The Unified Payments Interface (UPI) has transformed the infrastructure of digital transactions in India, providing a fast, easy, and secure method for payments. However, its rapid adoption has also attracted the attention of cybercriminals. This article delves into the tactics used by fraudsters and the measures users can take to protect themselves.
Cybercriminals employ a variety of deceptive methods to exploit UPI users. Vishal Salvi, CEO of Quick Heal Technologies Ltd., explains that these criminals often impersonate familiar contacts or trusted services to trick users into making quick, unverified money transfers. One prevalent technique is phishing, where fraudsters send emails that appear to be from legitimate banks or UPI service providers, prompting users to reveal sensitive information.
Malware and spyware are also common tools in the cybercriminal’s arsenal. These malicious programs can infiltrate devices to steal personal information, including UPI details, or even take control of the device to initiate unauthorised transactions. Social engineering tactics, where fraudsters pose as customer service representatives, are another method. They manipulate users into sharing confidential information by pretending to resolve a payment issue.
Protecting oneself from UPI payment fraud is crucial and can be achieved through vigilance and caution. Financial institutions have implemented multi-factor authentication (MFA) and financial literacy programs to enhance security, but users must also take proactive steps. It is essential never t
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