is requesting you for the money.
There have been many instances where people have lost their money by installing screen sharing apps. Under this, fraudsters somehow make innocent people download a screen sharing app on their phone and gain full control over the smart phone. Once the access is granted to the screen sharing app, the fraudsters can easily initiate financial transactions and steal the information stored on the phone.
To avoid such frauds, you must never download screen sharing apps on your phone. There are many screen sharing apps like Anydesk, Teamviewer and Screenshare.
There are many fake UPI apps available on both Google Play and Apple apps stores. Downloading these apps on your phone can cause a lot of problems. So, it is very important to be careful while downloading apps on your phone. Before downloading the app, you must check if the app is genuine by going through the app developer’s background. You should also go through the official website of the company which created the app.
Do not forget to check the number of downloads, reviews, and ratings on the app. Normally, fake apps have fewer downloads when compared to genuine apps.
Read Also: NPCI Guidelines To Save Yourself From Bank Fraud
These days many fraudsters post fake customer care numbers on various social media platforms and websites to cheat people and make quick money. When customers call up these numbers, they will be asked to provide personal banking information. This information collected from customers will be used to carry out fraudulent transactions. So, you have to be very careful while calling the customer care.
Don’t rely on the customer care number which comes up on Google. Instead, you must visit the official website of the company and collect the customer care number.
Not happy with a product or service? Just visit IndianMoney.com’s complaint portal IamCheated.com and post your issue. We’ll get in touch with the concerned entity and help you with the resolution. With an aim to spread awareness on fraudulent activities, we publish articles and videos on a regular basis.You can also publish reviews about companies on IamCheated.com
