changing nature of fraud

the fraud has been always seen by changing its nature from a different type to different type in the 90 the modes ewre mostly te physical but after the introduction of electronic facility in the 20th century the humans has devloped different types of the techniques related to the fraud . due to accessebiluty of the banking fqcility in the current world keeping in hand the smart phones . it is absolutely true tht the technologies had given us so freedon and made our work easy but at the same time it has been saw that its creating a big loss to the people hwen it goes in wrong hand and where guilty mind lies .

talking about the new trends of frauds throuhgh the electronic means which includes

net banking fraud

app fraud- phne pay , paytm, olx , quikr etc

fraud on call

data hacks

The Unified Payments Interface or UPI has made transferring money very simple, thanks to the rising popularity of apps like Google Pay, PhonePe, and others. But while UPI is fostering a new way of digital payments, it has also opened up new ways to trick unsuspecting users. I found out just how common such scams on UPI are thanks to my father’s recent interactions on OLX, where he wanted to sell his bike.

The scam unfolded like this– My father, who lives in a small town in Uttar Pradesh received a call from someone who claimed to be from a nearby city, and said was keen to purchase the listed motorcycle. He also offered to pay Rs 10,000 in advance and promised to pay the rest of the amount in cash within two days when he would come to pick it up.

This person did not want to see the bike and persisted to pay the advance, even when assured that my father would not make a deal with anyone else in that period. The caller continued to badger my father to send his UPI address so the amount could be transferred. This raised enough suspicion for my father to cut him off.

Watch out! Don’t fall for fraud calls or SMS for Paytm KYC

A week later, he refreshed the listing and within an hour, he received a call and the same thing followed. My father was now sure that it is some kind of fraud, but could not understand how giving up his UPI ID alone could result in a scam. He called me to look into the matter and when I searched for ‘UPI fraud OLX’ on Google, there was plenty to show how such scams were being executed.

However, I soon found out that it was not the only way that people were being conned. I myself received a call in the office where the caller claimed that I have pending cashback in my PhonePe account. “Do you want me to ‘pay’ the amount or do you wish to ‘decline’ it,” the caller said. Obviously, he did not have the answers to my questions like– “Since when did cashback needs to be accepted,” and “Why the cashback is on hold,” and “Why have I got cashback in the first place?”

The person even sent a payment request on PhonePe with three options as usual — “Pay”, “Later”, and “Decline”.

How the fraud happens

What follows after you tell the fraudster your UPI ID is that user gets a payment request. The scammer might have promised to transfer the money for the item you have listed on the classified site, but instead sends a request demanding money from you.

The scammer tells you that he has sent the money, please accept this ‘request’. He says that in order to receive the money you will have to tap on the ‘Pay’ button, while tapping on ‘Decline’ will result in cancellation of the said transaction.

However, the receiver in a UPI transaction does not need to do anything to get their money. People, unaware of the very fact, end up paying the scammer in the hopes of receiving the money. This small negligence on your part makes you a victim of UPI fraud.

How to save yourself from fraud

To transfer money or make a transaction using the UPI apps, users need to enter their M-PIN, which differs for every linked bank account. The M-PIN is like a digital ATM PIN. If at any point of time, you are entering your M-PIN into the UPI app, you are either checking your account balance or you are making a transaction where money will be deducted from your linked bank account.

Treat your M-PIN exactly like you treat your ATM PIN. Do not disclose or share your M-PIN with anyone. The same applies for UPI login passcode– a password that you need to enter to log in to your UPI app. To be on the safer side, put a lock on your payment apps.

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