Under siege?

UPI scams like phishing, impersonation, and fake apps highlight the need for swift action, robust legal frameworks, and proactive measures to protect users and prevent financial losses

- RAAVI BIRBAL

UPI and various other scams through e-modes have come to light over time. These include voice phishing, a very common type of fraud wherein a scammer calls pretending to be a bank or other representative. The scammer provides fake information and a sense of urgency to obtain UPI details or PIN numbers.

Impersonation is another method, where fraudsters disguise themselves as genuine sellers. When approached for a product or service, they take the money but fail to deliver.

Other scams include fake UPI payments, where fraudsters generate fake UPI QR codes. Scammers also create fake UPI apps or websites that mimic legitimate ones, tricking users into using them. Screen monitoring scams involve applications that record personal and banking details without the user's knowledge; criminals find ways to install such apps secretly.

There are also UPI frauds via collection requests, where fraudsters send a collection request and claim payments for debit reversals or refunds. They may use high-pressure tactics to compel users to make payments.

Similarly, QR code scams involve scammers sending users a QR code under the pretense of transferring money. When users scan the code, it instead transfers a payment from their account.

Fraudsters may also use misleading UPI handles, employing tactics like offering attractive deals to lure individuals into making payments to fraudulent UPI IDs. Cases of irregularities in foreign exchange transactions have also been reported. These are just some of the common scams.