UPI serves as an important platform for online payments, but the increase in digital transactions has led to an alarming rise in UPI fraud cases.
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Over 95,000 reported UPI fraud cases in financial year 2022-23 underline the urgent need for effective fraud management strategies.
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Common UPI fraud tactics include phishing, fraudulent sellers, screen monitoring apps, money mule schemes, SIM cloning, fake calls and malware attacks.
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Fraudsters disguise themselves as bank employees to extract sensitive information and gain access to victims' UPI applications and bank accounts
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Users can protect themselves by following RBI guidelines, exercising caution in payment requests and reporting unauthorized debits immediately.
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Users should be wary of connecting with fraudsters and exercise caution with the “money request” feature on UPI apps. royal
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Additional measures include avoiding opening unverified emails, avoiding using open Wi-Fi for banking, and monitoring bank messages for unusual activity.
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Banks and financial institutions should prioritize strong fraud management practices and leverage technology to ensure a secure digital banking experience for customers.
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