The UPI payment PhonePe enables bank account holders to send and receive money using a Virtual Payment Address (VPA) a unique ID without requiring additional bank information skinner asks for the Virtual Payment Address (VPA) on a phone call or while engaging you in a chat.
A pin is needed only for transferring amounts, not while receiving. Restrict access to screen-sharing apps and never share your pin, card and OTP details.
awareness about engaging with the Skinner.
According to the National Payments Corporation of India (NPCI) data, the total number of UPI transactions has reached 79.95 crores in March 2019 up from 17.80 crores in March 2018 and 62.01 crores in December 2018.
There has been a growth in the total value of UPI transactions as well – Rs 1.33 lakh crore in March 2019 versus Rs 24,172 crore in March 2018.
Therefore it is important for consumers to be aware of fraudulent transactions.
You alert in transfer request on UPI payment.
Skinner takes advantage of the ‘request money’ option on UPI apps such as Bharat Interface for Money (BHIM), Google Pay, PhonePe, etc.
Imposters show interest in buying a product advertised on various online platforms.
They make the seller of the product transfer the money using UPI apps’ ‘request money’ option.
Ambarish Kenghe, Director – Product Management at Google Pay, says, “Users need to be mindful that a transaction which requires them to enter their PIN, is for sending money.
Remember, receiving money requires no PIN. If you receive a payment request from someone whom you don’t know or cannot immediately identify, then you should immediately decline the request.”
NPCI has also urged users to decline all such requests coming from unknown payment addresses.
Google Pay’s security infrastructure detects risk and fraud on the product. This alerts the users before making any transactions.
There are several free screen-sharing apps such as Anydesk, Teamviewer and Screenshare. These apps are generally used by the engineers to fix issues on a phone from a remote location. These apps allow full access and control to your phone.
According to a February 2019 press release from NPCI, five cases were reported with Reserve Bank of India (RBI) of fraudsters using these third-party screen-sharing apps to control mobile phones for malicious purposes.
Anuj Bhansali, Head of Fraud and Risk at PhonePe cautions “On third-party screen sharing apps. Consumers think they are being helped for complaints, but fraudsters use the opportunity to record the user’s card number, CVV code and initiate financial transactions.
Fraudsters view the OTP received on the user’s phone and use it for transferring funds to their own accounts.”PhonePe
Bharat Panchal, Head of Risk Management, National Payments Corporation of India adds, “Once access is granted on screen sharing app.
A skinner can not only initiate financial transactions but can also place online shopping orders or book rail/air tickets, etc.
There are Fake UPI apps on Google Play and Apple apps stores.
For instance, after BHIM’s launch in December 2016, there were complaints to NPCI of numerous duplicate BHIM apps available on Google Play Store.
Some of the names with which the fake apps were listed on Google Play
The store was Modi Bhim, Bhim Modi App, BHIM Payment-UPI Guide, BHIM Banking guide, Modi ka Bhim, etc.
However, after receiving complaints in January 2017 from consumers, these fake apps were pulled down from Google Play Store.
These days, UPI customers tweet about issues related to redeeming offers availing cashback money transfers, initiating refunds and more.
Some users post the issues on fake twitter handles and approach fake customer care numbers posted on that social media page.
UPI eases payment transactions for consumers in a cashless manner.
It works instantly by transferring funds between two bank accounts on mobile platforms such as BHIM, Google Pay and PhonePe.
They made banking transactions accessible 24*7 for urban and rural consumers alike.