How to Avoid Online Payment Fraud While Using UPI Apps, E-Wallets
Don’t take help of the online payment or avoid them how much you can online payment fraud while using UPI apps or e-wallets is becoming increasingly difficult with the growing volume of online transaction in India. Total number of transactions made through the Unified Payments Interface (UPI) in February 2021 was 2.29 billion, consistent with data provided by the National Payments Corporation of India (NPCI). And as more people make payments using UPI apps and e-wallets within the country, the incidences of online fraud grow. Scammers still find new ways to steal the hard-earned money of people . Many such victims have posted about their accident on social media.
The list of victims of online payment fraud not only includes the people that sleep in rural areas and are new the planet of digital payments, but also many of us living in urban areas and using UPI apps and e-wallets frequently. during a recent case, Delhi Chief Minister Arvind Kejriwal’s daughter Harshita Kejriwal was also allegedly duped of Rs. 34,000 while trying to sell a settee online. a person posing as a buyer contacted Kejriwal and told her that he would send a little amount to verify her checking account . He initially sent her Rs. 2 and asked her for confirmation, consistent with media reports. But then , he reportedly sent her a QR code that enabled him to withdraw payments from her bank.
This is a standard way of fraudsters trick individuals by sending them a payment request on their UPI app. That request allows them to simply transfer the cash . But alongside sending payment requests, criminals use social engineering to dupe people.
“Social engineering are often found in various forms, and that we use various names thereto like phishing and smishing,” Vikram Jeet Singh, Director, Risk Consulting – IT Advisory, KPMG, told Gadgets 360 in an earlier interview.
Once the payment request is accepted, the UPI app asks for the PIN, which is that the last step to finish the transaction. this suggests that you’re going to lose the cash the instant you enter your UPI PIN, which you should not .
“When it add a consumer, it boils right down to sense ,” said Ram Movva, President and Co-Founder of Tamil Nadu-based cybersecurity services firm Cyber Security Works.
Most of the leading commercial banks run various online and offline campaigns to tell their customers about frauds happening through UPI apps and e-wallets. The NPCI also educates individuals through its social media channels. However, some experts believe that frauds might be minimised by bringing stringent policies and rules.
“With no data standards… defined by the govt — and neither by the Federal Reserve Bank of India nor by CERT-In — people are left apart from the safety point,” said Sateesh Kumar Peddoju, professor , Indian Institute of Technology – Roorkee.
The growth in online payment frauds have made it quite difficult for businesses to guard customers as cyber criminals still build new ways and mechanisms to focus on innocent people.
“More and more folks became familiar with doing more and more transactions online, especially since the COVID-19 pandemic hit last year, and it’s easy to forget that there are people out there who will do anything to get money or personal information by deception,” data security firm Sophos said during a statement.
Having said that, you’ll take certain steps to remain safe from online frauds while making payments through a UPI app or e-wallet.
Avoid engaging with strangers
One of the primary steps which will assist you stay protected against online frauds is to avoid engaging with strangers through any medium. it’s important that you simply aren’t communicating with unknown people over a call or message — unless it’s something very urgent and unavoidable. Banks also tell their customers to not disclose personal or transactional details like UPI PIN or OTP even to people claiming to be banking officials contacting them via email or phone.
“There are many fake emails that are being sent everyday by hackers,” said Karmesh Gupta, CEO of network security firm WiJungle. “They usually pose that they comes to an reliable organisation or platform to trick and ask you for the specified information. Before acting upon any email, confirm that you simply thoroughly check and verify the e-mails address.”
By not communicating with fraudsters, you’ll avoid getting caught in social engineering tricks that fraudsters often use to steal money from individuals. How to Avoid Online Payment Fraud While Using UPI Apps, E-Wallets
In case you would like to interact with someone you do not know, maybe for selling a household item (like in Harshita Kejriwal’s case), you ought to be very careful of the communication you create and must not ever share your bank details. you want to also not share OTP or the other transactional information you get on your phone while lecture someone you do not know personally.
“Fraudsters track social media accounts and may approach the user under the guise of providing assistance,” said Damon Madden, Principal Fraud Consultant— Fraud & Risk Management, ACI Worldwide.
