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UPI Scams in India | #finance #knowledge #education #upi #gpay #phonepe

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National Payments Corporation of India
(NPCI) statement on KYC scams
"With reference to recent media/social media articles on
'KYC scams' - The connection to UP is misleading and incorrect. We assure all users that any payment through UPI does not expose the sender's KYC details and neither does it lead to a user's mobile or App getting hacked. UPI works on the principle of payment using a Virtual Payment address or UPI ID - using secure method of device binding and UPI PIN to transfer money. KYC details are not used or shared during a UPI transaction. We would like to reassure that UPI continues to remain a safe and secure payment method. The intention of some of these articles social media messages are to mislead and thereby create mistrust about a payment method that has been adopted widely across the country."
How to protect yourself from UPI fraud?
To stay safe, it is essential to remain vigilant and take appropriate measures to protect yourself from potential fraud. Here are some of the ways though which a person can protect himself from getting scammed.
• Use a trusted UPI app
• Create a strong UPI PIN
• Do not share your UPI PIN
• Verify the payee's details
• Be wary of unsolicited calls or messages
• Enable transaction limits
• Keep your UPI app updated
• Monitor your transactions
NOTE: According to a report by the union finance ministry, cyber cells recorded more than 95,000 fraud cases of UP transactions between 2022-23.
(NPCI) statement on KYC scams
"With reference to recent media/social media articles on
'KYC scams' - The connection to UP is misleading and incorrect. We assure all users that any payment through UPI does not expose the sender's KYC details and neither does it lead to a user's mobile or App getting hacked. UPI works on the principle of payment using a Virtual Payment address or UPI ID - using secure method of device binding and UPI PIN to transfer money. KYC details are not used or shared during a UPI transaction. We would like to reassure that UPI continues to remain a safe and secure payment method. The intention of some of these articles social media messages are to mislead and thereby create mistrust about a payment method that has been adopted widely across the country."
How to protect yourself from UPI fraud?
To stay safe, it is essential to remain vigilant and take appropriate measures to protect yourself from potential fraud. Here are some of the ways though which a person can protect himself from getting scammed.
• Use a trusted UPI app
• Create a strong UPI PIN
• Do not share your UPI PIN
• Verify the payee's details
• Be wary of unsolicited calls or messages
• Enable transaction limits
• Keep your UPI app updated
• Monitor your transactions
NOTE: According to a report by the union finance ministry, cyber cells recorded more than 95,000 fraud cases of UP transactions between 2022-23.
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