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UPI Fraud Awareness Guide

  • Highlights

  • UPI is an integral part of the digital economy

  • Frauds related to UPI are at an all-time high

  • Be aware of all the types of frauds pertaining to UPI

  • Ways to keep yourself safe from frauds

Digital transactions have become the need of the hour as our country rushes towards becoming a cashless economy. The past year witnessed remarkable growth in building India as a superpower through technology, balanced growth, economic stability, and the potential of the millennial. The rate of digital adoption that India has witnessed can be compared with no other country on a global scale. The pandemic and resulting lockdowns pushed us to extend the limits of what technology can do for us in all aspects of life. 

While it is great to see our digital economy booming, it is important to remain vigilant of the loopholes as well, in the system. With UPI becoming an integral part of the digital economy, you need to make sure it has robust security. UPI transactions have become extremely common and one of the most preferred ways to make payments in today’s time. Therefore, it is no surprise that UPI has also garnered the attention of fraudsters and miscreants. With UPI frauds in India at an all-time high, it has become extremely crucial for everyone to keep themselves up to date and aware of all that is happening with respect to frauds. Several banks and financial institutions are working to raise awareness about the same.

Listed below are a few types of UPI frauds that you should be aware of:

  1. Malware: This is one of the most common types of cyber fraud. It can get downloaded through an unsecured website or from fraudulent emails. These malwares are designed to extract and copy your information from your device and use it to steal your money.

  2. Phishing: This is a practice that fraudsters use to steal your information. They send you bogus emails wherein once you share your sensitive information, passwords, or PINs, the details are immediately passed on to the fraudster for their use.

  3. SIM Cloning: SIM cloning is the latest addition to the types of frauds that can be harmful to your finances. If your SIM gets cloned, the fraudster can easily change your UPI PIN, access your bank account details and identity proofs. This is the last thing you would want for yourself.

  4. Money Mule: This is an elaborate fraud scheme that involves the stealing of the victim’s data. The money is transferred into an intermediary account to temporarily house the cash. These accounts act as a money mule to keep the money stolen from different victims of fraud.


One of the fundamental ways to keep your information safe is to be aware, informed and take required precautions. You should definitely read the RBI guidelines for UPI frauds in banks. Listed below are a few things to keep in mind. 

  1. Beware of malicious apps: Fraudsters use fake apps to cheat people and steal their money and information. When you download these apps and give the required permissions, the app steals your personal data and sends it across to fraudsters to give them access to your victim’s account.

  2. Infographic-Blog
  3. Warning on UPI apps: UPI apps often provide users with spam warnings when they receive a request from unknown accounts. Always pay attention to the notifications from such apps and if you come across suspicious accounts, make sure you report them as spam

  4. Security practices: You must keep your security practices in place. Never share your PIN, account details, or CVV with strangers. Also, set up extra protection on your UPI apps so that your account is not misused by fraudsters.

Savdhaan Rahein. Safe Rahein.

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