ICICI Bank has ‘UPI Warning’ for its customers: All you need to know.
ICICI Bank is warning all online banking users, especially those who use UPI apps, to be very cautious of untoward incidents of fraud in the wake of recent UPI-related scams. With UPI-based payments apps like Paytm, Google Pay, PhonePe and others being relatively new, scammers are using the lack of awareness among users to their advantage. Even smart, well-educated citizens residing in big cities are falling for these UPI scams. ICICI Bank is the latest to issue an advisory and here is everything you must know while using UPI apps.
If you receive a call from someone asking for card or bank details. Just disconnect
Don’t entertain bogus calls from customer care centres. The moment someone asks for debit/credit card details or other banking details or even your bank name, just disconnect the call no matter whoever or whatever service he or she claims. Also, remember these fraudsters sound very sweet and friendly over the phone.
Never forward any SMS or read out any OTP or PIN that you receive on your phone
Fraudsters generally ask for OTPs for UPI registration for those who doesn’t use it to create an ID for fraudulent transactions.
Fraudsters generally target people to open a new VPA to conduct frauds
Fraudsters will ask for bank details from you to create a new Virtual Payment Address (VPA) ID for your account and set MPIN to do transactions.
While using UPI apps, be very careful if you receive a request for money via SMS
With the promise of sending money to you, sometimes you may be cheated through the request money option. The fraudster will use the “Request Money” option on UPI apps to ask for money from you instead of transferring money. Note that this is where people lose their money. Without reading the SMS properly from UPI apps, they simply click on it and money gets transferred from your account.