Different Types of UPI Scams and How to Save Your Money From Them

As more and more Indians are using Unified Payments Interface (UPI) for transactions, there’s also a rise in scams related to it. Scammers are targeting people who might not be very tech-savvy and tricking them into losing their money. The National Payments Corporation of India (NPCI) is working to make people aware of these scams. Here, we’ll look at the common UPI scams, how they work, and easy ways to stay protected.

What Do You Mean by UPI Scam? 

In UPI scams, people get tricked into sharing sensitive info or sending money to the wrong accounts. Scammers use different tricks like creating urgency, fake investments, and sneaky links or codes to get folks to make payments without realizing it.

Types of Scams 

1. Fake Bills 

One common UPI scam involves fake bills. Scammers reach out to UPI users, claiming there are unpaid bills. Even if users insist they’ve paid, scammers try to convince them otherwise. They suggest using a specific UPI app for guaranteed on-time bill payments. Unfortunately, some users fall for it, downloading a fake app and making payments through it.

2. Scammers Ask for Urgent Payment 

Here’s another type of scam: a scammer might ask you to make a UPI payment in exchange for cash. To make it seem legit, they’ll show you real money. After you make the payment, they give you what looks like real cash, but later you find out most of it is fake.

3. Phoney Investment Offers 

Beware of fake investment offers! Scammers might promise to double your money quickly. Tempted by big rewards with small investments, people using UPI often fall for it and end up losing their money by making payments through sketchy links.

Watch out for fake websites and messages! Scammers create ones that look like real UPI apps or services. They trick users into clicking on bad links or sharing their UPI PINs, passwords, or OTPs on these fake platforms. Be careful!

Also read:

Step by Step Guide to Link Rupay Credit Card to UPI

5. Fraud Customer Services 

Be on the lookout! Scammers might pretend to be someone you know or a bank representative, sending money requests to your UPI account. They’ll say it’s for technical support and ask you to download an app for remote control, leading to unauthorized transactions. Stay alert!

How to Protect Your Money Against UPI Scams? 

Keep your digital transactions secure. Never share your UPI PIN, password, or OTP with anyone. Avoid clicking on unknown links or entering your details on unfamiliar websites. Don’t accept money requests from people you don’t recognize. Stay safe online!

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