Beaware of UPI frauds; know how to save yourself from fraudsters

During this period of lockdown, imposed to control spre of Coronavirus pandemic, many hackers, tricksters, fraudsters have started making ir moves to trick people and steal money. Similarly, an IAF officer has faced a UPI-related scam where personnel lost nearly Rs 75,000. 

IAF officer was willing to sell his old furniture online; thus, so he posted im of things up for sale on an online portal. fraudster reportedly posed as a buyer on an online website and told officer that he is interested in buying furniture. However, fraud buyer requested personnel to make payment using a UPI portal. IAF officer agreed to deal as fraudster told him that he lives in a remote vill and cant pay cash in person. Unfortunately, officer lost Rs 75,000 inste of getting money from him. 

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However, this incident did t happen due to any glitches or problems from payment portal but it is reportedly said that it was lack of complete kwledge and working of payment mode that has caused this incident to occur. It has become necessary for all users of UPI payments mode to understand everything about medium. So, here is everything you need to kw to prevent such scams from happening.

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How does fraud happen in UPI transactions?

Fraudsters will first ask you to send m a payment request on UPI payment's portal. w, inste of sending money, se people will send you a request back again asking you to accept payment online. However, a user will have to tap on request and tap on "Pay" to send money to fraudster. Pressing "Decline" will cancel request transaction. But, many users who are new or unaware of such methods, tap on "Pay" and se tricksters get money.

To prevent such things from happening to you, make sure you are alert. You must need to kw that  receivers in a UPI transaction do t have to do anything to get ir money.

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How to save yourself from UPI fraud?

To transfer money or make a transaction using UPI apps, users need to enter ir M-PIN. se passcodes are different for every linked bank account and can be deted as a digital ATM PIN. In UPI interface, a user only has to enter ir M-PIN when y are eir checking ir account balance or making a transaction where money will be deducted from your linked bank account. Your M-PIN and UPI login passcode is as important as your ATM PIN, so, do t disclose it to anyone. To be on safer side, put a lock on your payment apps.

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