Unified Payments Interface (UPI) has revolutionized how we pay in India, but it has also opened new avenues for fraudsters. Understanding how UPI works is the first step in protecting yourself.
The 'Receive Money' Scam
One of the most common UPI frauds involves a scammer sending you a 'Collect Request'. They might claim you've won a prize or that they're paying you for an item you're selling. Remember: You NEVER need to enter your UPI PIN to receive money. Any request asking for your PIN is a request to deduct money from your account.
Scan the QR Code Scam
Fraudsters often send QR codes via WhatsApp or email, claiming that scanning them will credit money to your account. In reality, scanning a QR code and entering your PIN will authorize a payment *from* your account to theirs.
How to Stay Safe
- Never share your UPI PIN with anyone.
- Verify the identity of the person you're transacting with.
- Set a daily limit for UPI transactions through your bank app.
- Always check the name of the recipient on the confirmation screen before hitting pay.