Before you can use a QR code to make a payment, verify the receiver's name and details. Try to avoid using QR codes for payment at suspicious places
While UPI payments have become ubiquitous these days, UPI scams are also on the rise. One of the most common UPI scams is replacing genuine QR codes with fake ones. People are mostly in a hurry when scanning QR codes and this is what scamsters take advantage of. This is how it works.
The person scanning the code believes that he is making a payment, but in reality, he is installing malicious software on your phone. This software can gather all necessary information, such as login credentials, bank account details, and personal data. Once the scammers have access to this data, they can initiate unauthorized transactions and empty your bank account.
The Ministry of Finance has revealed that UPI fraud cases rose by 85 per cent in FY 2024. The number of fraud incidents went up from 7,25 lakh in FY 23 to 13.42 lakh in FY 24. Also, these cases were of a total value of Rs 1,087 crore compared to Rs 573 crore in FY 2023.
How To Stay Safe: Thus when making UPI payments, it is important to exercise extra caution. Here are a few things one should do.
Use A Separate Account For Making UPI Payments: One may use a separate bank account for making UPI payments. This account should have a limited amount in it. This way, even if there is a scam, the loss would be limited.
Verify Information: Before you can use a QR code to make a payment, verify the receiver's name and details. Try to avoid using QR codes for payment at suspicious places. It is better to use cash.
Never Make A Payment To Someone You Do Not Trust: If you do not know or trust a person never use a QR code to make a payment.
Avoid Haste: DO not hurry when making UPI transactions. Verify the link or the platform before scanning the code or making a payment. Also, never fall for any offer where you are asked to make a payment urgently to get some reward.
Use Official Apps: Make it a point to use official apps for UPI transactions. Always download such apps from the Google Play Store or Apple App Store.