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How fraudsters commit UPI related frauds? In which states are maximum UPI frauds being committed? What things should you keep in mind to avoid falling prey to such frauds?
UPI related frauds are happening almost every day. In August, a record 10 billion UPI transactions took place in the country. But with the increasing popularity of UPI, frauds related to UPI are also increasing.
According to a report by Bajaj Finserv last year, it is estimated that on average 80,000 UPI frauds occur every month in India. In addition, a report by research and consulting company Praxis released in May this year stated that UPI accounts for nearly 55 percent of all the digital frauds being reported in the country.
The most UPI frauds are being committed in three states – Uttar Pradesh, Gujarat and West Bengal… These account for more than 30 percent of all frauds. UPI frauds are being committed through various methods including phishing attacks, malware, UPI ID spoofing, remote monitoring of devices and many others. Not only that, experts believe that artificial intelligence and machine learning could also be used for UPI frauds in the future. So the question arises – how safe is UPI?
Cybersecurity expert Kamakshi Sharma says that UPI in itself is safe. It’s a robust system. The problem is not with UPI but with our devices. Our devices, such as mobile phones, laptops etc., are connected to UPI. If there is malware in the system, or if someone gains remote access, your essential personal details can easily be accessed. This increases the risk of fraud. So what should we do to avoid becoming a victim of such frauds? On this, Kamakshi says that awareness is the key. That is, people need to be vigilant themselves. They should not share UPI pin, OTP with any unknown person. They should Enable two-factor authentication in UPI account for better security. One should Check UPI transaction history from time to time. So that if there has been any unauthorized or suspicious transaction, people can find out easily.
In conclusion, it’s better to be a little cautious while using UPI. Otherwise, the loss will be yours and the benefit will be of cyber thugs.