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Nowadays, it is mandatory to keep oneself safe not only from coronavirus but also, one has to be mindful of cybercriminals. Criminals usually target the users who are indulged in taking digital routes to conduct financial transactions. One of the channels seeing a rise in frauds is the Unified Payment Interface (UPI), a digital payment platform that facilities cashless, real-time transactions via mobile phones.

What is UPI?

UPI is the payment method under which users can link more than one bank account with a single mobile application and make the transactions without using the Indian financial system code (IFSC) or the account number.

Types of UPI Scams

There has been a significant rise in UPI transactions leading to financial attacks, UPI fraud complaints, hacking, cyber frauds, and other associated risks. Some of the prominent ones linked to UPI scams are mentioned below: -

• Phishing: This is one of the most common occurring UPI payment frauds in India. This is where fraudsters send an email or SMS containing unauthorized links. Once these links are clicked, they will end up on a fake website. Entering UPI ID and PIN to make the payment, will lead to misuse to steal money from your account using your UPI details.
• Remote screen monitoring: Work from home is the new mandate now. Screen monitoring apps such as AnyDesk, TeamViewer are nowadays a compulsory requirement, and downloading such unverified apps from the app store can lead to privacy breaches and data leaks through which confidential data can be extracted from your phone and tap into UPI app details, which can result in UPI fraud.
• Deceptive UPI Handles: Scammers take advantage of UPI handles that are in the public domain which people are using to transfer money. They make similar-looking UPI ids and circulate them widely on all social media handle where the users end up transferring money into those fake UPI accounts.
• Fake calls: Here, scammers make calls pretending to be an individual as a bank representative and ask for your UPI pin and also ask you to download a third-party app, stating it’s for the verification purpose. Doing so gives them access to your data and account details as well.

How to Avert UPI frauds?

• Identify Scammers

 Your bank would never call and ask for sensitive data. Therefore, in case someone calls and requests you share the account-related data, understand the person is not a bank executive. There’s a feature on apps like Google pay, PhonePe, BHIM, called “request money” which scammers take advantage of.

• Scammers will ask for PIN

One should never reveal your PIN to strangers on phone, under any circumstances, and secure your UPI apps with biometric recognition software. As, today on online marketplaces like OLX, UPI frauds are taking place quite often.

• Spammers send requests on Google pay and PhonePe

Google pay and PhonePe always give spam warnings to the users, if they receive any requests from an unknown account. Always beware in case of such suspicious accounts, always lodge a Google Pay fraud complaint.

• Be aware of the fake apps on the Google Play store

Make sure the apps you are downloading from the Google play store should be verified and authentic. If mistakenly you downloaded a fake app, it becomes easy for the hackers to extract all the confidential data and steal money from your account. Numerous fake apps like Modi Bhim, Bhim Modi, etc have been reported to have extracted personal data of customers in name of providing valuable banking services.

• Scammers will send downloadable content on E-Mails

E-mails often comprise the content that lures you to download and make sure not to download anything without scanning it for viruses/Malware.

How to File a UPI fraud complaint?

In case you come across any unauthorized transaction, this is where you can complain about the UPI frauds:

Complain to your bank (Bank complaint):

1. Immediately inform your bank in case you come across any unauthorized transaction. The sooner you inform, the safer you will be. This is the first step towards redressal.
2. Submit a request to block your bank accounts which will stop future transactions and you’ll be able to access your bank accounts after the change of your password or by issuing the new details.

Complain to your payment platform:

1. In case you are using any of the online payment platforms such as PhonePe, Google Pay, PayTM, etc, immediately call on to the toll-free number to submit your complaint.
2. Some of the platforms also offer an in-built complaint feature where you can raise a dispute against any transaction.

The bank and the UPI company should be able to resolve your complaint within 10 days.

Complain to cybercrime police:

1. Immediately rush to the nearest cyber cell and alert them about the UPI fraud and also submit a complaint and mention all the details of the unauthorized transaction.
2. You can also file an FIR in case you are not aware of any cyber cell and they will forward your complaint to the right authority.

Complain to NPCI:

NPCI stands for The National Payments Corporation of India (NPCI) entertains issues with regards to fraudulent unauthorized transactions and UPI fraud complaints. Provide all the required details clearly to NPCI so as to submit a UPI fraud complaint.

Complain to the Digital Payments Ombudsman:

The Reserve bank of India (RBI) has launched an Ombudsman scheme that deals with digital transaction issues. A form is also available on RBI’s website which you may use to file a UPI fraud complaint. Also, delay in reposting such an occurrence- quick action should be taken.

Who bears the loss in the case of a fraud?

According to the Reserve Bank of India’s July 2017 notification, a customer would get the full amount back in the following circumstances. First, if fraud occurs due to negligence/ deficiency on the part of the bank. Second, if it is a third-party breach but the customer notifies the bank within three working days If the customer has reported.

Conclusion

If you still have any queries regarding how to make a UPI fraud complaint or any online transaction fraud in India you can reach out to us without any hesitation. TAX ADVISORY is India’s leading legal service provider. The team tax advisory will give you proper guidance and help you in overcoming, any fraudulent transaction made via Phonepe. You just need to contact us directly on 9193555055 or you can also log on to www.taxadvisory.in

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