"Post-Covid, UPI transaction volumes have grown significantly due to the convenience UPI offers in undertaking both large and small transactions.
But UPI frauds also tend to impact many people due to its massive user base," says Vikram Babbar, partner, EY forensic and integrity services-financial services.
Key methods of fraud Phishing links Fraudsters send spam links via SMS, emails, or other means, enticing victims to click on them. "These links either install malware, extract sensitive banking information, or trick users into entering their UPI PIN, resulting in unauthorised transactions," says Babbar.
Prashant Mali, an advocate and expert on cybercrime, informs that fraudsters often impersonate trusted entities, like banks, e-commerce platforms and other service providers, to trick victims into entering their UPI PIN.
Bu hikaye Business Standard dergisinin November 30, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin November 30, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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