PhonePe had also noted during a blog post that fraudsters often repose on their credentials by telling folks that they work for the soldiers , police, or the govt . But you ought to remember and not trust a person simply because they seem to represent a reputed organisation.
Gupta acknowledged that in some cases, bad actors attempt to connect with individuals by pretending to supply them heavy discounts, offers, and deals from online shopping platforms. “This is one among the foremost commonly used and trending ways of looting people through online channels,” he said.
You should, therefore, be utmost careful while taking any actions on emails or messages claiming to offer you discount offers and deals. How to Avoid Online Payment Fraud While Using UPI Apps, E-Wallets
Do not share OTP with anyone
One-time password (OTP) is what banks and financial institutions send to validate transactions in India. But unfortunately, OTPs have also become the entry-point for many frauds nowadays.
“Usually bank don’t invite personal information on SMS, so if you receive a text any time and asking about your financial information, it’s generally a red flag,” said Madden of ACI Worldwide.
Gupta of WiJungle said that OTP frauds were one among the foremost common thanks to which tons of individuals lost access to their important information or maybe lakhs of rupees. “It is typically the shortage of awareness that folks share their OTP (one-time-password) considering that it’s come from the bank or any official authority. Thus, it’s important to require care before sharing the OTP to any unknown,” he said.
You should never share the OTP you will get on your phone with anyone over a call or message. it’s also important to notice that you simply must not be entering your banking details or login credentials to your checking account on a computer or device that’s a part of a shared network, because it would let someone know your information from the backend.
Never click on any links or accept payment requests
Fraudsters often send doctored links to get money from your account. UPI apps like BHIM and Google Pay have also made it easier for scammers to form fraudulent transactions by sending payment requests. However, Movva of Cyber Security Works said that regardless of you ought to never click on a link you receive or proceed with a transaction request unless you initiated it yourself via a UPI app or your bank’s website.
Google Pay displays a blocker warning screen for top value QR/ payment link transactions to warn users about fraudulent payments and ensure they approve transactions after due deliberation. But several people still become victims, especially when a fraudster tries to require part payments from their account rather than getting the whole money call at one transaction.
Similar to Google Pay, PhonePe also asks users to not answer any random payment requests. “Always remember you are doing not need to ‘Pay’ or enter your UPI PIN to receive money on PhonePe,” the corporate wrote in another blog post that details the sort of online frauds that happen while using UPI apps.
“Receiving money requires no PIN,” Citibank also wrote during a detailed support page around UPI frauds. How to Avoid Online Payment Fraud While Using UPI Apps, E-Wallets
Stay away from counterfeit or unknown app apps
Although Apple and Google try hard to get rid of duplicate and false apps from their app stores, you’ll still encounter counterfeit UPI apps while downloading other apps. It is, therefore, important that you simply must not install those on your phone.
“Users should verify the name, developer, registered website and email address of an app before installing it on their mobile ,” said ACI Worldwide’s Madden.
Alongside counterfeit UPI apps, you will find several apps that appear to be related to your bank once they actually aren’t. It is, therefore, your responsibility to put in only authenticated and official banking apps on your devices.
Fraudsters lately attempt to connect with individuals through fake helpline accounts on social media. In some cases, fraudulent phone numbers also appear on search engines. Platforms like Google Pay and PhonePe, however, recommend users to attach with their support team directly. you’ll reach bent Google Pay via its toll-free number 18004190157 or by browsing the Contact Us section within the app. PhonePe also has dedicated customer support on its website. Similarly, most commercial banks have their official helpline numbers and social media accounts that you simply should reach just in case of a question or for reporting a fraud.
Experts believe that it’s important to let others know if you’ve caught during a fraudulent activity to assist them watch out for similar experiences. you ought to also hear about the incidents happened with others to take care at your end.
“Report scams if you’ll . it’d not feel as if you’re doing much to assist , but if many of us provide some evidence, there’s a least an opportunity of doing something about it. On the opposite hand, if nobody says anything, then nothing will or are often done,” Sophos said.
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