Scam, Upi, Bhim, Phonepe, Google Pay

In this digital world, money matters a lot and so people have started using it through the internet also. In spite of the spread of e-transactions, there is still a big chunk of money transactions that are done via physical currency. For example – at petrol pumps, you give money in physical form and get a digital document which is like ink if you will. What if the next person uses that slip without giving any money? Sounds impossible? Well, we’d say it’s possible because of UPI or Unified Payments Interface. So before we tell you how it works and all its technicalities, let us first focus on the main reason why people are talking about it.

What is UPI?

It is an interface that was launched in India by the National Payments Corporation of India (NPCI) which allows you to send and receive money instantly with just a few taps on your device.

How does it work?

If you are using internet banking or some other mobile wallet app, you might have come across this process where after entering the details like account number, IFSC code, etc., you are asked to generate a one-time password (OTP) for authentication purposes. But this process used to take quite some time as even if generated instantly it needs to reach your registered mobile no., then OTP will be generated there only and then the user has to enter it in a certain format for authentication down here.

Well, UPI got rid of all this process and brought this facility to your fingertips. You can send money instantly to any mobile number registered with UPI even if you don’t know that person personally. Simply give your name and account details and you’re done! The receiver’s bank will generate an OTP on his phone which he has to enter in order to claim his funds from his account. Simple, isn’t it?

So here, let us list out the biggest scams going on since its launch:

1. Cash Depositing Scam

In this method typically a doc or pdf file is sent through WhatsApp or a mail with a link to click on. The said link redirects the user to a website that is different from what appears in the browser address bar. This page looks exactly like an internet banking website and looks like you are logged in as well, but actually, it’s not.

The webpage captures all your details (OTP also) and logs into your account and makes a withdrawal of the desired amount. So, it is very important to be careful while clicking on any such links and to check the website address carefully.

2. Lottery Scam

This one is as old as scams can get! A person receives a call or message saying that he has won a lottery and needs to deposit some money in order to receive his winnings.

This method is used for a long but with UPI it has resurfaced again with some modifications. The receiver still needs to deposit money into the said account, but this time for receiving an OTP. Once he enters that OTP, they steal all his details and siphon off the money from his account instantly.

3. Insurance Scam

This is one of the most dangerous scams seen so far. The receiver receives a call saying that he has been given some monetary benefits from an insurance company for being an active user of internet banking. This money can be sent to his account through UPI, but only upon verification. So, he needs to enter his account number and IFSC code on the phishing website.

The moment he enters all his details, they are stolen and the money is transferred from his account to the scammer’s account. So, it is very important to never share your account or personal details with anyone you don’t trust.

4. Bank Account Cloning Scam

In this scam, the scammer creates a fake website that looks exactly like the bank’s website. Once the user logs in, all his details are captured by the scammer and he is able to clone the user’s bank account and withdraw all the funds.

So, it is very important that you never enter your login credentials on any suspicious website.

5. WhatsApp Scams

This one is the most common scam you will come across almost every day. You might have received a call or message on WhatsApp saying that you’ve won some lottery, but to claim your winnings you need to share your bank details with them.

Similar scams can be seen where they ask for OTP also. So, it is important to be very careful while sharing any such information on WhatsApp and to verify the authenticity of the sender first.

These are some of the most common scams seen so far. But there are many more which are surfacing with each day. So, it is important to be aware of all these scams and to take preventive measures.

So be careful and save yourselves from these online banking frauds!

How to protect yourself from UPI frauds?

UPI, or Unified Payment Interface, is a service that allows you to send and receive money using your phone. All you need is the recipient’s UPI ID and you can transfer money easily and instantly to their bank account right from

Since its launch, there have been various new UPI frauds that are being reported regularly. These are not actually new, but they are done through the platform of UPI itself. You do not even need to access your bank account or mobile phone for these scams! For example, you might receive a call saying that you’ve won some lottery and to claim it you need to deposit some money.

This is a very common scam, and there are many more like it which you need to be aware of. So, here are some tips on how to protect yourself from UPI frauds:-

  1. Always be careful while clicking on any links, especially if they are asking for personal or banking details.
  2. Be very careful while responding to any calls or messages that claim you have won a lottery or some other prize.
  3. Never share your personal or bank account details with anyone you don’t trust.
  4. Be very careful while entering your login credentials on any website, especially if the website looks suspicious.
  5. Always verify the authenticity of the sender before sharing any information on WhatsApp or other messaging platforms.
  6. Be aware of all the UPI frauds that are happening these days and take preventive measures.

So, these are some of the tips you can follow to protect yourself from UPI frauds. Stay vigilant and stay safe!

UPI, or Unified Payment Interface, is a service that allows you to send and receive money using your phone. All you need is the recipient’s UPI ID and you can transfer money easily and instantly to their bank account right from your phone.

Best UPI Apps To Secure Your Bank Accounts–

  • BHIM App
  • PayTM
  • PhonePe
  • Google Play

The UPI app has enabled instant money transfer at any time of the day, making it the most preferred mode for especially banking transactions. Interacting with different banks poses no difficulty as they facilitate this service even remotely using a Unique Identification Number (mPIN). There are many banks and handset makers who provide hassle-free ease to make payments without typing in card PINs across multiple payment platforms like BHIM, Tez, and Google Pay. The major benefits of UPI outweigh its current limitations like not working on 3G and 4G networks and transfers only within our bank account through NEFT or RT.