This morning, my dad got a message saying 50,000 INR had been deposited into his bank account. He wasn’t expecting any money, so he was really surprised. Soon after, he got a call from a woman who said her company had accidentally sent the money to his account. She sounded very worried and said her job was at risk if the money wasn’t returned quickly. Being the kind person he is, my dad decided to help her and asked me to transfer the money back.
I overheard the conversation and decided to check things out before my dad lost his hard-earned money. After looking at the message closely, I noticed a few things:
- The message came from a private number, not our bank. (Transaction messages always comes from Banks)
- The grammar and spelling in the message were wrong.
- The message didn’t include my dad’s account number, which Transaction message usually does.
- I checked my dad’s bank account, and as you might guess, there was no money deposited.
With the rise of UPI, scams are unfortunately increasing at an alarming rate. While the government is doing its part, we also need to use UPI responsibly. Here are some best practices to protect yourself from fraud:
Never Share Your UPI PIN or OTP
Never share your UPI PIN or OTP with anyone, even if they claim to be from a bank or government institution. Remember, no legitimate organisation will ever ask for these details. If someone does, it’s a scam.
Never Give Access to Your Phone or Computer
Fraudsters may ask for access to your phone or computer for KYC purposes. Never share such access. This is a common tactic to hack your bank account.
Don’t Open Random Links
Be cautious of messages asking you to claim rewards or cash. These links are often used by fraudsters to collect your UPI PIN and steal money from your account. Always verify the UPI link and the account holder’s name before making any payment.
Be Careful About Payment Requests
If you receive a payment request from an unknown source, do not entertain it. Decline the request if it seems suspicious. Remember, you do not need to enter your UPI PIN to receive a payment. If you do, the money will be deducted from your account.
Watch Out for SIM Cloning
If your SIM is switched off even for a minute in a good network zone, contact your service provider immediately. There might be a chance that a criminal has cloned your SIM card to access your bank account and make fraudulent payments.
Beware of Impersonation Fraud
If you receive a call from an unknown number where the caller sounds like someone you know and demands money, hang up and inform the person being impersonated. Also, file a complaint with the cyber security police.
Avoid Fraudulent Sellers
Be cautious when buying from online marketplaces. Fraudulent sellers fail to deliver the product after processing the order.
Regularly Check Your Account
Periodically review your account activity for any suspicious behaviour. We often forget to do this and may miss red flags. It’s best to check your accounts thoroughly every week. If you notice anything unusual, alert your bank immediately.
Stay Updated for Security
Regularly update your payment app and mobile devices to protect against software vulnerabilities. Keeping your software up-to-date ensures you have the latest security patches and features, safeguarding your personal and financial information.
Stay Informed and Vigilant
Keep yourself updated with the latest news on cyber fraud. By staying informed, you can learn about new scams and protect yourself and your family from cybercriminals. Awareness is your first line of defence against online threats.
Feel free to share this article with your friends and family to help protect them from fraud. Let’s discuss in the comments—I’m sure you have more tips to share. If you’ve ever been scammed, please share your experience. Thank you for reading, and see you in the next article!
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